Biden signs order on cryptocurrency as its use explodes

[Omaha Steve]

Source: AP

By FATIMA HUSSEIN

WASHINGTON (AP) — President Joe Biden on Wednesday signed an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should jump in and create its own digital currency.

The Biden administration views the explosive popularity of cryptocurrency as an opportunity to examine the risks and benefits of digital assets, said a senior administration official who previewed the order Tuesday on the condition of anonymity, terms set by the White House.

Under the executive order, Biden also has directed the Treasury Department and other federal agencies to study the impact of cryptocurrency on financial stability and national security.

Brian Deese and Jake Sullivan, Biden’s top economic and national security advisers, respectively, said the order establishes the first comprehensive federal digital assets strategy for the United States.



FILE - President Joe Biden sits in the Oval Office of the White House, on March 4, 2022, in Washington. Biden’s trip on Tuesday to Fort Worth, Texas, is personal. It's a chance to talk with veterans and their caregivers and push for more help for members of the military who face health problems after exposure to burn pits. (AP Photo/Patrick Semansky, File)


Read more: https://apnews.com/article/russia-ukraine-cryptocurrency-biden-technology-business-7af1d9bfda2d22046547fd9d51711ef5

[Chainfire]

1. I will believe in the value of crypto currency

when I can stash it under my mattress.

[masmdu]

12. Here you go...

https://www.ledger.com/

[Missn-Hitch]

18. LOL! I am getting ready to purchase one.

[BadGimp]

21. Well Played masmdu!

I just took a job in the space and was reading only today about Ledger. Three are many more but they seem to very high profile.

[lagomorph777]

2. Cryptocurrency as a new way of protecting dollar transactions in the digital realm might be OK.

I would not favor the creation of yet another valueless environmentally destructive Ponzi scheme.

[Chainfire]

4. Currency is such a whimsical notion

in a world where the only really valuable commodities are lead and brass.

[William Seger]

3. "Digital asset" still sounds like an oxymoron to me

But it seems especially absurd to suggest that such a volatile "asset" as cryptocurrency, which can be sent plummeting by a tweet, should be used as actual currency.

[jimfields33]

5. A tweet can disrupt the stock market too.

I’d wonder if all trades that are not dollars should be banned. Trade a bed for a tv? Ban it. Trade a blanket for a pair of mittens? Ban it. Only allow money to be used. That would be the fair way to go.

[HighFired49]

10. Seems so to me, too.

There has got to be a better, more secure way to transfer wealth/value. Just imagine what Putin could do to the cryptos if his merry band of hackers got access to the digital currencies markets. As far as that is concerned, what is to stop him from avoiding sanctions by going to a different value market than dollars? Until there is a much more secure method for transferring value, it seems like a very risky proposition.

[jeffreyi]

6. I just listened to a podcast

Where if one is not EXTREMELY savvy about online security, gangs of teenage (or other) hackers can and will happily empty your crypto wallets. They are busting through two-factor authentication. Hearing this stuff makes me nervous about just about any online money transactions.

[DinahMoeHum]

7. Get used to this reality, folks: Cryptocurrency WILL be regulated. . .

. . .by governments.

Sooner or later.

Like it or not.

[BlueIdaho]

8. I'm surprised it has taken them so long... nt.

[Samrob]

9. Want to be wealthy? Make up currency as you go.

Once again, the poor will be left behind. The wealthy don't need more money but they want it. OK feds, use it and tax it if you can but crypto is a way to avoid taxes and any kind of regulation. Play at your own risk.

[Ford_Prefect]

11. About time SOMEONE decided to regulate it. Vaporware built to avoid regulation and taxation is bad

for everyone. The extreme environmental costs aren't being factored in nor are the crypto advocates willing to acknowledge they exist. Typical Someone-else's-problem libertarian's reasoning offered when they do get asked.

[oasis]

13. I'll bet P.T.Barnum appeared to Joe in a dream and whispered, "malarkey".

[Javaman]

14. here is a great video, well researched, about the bullshit NFT/Bitcoin market.

it's long but very well worth the watch. It took me a few days to watch each segment and let it soak in.

&ab_channel=FoldingIdeas

[GoneOffShore]

15. I so wish that there was a way to rec this comment!

All the crypto-NFT-bros hate this video.

[DarthDem]

16. Thanks. Replying to Mark and Watch Later. n/t

[IbogaProject]

17. South Park covered it well recently

[Hekate]

19. Glad he's doing this.While I fully understand that my savings (remember those? ) exist mainly as

… pixels and 1s and 0s, and my checking account likewise — I feel really uneasy about a currency that is not tied in some fashion to the federal government of the USA. “Full faith and credit,” and all that. Also “Protected by the FDIC” means something to me. We’re just “little people.”

Without that, cryptocurrency just reeks of ancient tulip bulbs.

[Mawspam2]

20. Dollars are only paper and ink that most people...

...agree has value. At least you can trade dollars when the lights go out.