Biden issued an executive order on crypto
... and Bitcoin went up. His order was to look into it and come up with what to do about it, it looks like.
It's being seen by many in the asset class as a defining or watershed moment (just because it's getting this kind of attention and treatment, not because there's anything concrete, which of course there's not).
There had been questions about crypto. How to regulate it? Who's going to regulate it? What kind of posture should the US have in terms of competitiveness and innovation in this technology?
People say the markets like certainty, even if sometimes it's something not positive, it's the certainty that the markets react positively to.
What does this mean as a new competitive infrastructure for the US? How does the US stay strong in this industry, while still addressing the risks?
How does the dollar work in this new world? How is it kept safe and sound, so this can grow and flourish?
US dollar competitiveness on the internet is a strategic national issue.
Bipartisan engagement about this issue.
One of the questions is whether the US should do a central bank digital currency.
China has a stable coin, but it has a lot of surveillance in it.