- The crypto world is abuzz with the release of a significant decree by the Biden administration that could have far-reaching effects on the cryptocurrency market.
- The leak revealed the intention of the Biden administration to issue a “comprehensive” and “broad-ranging” decree addressing artificial intelligence (AI) regulation.
- It’s worth noting that in March 2022, President Biden signed his first decree related to cryptocurrencies, which led to a 10% increase in the price of Bitcoin.
Some leaked details about the decree of the Joe Biden administration in the USA regarding Bitcoin and cryptocurrencies make the crypto market even more curious.
Details Leaked About the Decree Concerning Cryptos from the Biden Administration
The crypto community is stirred up by the release of a significant decree from the Biden administration that could potentially have wide-ranging impacts on the cryptocurrency market. According to a report by Forbes, while this decree primarily focuses on artificial intelligence (AI) regulation, it could significantly impact digital assets like Bitcoin, Ethereum, and XRP, as it touches upon crucial aspects of the world’s largest cryptocurrency.
This year has been a complex one for cryptocurrencies, overshadowed by regulatory uncertainties, yet they continue to gain ground despite these challenges. Particularly, expectations surrounding BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF) have contributed to recent price increases.
The leak revealed the intention of the Biden administration to issue a comprehensive decree that addresses “comprehensive” and “broad-ranging” AI regulation. However, this announcement has raised concerns among the crypto community about potential side effects. Various sources have emphasized the commitment to develop “safe, reliable, and trustworthy” artificial intelligence, citing the comprehensive nature of the decree.
One aspect of the decree that has raised eyebrows, particularly among crypto enthusiasts, is the possibility of classifying computing power as a “national resource.” Such a classification could compel cloud computing providers like Microsoft, Google, and Amazon to disclose instances where customers acquire computing resources that exceed a certain threshold.
This increased transparency could extend to various activities, including Bitcoin mining, and could have significant implications for the Bitcoin ecosystem. These announcements were made in the midst of key figures from the tech industry revealing the decree at the White House on Monday, October 30.
Calls for Crypto Regulation in the U.S. Intensify
With these announcements, calls for cryptocurrency regulation in the United States have grown louder, and politicians tend to associate the crypto sector with conflicts such as the Israeli agreement. However, progress toward comprehensive and clear regulations in the U.S. has been slow, leaving the industry in a state of uncertainty while it awaits legal and operational clarity.
It’s worth remembering that in March 2022, President Biden signed his first decree related to cryptocurrencies, resulting in a 10% increase in the price of Bitcoin. However, despite having designated six main areas of focus in the decree, including consumer protection, financial stability, combating financial crime, promoting innovation, enhancing financial inclusion, and boosting economic competitiveness, there has been very little progress made in comprehensive crypto regulation to date.
