Analysts React to Biden Crypto Executive Order

Not long ago, Live Bitcoin News reported that Joe Biden was slated to sign an executive order that would establish crypto regulation and decide how agencies in the U.S. should pursue legislating the volatile space. In addition, it allegedly would open the door to a national digital currency for the United States.

Biden Signs Crypto Executive Order

It appears Biden has signed that order, and thus crypto regulation is now gearing up in America. Naturally, analysts and traders seem to have mixed reactions to the order, with some feeling it’s a positive step towards legitimizing the space. Others, however, believe that this is going to potentially infringe even further on traders’ rights, while some have gone so far as to say that the country’s regulators will try to confiscate all bitcoin and crypto units held by retail investors.

Treasury secretary Janet Yellen issued the following statement about the executive order:

A presidential executive order on cryptocurrencies would ‘support responsible innovation’ as it coordinates U.S. policy across agencies… Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems. Because the questions raised by digital assets often have important cross-border dimensions, we’ll work with our international partners to promote robust standards and a level playing field.

Cameron Winklevoss – one of the founders of the famed Gemini crypto exchange in New York – commented in an interview:

Based on remarks, [the] crypto [executive order] is positive and calls for a coordinated and comprehensive approach to digital asset policies that will support responsible innovation.

Nigel Green – the chief executive of the financial advisory group deVere – says Biden will be judged heavily in the future for the order. He stated:

The executive order is calling for a ‘coordinated and comprehensive approach to digital asset policy,’ and in leaked documents it seems to already be championed by Janet Yellen. History will judge Biden signing this executive order to instruct departments across Washington to study digital currencies as a landmark moment.

Marcus Sotiriou – an analyst at Global Block in the United Kingdom – seemed somewhat indifferent to the order, claiming:

The order seems relatively benign, hence giving the market some clarity. As many investors had prepared for the downside risks of this event by waiting on the side lines, we are seeing many [people] buy bitcoin back in what appears to be a spot-driven rally.

Not Everyone’s Pleased

By contrast, Robert Kiyosaki – the author of “Rich Dad, Poor Dad” – believes that Biden and his cronies are going to allegedly use this opportunity to infringe on traders’ rights and confiscate all crypto holdings. On Twitter, he wrote:

BYE-BYE BITCOIN: prediction. Biden to sign EXECUTIVE ORDER regulating cryptos. NEXT: Fed crypto. NEXT: all crypto currencies seized & folded into GOVERNMENT crypto. ‘Let’s Go Brandon’ you criminal. You commie.

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