Highlights

  • US President Biden signs executive order for framework
  • Order calls for measures to protect American consumers, investors and businesses

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The executive order, which attempts to fix the lack of a framework for the U.S. development of cryptocurrencies, has been broadly welcomed by the industry

Bitcoin rallies as Biden signs order asking for regulation, crypto set to go mainstream

Crypto tokens saw a rally with Bitcoin surging even US President signed an order calling for regulation and framework around the much popular digital tokens.

Also read & watch| LIC IPO: SEBI gives nod, Bankers asks govt to 'hold and not rush'

The order calls for measures to protect American consumers, investors and businesses, and to protect the U.S. and the global financial system and mitigate systemic risk.

Additionally, it directs the U.S. government to explore “the technological infrastructure and capacity needs for a potential” central bank issued digital currency.

It is this very call for framework and infrastructure that is enthusing crypto backers. The crypto industry has said the lack of regulatory clarity could hold the U.S. and has also been cited often as the barrier to greater institutional adoption in the crypto market.

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