The White House to factor public views in its crypto climate discussion

Recently, President Joe Biden put into law via executive order a law that calls for more scrutiny into cryptocurrency mining and transactions in a bid to ascertain a level of accountability in the creation and sharing of digital assets. With people learning more about the intricacies of cryptography going to sites to have questions like what are market orders? The understanding of the types of cryptocurrency and payments systems has been increasing at a rapid rate in the nation. It’s unclear if this new law will affect different types of digital assets differently or address them uniformly and the actual details of how the crypto climate will be influenced by this law are still vague, but it is certain to be some sort of regulation.

Crypto has become part of the mainstream American culture and market and you could see that in the Super Bowl which is the most viewed show in America. In 2022, the area with the highest adverts was the crypto industry. Over the past couple of years, different areas of the blockchain network rose to the forefront, so much that they were mentioned in Saturday Night Live and even adult cartoon shows. Due to this and the impact that cryptocurrency transactions have had on the fiat money of the states, the White House Office was made aware of it.

It is better to view the order as a plea for vigilance instead of a concise plan to tackle the lingering problems of crypto such as malefactors and environmental impact. Reading the law itself, there isn’t anything particularly alarming about it as it speaks more to the protection of crypto adopters, digital assets, and businesses involved in cryptocurrency in the country. It also discusses the White House Office’s backing of advancements in technology to protect the integrity of payment systems. All in all, the Govt wishes to find a healthy balance between the benefits of crypto – some of which are decentralized trade, privacy, and economic boom in the nation, and the disadvantages – malefactors and breaking any arbitrage regulations.

Furthermore, the order needs a lot of steps that go through interagency regarding a vast number of stakeholders and branches. Another factor to consider is the climate; with Biden signing laws that are in line with climate activism, it’s no surprise that he goes after the types of cryptocurrencies that might consume a lot of energy or be environmentally detrimental to the climate. The law is additionally aimed at tackling money laundering schemes being done via crypto platforms and wallets and many even use the decentralized system to dodge economic sanctions and regulations.

It can be said that the current war between fellow crypto powerhouse nation, Russia, and Ukraine has had a part in causing the executive order to be made. That is because the crypto climate has been affected by the war, not only with many people searching for alternative crypto countries but also as a wake-up call to Americans on the importance of financial and cyber security. This is stipulated in the third objective of the bill and it talks about reducing the security risk that could be brought about by the decentralized crypto ecosystem.

This means that the order from Biden could be the start of a new wave of regulations and audits on the cryptocurrency industry, empowering administrative and regulatory bodies to be more invasive in their meddlings with crypto traders. That being said, it does open the path to a digital form of currency that is centralized by the Govt and at least attempts to find a middle ground regarding the pros and cons of being a crypto-friendly country. Biden would surely like to maintain USA’s position as having the currency of the globe but crypto threatens that dominance, so it could play a factor too in why he set about trying to find a way to keep that status without infringing on people’s wish to engage in digital assets and trade. With the global rising tensions among several nations, the crypto climate could be swayed one way or another, and that is part of the reason why the President felt that the security of the nation, her economy, and her people might be assured with this bill. Is he correct? That’s for you to decide and it’s too soon to tell, honestly.

That leads us to now. After the executive order that he signed, the OSTP tried explaining to the public, crypto investors, and non-crypto investors alike, about the climate problems and energy issues associated with the transaction of decentralized currency on exchanges such as The OSTP is a body of science and tech policies created to audit and regulates activities that fall in the realm of science and technology and under the support of President Biden, researched the level to which acts like crypto mining affect the sustainability of the environment.

This came after the executive order was made, giving the OSTP the legal backing and impetus to go engage in deep surveys in cryptography and how it affects six particular aspects relative to the nation and its people. These are: how financially stable they are, the level of security that they provide, the level of creativity and innovation that can be derived from them, what it adds to the US financial standing relative to the rest of the world, and how well it counters malefactor acts. For this survey, the OSTP brought many people to discuss the effect crypto has on the natural world.

This is in compliance with The White House Office’s requirement that anybody of the same nature as OSTP conducting an investigation or research survey into cryptocurrency must give a report that shows both the negative and positive sides of their findings. It means that the OSTP must, under law, put forth their findings on how the virtual currency in the decentralized network impacts the climate – both good and bad. They made an official statement in which they explained the situation to the public, asking for their compliance with the survey and what the public thinks of the benefits of crypto when weighed against the cost.