Banking Briefing: What Biden’s executive order means for crypto growth
- With Biden’s executive order showing more interest in crypto development, the next question is what does that mean for the future of banks and digital currency?
- Meanwhile, fintech bank charters are heating up. But that’s not necessarily a bad thing for incumbents.
President Joe Biden signed an executive order early this month which demanded the government examine the potential effects of cryptocurrencies on the economy – both positive and negative. The order includes looking at things like
- Financial inclusion
- Responsible innovation
- Illicit activity
- US competitiveness
- Consumer protection
- Financial stability
On top of that, the Biden administration wants to look into the potential of a digital version of the US dollar.
In terms of what this development means for the crypto industry, Tal Elyashiv, founder and managing partner of Spice VC, a VC fund in the blockchain and tokenization ecosystem, the move is “long overdue.”
“I strongly believe that in the long run this is extremely positive for the crypto market and is absolutely necessary to allow them to grow further, mature and be more accessible to institutional investors,” said Elyashiv. “It will eventually make crypto investing more accessible also to retail investors. All this spells more potential growth for crypto markets.”
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