Based on the fact sheet, 16% of Americans have invested, traded, and used cryptocurrencies. Hence U.S. President Joe Biden called out and said to investigate the said digital currently. In fact, he signed the executive order on Cryptocurrencies emphasizing the study of the risks and benefits of Cryptocurrencies the electronic equivalent of cash in your pocket – as well as other and wants it to be transparent in the market.
A government organization, The Financial Stability Oversight Council takes action with the US financial system will study and assess all the aspects of crypto to the economy including its threat. The president has also ordered the government to study what impact crypto — which requires an enormous amount of energy to produce — might have on the climate.
As Ian McGinley – a partner in Akin Gump Strauss Hauer & Feld’s white-collar defense group in New York said that this is a starting place for the US government on how to approach cryptocurrency on a macro level and not just a one agency approach. There is no particular order that’s being implemented to happen that people need to do right away but just a sign that the crypto will be regulated with a lot of requirements and processes. This is a huge step for the government but as they want to talk about this further concludes that Crypto will stay and remain for a longer time.