Experts say Biden’s new executive order on cryptocurrency is a positive step

<p>The White House took a significant step towards regulating cryptocurrency on Wednesday, describing the move as "extremely positive," "long overdue," and a "acknowledgement that cryptocurrency is here to stay." </p> <p>According to a White House fact sheet, President Joe Biden signed a new executive order on cryptocurrency, directing federal agencies to implement a strategy for policies and regulations on digital assets such as cryptocurrency. </p> <p>"In the long run, this is extremely positive for the crypto market and is absolutely necessary to allow it to grow further, mature, and be more accessible to institutional investors," says Tal Elyashiv, founder of SPiCE VC, a blockchain and tokenization-focused venture capital fund. </p> <p>According to experts, the order will help to pave the way for the regulatory clarity required for widespread institutional adoption of Bitcoin and other digital assets. As a result, long-term investors will benefit from greater stability in the notoriously volatile crypto market. </p> <p>Biden's order also directs US agencies to ensure that the country's cryptocurrency laws are consistent with those of US allies, and the Financial Stability Oversight Council is tasked with investigating any illicit financial concerns. Furthermore, the order raises the prospect of a new government-issued central bank digital currency. </p> <p>Six cryptocurrency experts were asked what they thought about Biden's executive order and what investors should make of it. They stated as follows: </p> <p>Experts React to Vice President Biden's Crypto Executive Order</p> <p>'A Positive Step' </p> <p>Cleve Mesidor, public policy advisor at the Blockchain Association, provides his perspective. </p> <p>"It's a step in the right direction that the White House is evaluating digital assets from the standpoint of innovation and competitiveness," said one commentator. According to data, working and middle-class Americans who have been locked out of the traditional financial system are leading the mainstr