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US President Joe Biden signed an executive order on Wednesday setting out the US government’s course on crypto regulation for years to come. It does not yet contain any concrete measures. Rather, the decree lays the foundation for a uniform approach by the authorities and outlines the area of tension in which they act. Specifically, consumer and investor protection, financial market stability and the fight against illegal financial activities are mentioned on the one hand and responsible innovation, financial inclusion and strengthening the country’s leading position in the global financial system on the other. In addition, the possibilities for introducing a state, central bank-supported digital currency (CBDC) will be discussed.
In a statement by US Treasury Secretary Janet Yellen, which was inadvertently published hours before the actual decree, there is talk of a “constructive approach to regulation”. Even if concrete measures naturally still harbor potential for conflict, there is currently no sign of a “regulatory hammer” that some had feared in the run-up to the decree.
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The reaction of market participants was correspondingly positive: In the already friendlier market environment, the entire crypto market gained more than six percent on Wednesday and thus partially compensated for the losses of the previous days. Bitcoin as the leading digital currency has at times even gained more than ten percent.
INVESTOR INFO
Canadian cryptomining firm Hive Blockchain this week released key data on its February business development. According to this, a total of 244.4 Bitcoins were mined with the company’s computers, which corresponds to an average of around 8.7 Bitcoins per day. The company’s bitcoin treasury has thus increased to 2,374 units, which are worth around $100 million at current prices. Although cryptomining is very energy-intensive, Hive is relatively calm about the skyrocketing energy costs. The company operates its plants with 100 percent renewable energy.
The fact that the US government initially refrained from taking overly harsh measures to regulate cryptocurrencies and also recognized their opportunities should be of particular benefit to Bitcoin. It is number 1 in many ways – including for new investors who are now approaching the market thanks to greater regulatory clarity. This could give the leading digital currency a further boost in the long term, even if macro factors such as the Ukraine war and the approaching US interest rate hike could result in high volatility in the short and medium term. With indirect entry via the ETP, investors also bear an issuer risk.
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Image sources: Jaruwan Jaiyangyuen / Shutterstock.com, Wit Olszewski / Shutterstock.com, Finanzen Verlag
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