For years, the US government, along with others across the world, hasn’t been very receptive to crypto technology. Bitcoin, for one, has faced resistance for the years ever since it came into being back in 2009. However, things seem to be changing now.
White House Releases Regulatory Framework
For some time, the crypto industry has implored governments to formulate proper regulatory frameworks to govern the expanding economic space. However, many governments, including the US government, haven’t been very forthcoming on this front.
Now, it appears that the Biden administration is keen on changing that. The administration has released the latest regulatory framework for the development of digital assets, and that is huge for the industry that has faced opposition and indifference from authorities for a long time.
White House May Push For A CBDC
This move could pave the way for the Biden administration to start a push for developing a US-based Central Bank Digital Currency (CBDC). With this, the US would join many other countries like China that have created such currencies.
In effect, this would cement the place of crypto and blockchain technology as a revolutionary innovation in the tech sector and boost the acceptance of the entire cryptosystem across the world. As expected, increased crypto acceptance would lead to more adoption and a rise in demand for the coins, which would, in turn, push up crypto prices. This dynamic would be incredibly welcome, especially when the market is struggling to keep afloat amid the looming economic recession and fiat inflation.