US President Joe Biden is set to sign a first-of-its-kind executive order directing federal agencies to collaborate on developing cryptocurrency regulations.
The “whole of government” effort to regulate the crypto industry will focus on consumer protection, financial stability, illicit uses, leadership in the global financial sector, financial inclusion and responsible innovation, according to a fact sheet published by the White House. Wednesday.
The fact sheet says the executive order will outline six “key priorities” for the administration: protecting U.S. interests; protect global financial stability; prevent unlawful use; promote “responsible innovation”.
Giving the reasons for the development, the factsheet explains that digital assets, including cryptocurrencies, have seen explosive growth in recent years, surpassing a market capitalization of $3 trillion last November and up from $14 billion. dollars five years ago.
Surveys suggest that around 16% of American adults (about 40 million people) have invested in, traded in, or used cryptocurrencies.
Additionally, more than 100 countries are exploring or piloting central bank digital currencies (CBDCs), a digital form of a country’s sovereign currency, he added.
Bitcoin sees a price jump
Naturally, this was seen as good news.
Even before the release of the press release, Bitcoin, the top cryptocurrency by market capitalization, broke through the $42,000 mark after the US Treasury apparently released details of an executive order by Biden that appeared to take a favorable stance. to digital assets, according to a Coindesk. Newscast.
A statement from Treasury Secretary Janet Yellen briefly appeared on the Treasury’s website before being taken down.
Support for Ukraine
Meanwhile, Wladimir Klitschko, a former Ukrainian boxer, has started a non-fungible token (NFT) drive to benefit Ukraine.
The two-time world heavyweight champion has linked up with artist WhIsBe amid the current crisis in the country, according to various media.
All proceeds from the collection entitled “Vandalz for Ukraine: WhIsBe x Wladimir Klitschko” will go to the Ukrainian Red Cross and UNICEF. OpenSea, the NFT marketplace, will host the drop.
Utah-based cryptocurrency exchange CoinZoom is suspending applications for new accounts in Russia following the escalating conflict between the country and Ukraine, the company’s chief executive told Reuters .
Cryptocurrency prices are rising.
In the cryptocurrency market, the price of Bitcoin (BTC) has increased by 8.46% in the past 24 hours, while trading at $42,101.69 as of 4:00 PM IST.
Its dominance in the crypto market is currently at 43.28%, up 0.86% in the last 24 hours, according to Coinmarketcap.com.
In the past 24 hours, Ethereum (ETH) was trading at $2,757.38, up 7.13%, while Binance Coin (BNB) was up 2.74% over the same period and s was trading at $395.00. Solana (SOL) rose 5.46% to $88.70, while Cardano (ADA) rose 5.05% to $0.848.
Among meme coins, Dogecoin was up 3.76% and was trading at $0.1235 as of 4:00 p.m. on Coinmarketcap.com. Rival Shiba Inu rose 4.56% in the past 24 hours and was trading at $0.00002433.
Dogelon Mars rose 3.39% and traded at $0.0000007457, while Samoyedcoin traded at $0.01946, registering a rise of 5.29% in the last 24 hours.
The global crypto market capitalization was $1.84 trillion, registering an increase of 5.84% in the last 24 hours, while the total crypto market volume was $96.11 billion, up 7.97%.
Metaverse ALL BEST ICO (METAALLBI) was the biggest gainer, increasing by 832.53%. It was trading at $0.006885 as of 5:00 p.m., according to data from Coinmarketcap. DePo (DEPO) suffered the biggest loss, dropping 97.69%, and was trading at $0.0009287, according to data from Coinmarketcap.