Joe Biden's Crypto Executive Order is a Historic Good News for Bitcoin.

DapanasFruit

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Quote from: DooMAD on March 11, 2022, 03:17:55 PM

The whole thing basically boils down to "We'll look into it" or "Watch this space". It doesn't really mean anything yet, neither good nor bad. I suspect they're being deliberately vague and perhaps just felt they needed to give the impression they were doing something.

This executive order is just providing a go signal for agencies of the government to look into cryptocurrency without judging it even before anything comes up on the table. Though it would be good to be positive about it, the crypto industry must be watchful all because in the Biden administration there are many people who never love Bitcoin and cryptocurrency in general. At least here, the Biden administration is avoiding a possible backlash from the industry if it had been otherwise...and at this time it can never afford another problem just as his administration is facing unbelievably mountain of so many challenges. Let's us hope then that what will be the result for the regulatory framework can be acceptable by all parties who are stakeholders of the crypto industry.

oHnK

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Quote from: Kakmakr on March 13, 2022, 10:44:02 AM

The government is not stupid at all.... they know Russia are using Bitcoin and other Crypto currencies to bypass their sanctions and they are going to use that to "regulate" Bitcoin. (Like 99/11 was an excuse to go to war in the Middle East)

They are also planning to develop a "digital" Dollar and it will be frowned on, if they banned Bitcoin ..just to launch the Digital Dollar in the near future.

You have to evolve with the trends in the global economy and the latest trend is "Blockchain" technologies. Wink

Yup, they made the regulation not because they really care enough with crypto and the movement. The reason of their action because crypto is the only channel transaction which is easy to use and uncontrollable by any government. Dan is one of American who always judge that crypto was created by Putin to beat US and fight what sanction they give to russia. So, after this war happen, his opinion become make sense.

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The government is not stupid at all.... they know Russia are using Bitcoin and other Crypto currencies to bypass their sanctions and they are going to use that to "regulate" Bitcoin. (Like 99/11 was an excuse to go to war in the Middle East)

They are also planning to develop a "digital" Dollar and it will be frowned on, if they banned Bitcoin ..just to launch the Digital Dollar in the near future.

You have to evolve with the trends in the global economy and the latest trend is "Blockchain" technologies. Wink

avikz

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Quote from: Zlantann on March 11, 2022, 03:08:08 PM

Before this long awaited document was released, many economic analyst has predicted a crackdown on the crpto industry. In fact celebrated economist, Matin Wolf advised the US government to make cryptocurrencies illegal.

But rather than banning cypto Joe Biden administration gave it some real recognition that is worth celebrating. Instead of becoming a problem to Bitcoin, Joe Biden became a solution, as he has ordered federal agencies to dig into many of the problems that crypto created as it became more mainstream, including its role in money laundering and terrorist groups.

This executive order signals that at the very least, Biden thinks crypto is a serious and important part of the US economy that have some potential. Hence, he mandated the US financial regulators to update and expand their scope to address cryptocurrency by studying crypto.

White House now understands that for them to still occupy the number position economically, the US need to have a competitive edge over other countries when it comes to crypto development. Also, US believe that cryptocurrencies could be a very vital tool to gain economic advantage over China

I guess Bitcoin’s price surged on President Joe Biden’s executive order.

https://www.vox.com/recode/22969662/crypto-bitcoin-biden-new-executive-order
https://www.cnbc.com/2022/03/09/heres-whats-in-bidens-executive-order-on-crypto.html

The executive order by Biden government is a mere guideline to streamline crypto industry. It doesn't tell or decide anything! I am happy that US government has finally decided to take the crypto money laundering seriously because it is a real threat to the society. With the emergence of privacy focused cryptos, it has become very difficult to catch the financial criminals. The whole NFT market is dominating the laundering market. The faster Biden government understand that, the better!

Crypto will eventually be recognized by all countries. It will take time and it will surely happen! Regulation is inevitable! If we all want cryptos to become mainstream, regulation will be the only way it can happen!

hyudien

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Quote from: Gyfts on March 12, 2022, 03:48:28 AM

Quote from: Zlantann on March 11, 2022, 03:08:08 PM

But rather than banning cypto Joe Biden administration gave it some real recognition that is worth celebrating. Instead of becoming a problem to Bitcoin, Joe Biden became a solution, as he has ordered federal agencies to dig into many of the problems that crypto created as it became more mainstream, including its role in money laundering and terrorist groups.

This executive order signals that at the very least, Biden thinks crypto is a serious and important part of the US economy that have some potential. Hence, he mandated the US financial regulators to update and expand their scope to address cryptocurrency by studying crypto.

Remember when the U.S. government said they were invading Iraq because they wanted to keep Americans safe from terrorism and WMD's? Or when they began mass surveillance warrantless and without due process, all under the name of safety post 9/11? No, you should not trust that the U.S. government acts in good faith when they tell you that they're just keeping you safe. It's an easy sell to someone that hasn't been involved in these matters, simply convincing them that the measures the government is taking is done with the citizen in mind. Hardly ever is the case, usually is just a power grab.

The executive order essentially paves the way to overregulation and high taxation. It shouldn't come as any surprise that this executive order aligns so closely with abysmal inflation reports coming out of the U.S., the most recent indicating a 40 year high.

Is America position weak today? it may be true that Biden is shrouded in uncertainty about all the policies he makes. Despite the alignments that have been launched through crypto regulations, until now it has only been an unfinished job. What America does seems to be just trying to divert one issue to another. Doing economic balance by taking crypto sympathy is not as easy as imagined. There are still camps that are not in line with crypto in America, especially ministers who are more friendly with the central bank which is considered a big power in terms of American finance.

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It's good that the order is about looking into the impact on climate change and financial crimes cryptos might be involved in rather than stating how cryptos are harmful. But what really matters now is how this will play out, what sort of reports will be prepared and which conclusions will be reached. So it's just a careful order to keep looking into cryptos and how to regulate them best, but it's nothing great either. Then again, if many in the US are lobbying for harsher regulations, and given that the traditional stock market can see crypto trading as a direct competitor, it's good that this order is a neutral one.

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Honestly I do not think that there were too many people that expected Biden to do something bad regarding crypto. I mean sure there could be some big names, but the overall population never expected this to be a bad thing. They are going to get involved of course, because they have the power to make a 1+ trillion dollar version of USDT, and in process destroy every single other stablecoin as well. Who wouldn't trust that they would take their money back from USA government.

This would result with everyone moving their money there, and even some wealthy people hiding their money with it as well while keeping its value. This is why it's going to be epic when it first starts.

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Well my take on this is the government are taking a look at crypto in a positive way not their previous aggressive and distasteful way, i see it as a step towards accepting btc in the future, which of course will result to regulations, a lot of people already expect that and are of the opinion that regulations are required for mass adoption, i think this brings some form of relief knowing what the executive order is all about.

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The recognition is already there, but IMO it will only be recognition and acknowledgment that cryptocurrencies exist and no other actions will be done yet. It is a good start coming from the president of the United States himself, though it's a different story when the wheels start turning and something finally happens. It might take a while, but for sure the road is being paved for that right now. Hopefully it won't take long. A lot of bit players in the world have already expressed that they're already into crypto, and it's about time for the US gov't to play ball.

Gyfts

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Quote from: swogerino on March 12, 2022, 04:32:12 AM

...

IMO the end goal is implement a fed coin or a CBDC equivalent so that the money supply can be controlled instantaneously and with less oversight. In order to accomplish that, they want to remove crypto as a competitor to USD. It won't be an outright crypto ban, they will just set up a tax structure which drives out institutional investors completely. The government is well aware they can't get involved and ban p2p crypto transactions, so they would elect for the next best thing which is excessive taxation.

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Quote from: fzkto on March 12, 2022, 07:05:07 AM

Quote from: slaman29 on March 12, 2022, 04:42:12 AM

So if this is such good news, why's the market not reacting the way it should be? In fact, it broke 42k after the leak, which wasn't even confirmed. Which means the rumor was more valuable than the confirmation, and it's still not able to break 40k resistance.

