- Anticipation around Biden’s pending executive order on cryptocurrencies is met with life in the crypto market today.
- US dollar-backed stablecoins are all down while major cryptocurrencies are up.
- In other news, Bitcoin rose above $38K, a key resistance level.
US President Joe Biden is expected to issue an executive order on cryptocurrencies this week. This executive order will push a number of government agencies to study cryptocurrency and CBDC with the aim of coming up with a government-wide strategy on how to regulate cryptocurrencies.
The legislation is expected to curb the US government’s fear of cryptocurrencies as a threat because of the high degree of anonymity they grant token holders. Governments need to keep track of the inflow and outflow of funds in and out of their jurisdiction, a task made exponentially difficult thanks to cryptocurrencies.
Since governments will struggle to link real-world identities with accounts on blockchain and cryptocurrency networks, then the amount of annual taxes that the revenue services can brin …
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