Information on the executive regulation on ensuring responsible development of digital assets has been published on the official website of the White House. This information confirmed earlier leaks about the Biden regulation and calmed investors who were afraid of unfavorable regulation.
The published factsheet underlines that digital assets have experienced exponential growth in recent years, with the value of the cryptocurrency market surpassing $ 3 trillion in last November. By comparison, just five years earlier it was valued at $ 14 billion.
„Digital assets, including cryptocurrencies, have seen explosive growth in recent years, surpassing a $3 trillion market cap last November and up from $14 billion just five years prior”.
„The rise in digital assets creates an opportunity to reinforce American leadership in the global financial system and at the technological frontier, but also has substantial implications for consumer protection, financial stability, national security, and climate risk”.
The good news for cryptocurrency proponents is that the US wants to maintain its technology leadership position in the industry, which means it needs to foster innovation while reducing risk to consumers, businesses, the financial system, and the climate.
President Joe Biden is set to sign an executive ordinance that will provide a holistic approach to cryptocurrencies and related technologies for the first time in history.
Priorities set out in the implementing regulation
The regulation will contain six priorities on which the US must focus first: