A few months ago, the White House issued an executive order in response to the surge in the scalability of cryptocurrencies and other digital assets. As much as cryptocurrency functions on the central philosophy of eliminating bureaucratic intrusion in financial matters, the executive order presents itself as a positive sign for the fintech space.
Instead of creating a digital infrastructure independent of the state, cryptocurrencies have managed to get the state on its side. The executive order by U.S. President Joe Biden, in particular, encourages robust research in the fintech sector to mandate its development further.
The Americanisation of Crypto
Crypto has become an essential part of America’s cultural and financial fabric. The Super Bowl is America’s most-watched television event which makes it a hub for commercial advertisements. This year, crypto was the most advertised industry via the Super Bowl platform.
The American entertainment icon Snoop Dogg has actively engaged with the NFT culture and continues to promote it. Snoop’s Stash Box, which includes one track from the rapper’s album, exclusive drops, tickets to the artist’s event, and more, has been launched. Snoop Dogg has stated that the musical label Death Row Records, which he recently purchased, will become an “NFT label”, with the signed artists participating in the metaverse.
The USA has closely seen the rise, fall, and everything in between of cryptocurrencies. With an estimated $50.0 billion in realised crypto gains, the United States leads by a considerable margin, followed by the United Kingdom, Germany, Japan, and China.
What Biden’s Executive Order Means For Fintech Assets
The executive order issued by Joe Biden consists of well-intended statements such as “we must support technological advances that promote responsible development and use of digital assets” and “we must protect consumers, investors, and businesses in the United States”.
New financial assets can generate large market disruptions and economic downturns, as evidenced by the experiences of the 2007-2009 financial crisis. In order to combat this, appropriate laws need to be in place.
On the topic of legal power to issue a CBDC, the White House has charged the Attorney General (AG) with providing the President with a legal evaluation of whether existing legislative authority exists or new legal authority is required. Although the administrative method described in the text appears to be technical, it is one of the most powerful tools utilised in the order.
Other than the recent executive order on crypto, other legislative moves impact the crypto market visibly in the US. Bitcoin and Ethereum prices plummeted in the hours after Biden signed the new infrastructure package into law. Both cryptocurrencies had just achieved numerous new all-time highs. Overnight, Bitcoin crashed below $59,000 and Ethereum fell below $4,200. By Wednesday, both had mildly climbed back up.
Biden’s Order Supports Fresh Cryptos Like Logarithmic Finance (LOG) and ApolloX (APX)
This executive order has paved the way for new cryptocurrencies like Logarithmic Finance (LOG) and ApolloX (APX) to thrive in the market and ensure the development of the fintech space in the longer run.
Logarithmic Finance is a new crypto that functions on the layer-III swapping protocol. It is a multi-chain and cross-chain platform that even allows the swapping of NFTs. With such futuristic features, LOG is set to revolutionise the fintech sector. Since its launch, its value has surged by nearly 469% at press time.
The recent executive order from Biden’s office has all the potential to solidify security in the crypto market and it would be interesting to see what the next crypto chapter in America looks like.
Learn more about Logarithmic Finance (LOG) here:
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