The decree that was expected to be signed by President Joe Biden for about a month has finally gone into effect. While the cripple coin community has largely met the decree, Minnesota Congressman Tom Emmer (D) shared some details that they may have missed the eye by spurring the cryptocurrency community.
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The decree carries an important attribute that demonstrates the U.S. position on cryptocurrencies and other digital assets. Biden's order invites work in developing markets, taking into account the potential benefits and risks to consumers, as well as the exigencies of developing CBDCs by various federal agencies. The order is a clear indication that the United States wants to maintain its competitive advantage in terms of innovation. In an interview with Bitwise, Matt Hougan stressed in an interview with CNBC that there is still too much work to do to create a true regulatory regime for U.S. cryptocurrencies.
However, U.S. Congressman Tom Emmer (D-NY) "if you read the line breaks," although positive contributions to the new arrangement were also shared on Twitter to show that concerns were also being raised. Tom Emmer emphasized that throughout the executive order there is no talk of delegation of authority. If this feature is considered one of the fundamental reasons for the development of cryptocurrencies, then the lack of this project is a big question mark.
Tom Emmer notes that the concept of decentralization eliminates middlemen and allows Americans to "determine their future. Emmer argues that this omission does not inspire confidence that the government will create an aggressive policy for prioritizing decentralized digital assets. Emmer also expressed similar concerns about the CBDC, noting that a CBDC that does not prioritize issues such as privacy would be "far from a start.
"The cryptocurrency statute presents a 'supreme urgency' for agencies to research CBDCs. Any common-sense analysis of open, unauthorized and unrecognized potential U.S. CBDCs would not fully begin and would articulate the evils of Americans."
Tom Emmer also noted that the SEC had been excluded from the executive order. However, this was interpreted by the congressman as a development he was pleased with. Emmer, "SEC Chairman Gensler has used public opinion disclosures and sanctions along with non-productive arrangements along with non-productive arrangements along with non-productive arrangements along with non-productive arrangements along with non-productive arrangements along with non-productive arrangements along with non-productive arrangements along with non-productive arrangements to intimidate their entrepreneurs."
The euphoria that emerged after the decree was announced was clearly reflected in the market. The leak of the details of the decree resulted in Bitcoin gaining 7.5% on average, 7.5% on average, and 9.5% on average.
Congressman Tom Emmer finished his review with "the importance of maintaining technological and economic leadership on the global stage. The Minnesota representative again expressed his determination to work with other laws to support the U.S. cryptocurrency community.