Crypto news: Biden to sign order on US crypto strategy
Updated
US President Joe Biden is set to sign an executive order that would outline an all-government strategy on cryptocurrency this week, according to Bloomberg. The order will direct federal agencies to study potential regulatory changes as well as cryptocurrency’s impacts on security, economy and financial stability.
The sweeping order would also examine central bank digital currencies (CBDC) and the environmental impact of cryptocurrency mining.
The Federal Reserve would examine CBDCs. On 22 January, the Fed's Board had opened a consultation on CBDCs.
The Environmental Protection Agency and Office of Science and Technology Policy would conduct a study on the environmental impact of digital assets, according to Yahoo Finance. The individual agencies are expected to report their conclusions later this year.
The order, which had been in works since last year, was expected to be signed at the end of February, the week that Russia invaded Ukraine.
Quote of the day
Michael Saylor, an outspoken crypto advocate and chief executive of Macro Strategy, the world’s biggest corporate owner of BTC said
What is your sentiment on BTC/USD?
If you don't fear inflation, regulation, war, famine, complexity, competition, corruption, coercion, confiscation, or chaos, then you don't need #bitcoin.
— Michael Saylor⚡️ (@saylor) March 7, 2022
Top coins by market capitalisation
As of 06:00 GMT
- Bitcoin (BTC) added 0.72% to $38,384.19
- Ether (ETH) slipped 0.42% to $2,524.27
- Binance coin (BNB) was up 2.25% and trading at $380.86
Winners and losers
- Waves (WAVES) jumped a whopping 30% over the last 24 hours.
- Fantom (FTM) was down 28% week-on-week. The altcoin fell after its developer Andrew Nell announced it would “terminate” a host of applications including Fantom. “Andre and I have decided that we are closing the chapter of contributing to the defi/crypto space. There are around 25 applications and services that we are terminating on 03 April 2022,” Nell wrote on Twitter yesterday.
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