President Biden’s new executive order on the digital-asset industry has brought a sigh of relief to crypto enthusiasts. But the regulation practice could flip this sign of relief into disaster. In the Biden Administration, digital-asset has been on tenterhooks. The government executives urge to deal with the rapid growth of crypto assets. This digital-asset industry has massively grown more than $3trn or 300-fold.
Crypto enthusiasts feared that the red tape could bring a negative impact for their industry.
Although, the government has managed to provide sensible and reasonable regulations to deal with it. The regulation is there to legitimate the U.S. leadership in the global financial system in technological and economic competitiveness. But it seems to be appearing in the opposite direction unless the federal government is involved in overseeing things. Furthermore, it is mainly because the crypto world is full with serious risks rather than appearing to be so imbalanced with the opportunity.
Countless government committees are too excited in initiating breakthroughs. Biden’s agencies playing the roles are the SEC, Fed, FTC, EPA, the White House Domestic Policy Council, the Council of Economic Advisers, the Commerce Departments, and many more.
Crypto world might not be suitable for the government’s interference. In crypto, creativity is messy and highly unpredictable. Failure is too common. Blunders abound, There is no risk-free development and progress. Frauds are everywhere. One idea, according to Forbes, is the Fed and the Treasury Department could create a Central Bank Digital Currency.
The country’s economic regulators always tend to regulate the economy by giving orders. These are for the desired level of spending and investing by making sure that people are doing based on what they want to do. In this stance, the regulators could put expiration dates on currencies.
