Biden’s Executive Order on Crypto Is Set to Change USA’s Fintech Fate

A few months ago, the White House issued an executive order in response to the surge in the scalability of cryptocurrencies and other digital assets. As much as cryptocurrency functions on the central philosophy of eliminating bureaucratic intrusion in financial matters, the executive order presents itself as a positive sign for the fintech space.

Instead of creating a digital infrastructure independent of the state, cryptocurrencies have managed to get the state on its side. The executive order by U.S. President Joe Biden, in particular, encourages robust research in the fintech sector to mandate its development further.

The Americanisation of Crypto

Crypto has become an essential part of America’s cultural and financial fabric. The Super Bowl is America’s most-watched television event which makes it a hub for commercial advertisements. This year, crypto was the most advertised industry via the Super Bowl platform.

The American entertainment icon Snoop Dogg has actively engaged with the NFT culture and continues to promote it. Snoop’s Stash Box, which includes one track from the rapper’s album, exclusive drops, tickets to the artist’s event, and more, has been launched. Snoop Dogg has stated that the musical label Death Row Records, which he recently purchased, will become an “NFT label”, with the signed artists participating in the metaverse.

The USA has closely seen the rise, fall, and everything in between of cryptocurrencies. With an estimated $50.0 billion in realised crypto gains, the United States leads by a considerable margin, followed by the United Kingdom, Germany, Japan, and China.

What Biden’s Executive Order Means For Fintech Assets

The executive order issued by Joe Biden consists of well-intended statements such as “we must support technological advances that promote responsible development and use of digital assets” and “we must protect consumers, investors, and businesses in the United States”.

New financial assets can…

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