U.S. Takes Step to Regulate Cryptocurrency Market

By Kerry Smith

 

Cryptocurrency home sales barely have a toehold, and a new exec order from Pres. Biden may change the rules. The order suggests regulation and a U.S.-owned version.

WASHINGTON – President Joe Biden signed an Executive Order that appears to be a first step to regulating the use of cryptocurrency, a form of unregulated virtual money that includes Bitcoin.

The size of the growing cryptocurrency market likely played a role in the timing of the announcement, complicated by concerns that any attempted economic lockdown to punish Russia for invading Ukraine could be weakened by the use of cryptocurrency.

The Executive Order starts by summarizing the quickly growing use of cryptocurrency, saying it’s seen “explosive growth” over the past few years – a $3 trillion market cap in November 2021, up from just $14 billion five years earlier. The White House says about 16% of adult Americans – 40 million people – have invested in, traded or used cryptocurrencies.

Over 100 countries are exploring or piloting Central Bank Digital Currencies (CBDCs) – a digital form of a country’s sovereign currency.

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