"Joe Biden gave crypto companies the green signal to exist," David Wachsman (CEO of Wachsman PR) stated to CBS News Streaming . They must behave responsibly now.
Biden gave the order to the U.S. Department of Treasury (and other federal agencies) to examine the effects of cryptocurrency on national security and financial stability. The Federal Reserve was also requested to examine whether it should create its own digital currency.
The executive order of Mr. Biden was widely anticipated by the crypto trading community and the finance industry, as well as legislators who have compared today’s cryptocurrency market with the Wild West.
Bitcoin is still considered unstable by financial experts. However, it reached its highest point last year because more companies started accepting it as a payment method. While some politicians and athletes are now receiving part of their salaries in cryptocurrency, Wall Street has created exchanged-traded funds based on crypto futures.
Crypto companies made bold moves when bitcoin, ethereum, and other currencies began to rise. Coinbase was listed on the Nasdaq in April, and Crypto.com ran a well-known commercial with Matt Damon.
Surveys show that roughly 40 million Americans have made investments in cryptocurrency, despite the risk of price swings. According to Pew Research data, 43% of men aged 18-29 have invested in crypto.
Wachsman stated that Mr. Biden's order demonstrates that the president is aware of the potential for digital currencies.
He said, "We just heard Joe Biden tell us that cryptocurrencies could be crucial for the future U.S. economic growth." He didn't mean just the wealthy, he meant the investors. He also meant the working and middle classes.
During Friday's trading, the price of most popular cryptocurrency -- such as bitcoin, ripple and solana -- fell or remained flat.