Of course not that I think market is always reflective but surely if the news is so good, we should be seeing some kind of reaction right?

The reaction came from a rumour. Then there was a pullback. All these statements are usually how the price of Bitcoin is influenced. It should also be noted that the market is not bullish right now and any good news is not taken as well as when the market is rising. In fact, Biden did not say anything that serious. Bitcoin and cryptocurrencies are mentioned regularly in the words of politicians and it does not necessarily have to lead to growth.

But that's kind of what I was asking, if the rumor makes the market react well, why doesn't the confirmation have the same effect? Regardless of whether the market is bullish or not and I agree, it's for sure bearish, why does the same news have an impact as a rumor and not as a fact I wonder.

Anyway, moving on, point is there was nothing solid to actually move the markets up. Sucks.

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Quote from: Zlantann on March 11, 2022, 03:08:08 PM

Before this long awaited document was released, many economic analyst has predicted a crackdown on the crpto industry.

This could still happen ^{[unfortunately]}!

Quote from: Zlantann on March 11, 2022, 03:08:08 PM

Instead of becoming a problem to Bitcoin, Joe Biden became a solution, as he has ordered federal agencies to dig into many of the problems that crypto created as it became more mainstream, including its role in money laundering and terrorist groups.

I wouldn't be so sure about something that could change quickly ^{[looks can be deceiving]}!

Quote from: Accardo on March 11, 2022, 03:33:31 PM

He is just concerned about the general adoption of cryptocurrency not reaching out to those in Russia. So that they will not evade the sanctions.

Apart from leading to collateral damages ^{[e.g. innocent users]}, realistically, they're not going to succeed completely ^{[even with the help of other countries]}!

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Quote from: so98nn on March 12, 2022, 07:11:49 AM

"MAINSTREAM", that is the correct word which is addressed in here. Joe Biden knows exactly what will happen if they even think about banning the crypto or putting harsh conditions on using them because it is mainstream asset and peeps wont be happy to see them going down in the sink. With the time bitcoin is going to solidify into banks one of the pay mode, could be optional but its gonna be there so they dont option today to loose it all.

Moreover, considering how the economy is going down for USA and worlds economic crisis on the verge, this is best use case of bitcoin to channelise the crypto currencies and pull out some taxes out of it.

They are seeing that banning will not do any good to this market because it can exist even without the participation of the government. So instead, better regulate it, in order to get some income out of it. The regulation may not curb other fraudulent activities but it will boost the confidence of other noncrypto users to trust this industry. If the government is already part of this, they won't think that crypto is still a scam or of that sort. With or without the government, crypto will exist. So it is not their best interest to just ignore this growing market.

so98nn

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"MAINSTREAM", that is the correct word which is addressed in here. Joe Biden knows exactly what will happen if they even think about banning the crypto or putting harsh conditions on using them because it is mainstream asset and peeps wont be happy to see them going down in the sink. With the time bitcoin is going to solidify into banks one of the pay mode, could be optional but its gonna be there so they dont option today to loose it all.

Moreover, considering how the economy is going down for USA and worlds economic crisis on the verge, this is best use case of bitcoin to channelise the crypto currencies and pull out some taxes out of it.

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Quote from: slaman29 on March 12, 2022, 04:42:12 AM

So if this is such good news, why's the market not reacting the way it should be? In fact, it broke 42k after the leak, which wasn't even confirmed. Which means the rumor was more valuable than the confirmation, and it's still not able to break 40k resistance.

Of course not that I think market is always reflective but surely if the news is so good, we should be seeing some kind of reaction right?

The reaction came from a rumour. Then there was a pullback. All these statements are usually how the price of Bitcoin is influenced. It should also be noted that the market is not bullish right now and any good news is not taken as well as when the market is rising. In fact, Biden did not say anything that serious. Bitcoin and cryptocurrencies are mentioned regularly in the words of politicians and it does not necessarily have to lead to growth.

