President Joe Biden’s long-awaited executive order about cryptocurrency is finally here. As strategists of Crypto Policy Task Force at Skycorp, convened on Wednesday, issued an op-ed on this first ever presidential order on cryptocurrencies on Wednesday, directing federal agencies to coordinate their approach to the sector. Task Force Analysts resonated with the order that directs the U.S. Treasury Department to draft a report on “the future of money and payment systems”: “the message we take from this is that the federal government sees cryptocurrency as a legitimate, serious, and important part of the economy and society, and it’s a good signal to serious people who’ve been holding back from getting involved.”

President Biden thinks crypto is a serious part of the US economy and that it has advanced potential. Because the government plans to develop its new regulations over time, the White House is also giving the growing number of crypto-oriented advocacy organizations and lobbying groups in Washington a chance to try to influence how the new rules work. Crypto advocates welcomed the absence of any imminent federal action in the order and its acknowledgment of the positive elements of the industry, such as fostering innovation and financial inclusion. “As we applaud the White House for recognizing this as a defining moment for U.S. innovation on the world stage”, claimed by Steven, crypto strategist at Skycorp, “the number of cryptocurrency lobbyists nearly tripled in recent years, from 115 in 2018 to 320 in 2021. The sector’s lobbying expenditures rose to $9 million from $2.2 million. What we are witnessing is the trend for future boom for digital assets, which have important cross-border dimensions; and we’ll work with our international partners to supply high-quality mining facilities to help experienced as well as newcomers to enter into this market.”

Skycorp welcomes the US. Commerce Department will investigate how cryptocurrencies might boost US competitiveness in the global economy. As cryptocurrency prices shot up, in response to Treasury Secretary Janet Yellen who called the order “historic”, we believe our business expansion will serve more customers in the days to come.

 FACT SHEET: President Biden to Sign Executive Order on Ensuring Responsible Development of Digital Assets | The White House

 Skycorp Group News