Biden Issues Executive Order on Cryptocurrency

    Image copyright: Chip Somodevilla/Getty Images [via Business Insider]

    The Facts

    • Biden signed an Executive Order on Wednesday morning aimed at unifying the US govt's oversight of the rapidly growing cryptocurrency market.

    • While many speculated that the move was intended to crack down on the potential for Russians to use cryptocurrencies to evade sanctions, the order was planned long before the invasion.

    The Spin

    Narrative A

    The Biden administration is finally embarking on a thoughtful and constructive approach to the exciting new industry, one that will allow the US to remain at the forefront of innovation in the cryptocurrency space.

    Narrative B

    Biden is only analyzing benefits at this point. He must take a measured and cautious approach to these new financial technologies, which--in the absence of regulation--pose dangers to consumers and an existential threat to the stability of global financial markets.

    Narrative C

    Nine countries have already launched a CBDC and 16 others--including China--are in the development stage. The status of the USD as global reserve currency is at stake if the US doesn't hurry up and establish a digital dollar.

    Public figures in this story

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