US President Joe Biden Ordered To Study Cryptocurrencies

According to analytical portals, the results of the survey showed that 16% of citizens of the United States of America (USA) invested, traded, or used cryptocurrencies in 2022. Therefore, President Joe Biden said that at the moment, he and his administration are working on creating a new document that addresses the topic of digital currencies.

Financial experts assured: he signed a cryptocurrency market research order, which emphasizes the need to study the risks and benefits of virtual currencies. The head of state noted that this class of assets is an electronic equivalent of cash, and it is necessary to make this market completely transparent.

According to the President of the United States, excluding the possibility of using cryptocurrencies for fraudulent and other criminal purposes is extremely important. Thus, the Financial Stability Oversight Board will interact with representatives of the US financial system, studying and evaluating all aspects of digital currencies for the economy, including possible threats. Biden also instructed the government to study the impact of mining activities on the climate and consider energy consumption.

Ian McGinley, a partner at Akin Gump Strauss Hauer & Feld in New York, noted that this can be called the starting point in the adoption of cryptocurrencies by the US government. The presidential administration began to approach this issue at the macroeconomic level.

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