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Quote from: Zilon on March 12, 2022, 04:49:15 AM

"Looking into it " is the first step even though it doesn't prove any stance from the Biden's administration on Bitcoin's full adoption, but we all saw the little push in Bitcoin price after his declaration. I think the focus at the moment shouldn't be the fear of centralization but rather more focus should be on the legalization and free to use meaning it can serve the purpose of a normal fiat currency if it gets a full adoption

Looking into it can also be meaning like let's study it first and see what are the advantages and disadvantages we will going to get from it if we will going to use this platform. I don't think kind of declaration of Joe Biden will greatly affect the market price especially if it will going to pump it because I believe the legalization will be the key to pump the price. But so far as of now, let's see what will be the findings of US and let's wait if this will be a good news for crypto platform.

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Quote from: DooMAD on March 11, 2022, 03:17:55 PM

The whole thing basically boils down to "We'll look into it" or "Watch this space". It doesn't really mean anything yet, neither good nor bad. I suspect they're being deliberately vague and perhaps just felt they needed to give the impression they were doing something.

"Looking into it " is the first step even though it doesn't prove any stance from the Biden's administration on Bitcoin's full adoption, but we all saw the little push in Bitcoin price after his declaration. I think the focus at the moment shouldn't be the fear of centralization but rather more focus should be on the legalization and free to use meaning it can serve the purpose of a normal fiat currency if it gets a full adoption

slaman29

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So if this is such good news, why's the market not reacting the way it should be? In fact, it broke 42k after the leak, which wasn't even confirmed. Which means the rumor was more valuable than the confirmation, and it's still not able to break 40k resistance.

Of course not that I think market is always reflective but surely if the news is so good, we should be seeing some kind of reaction right?

Ripe_berry

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President Joe Biden executive order to assess the risks and benefits of creating a central bank digital dollar, as well as other cryptocurrency issues calmed market fears about an immediate regulatory crackdown on cryptocurrencies. But we should have in mind that the order will require the US Treasury Department, the Commerce Department, and other key agencies to prepare reports on this as well as on the role cryptocurrencies will play since they were instructed to assess its risks and benefits.
Lets pray and have hope that their assessment will have a positive and beneficial result for us who loves cypto.

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Quote from: Gyfts on March 12, 2022, 03:48:28 AM

Quote from: Zlantann on March 11, 2022, 03:08:08 PM

But rather than banning cypto Joe Biden administration gave it some real recognition that is worth celebrating. Instead of becoming a problem to Bitcoin, Joe Biden became a solution, as he has ordered federal agencies to dig into many of the problems that crypto created as it became more mainstream, including its role in money laundering and terrorist groups.

This executive order signals that at the very least, Biden thinks crypto is a serious and important part of the US economy that have some potential. Hence, he mandated the US financial regulators to update and expand their scope to address cryptocurrency by studying crypto.

Remember when the U.S. government said they were invading Iraq because they wanted to keep Americans safe from terrorism and WMD's? Or when they began mass surveillance warrantless and without due process, all under the name of safety post 9/11? No, you should not trust that the U.S. government acts in good faith when they tell you that they're just keeping you safe. It's an easy sell to someone that hasn't been involved in these matters, simply convincing them that the measures the government is taking is done with the citizen in mind. Hardly ever is the case, usually is just a power grab.

The executive order essentially paves the way to overregulation and high taxation. It shouldn't come as any surprise that this executive order aligns so closely with abysmal inflation reports coming out of the U.S., the most recent indicating a 40 year high.

Yes it is 40 year high and a record level of 7.9% to be correct.This news does not mean anything for Bitcoin yet,mostly it is a move to calm down the citizens while they work out on their "digital USD" and I really hope this does not end like in China where they banned Bitcoin with the argument to benefit more from the "digital yuan",I don't think US is that extreme but I don't see this order as beneficial for Bitcoin yet,maybe if they change mind and tweak it in favor of Bitcoin then we should see some results,for now nothing.

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