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United States President Joe Biden just signed an executive order on crypto requiring federal agencies to coordinate their efforts at drafting crypto regulations and exploring a U.S. central bank digital currency (CBDC). The move was viewed positively by the market with the price of crypto-related companies posting gains.
For instance, crypto exchange Coinbase surged by up to 10.5 percent at market close, according to Cointelegraph. The Nasdaq-listed company is one of the largest crypto exchanges in the United States by trading volume.
Meanwhile, MicroStategy also gained 6.4 percent at market close. The Virginia-based business intelligence firm is known for owning the largest Bitcoin holdings among publicly-listed companies, which reached approximately 125,051 BTCs as of January 31, 2022.
The positive development also buoyed the prices of blockchain-related exchange-traded funds (ETFs). For instance, ProShares Bitcoin Strategy ETF rose by 10 percent while Valkyrie Bitcoin Strategy ETF rose by 10.3 percent.
On the other hand, crypto mining firms posted the largest gains among crypto-related companies. Riot Blockchain shares jumped by 11.2 percent while Marathon Digital Holdings gained 13.5 percent. Jefferies analyst Jonathan Peterson even restored his buy rating for the crypto mining firm noting that the government is now “more formally recognizing, engaging with and seemingly supporting” the crypto industry.
Bitcoin rose 9 percent after details of the executive order were leaked. However, the crypto was not able to sustain its upward trajectory and slid back below $40,000. At the time of writing, BTC traded at $39,278.87 based on Coinmarketcap data.
Gemini Trust's Cameron Winklevoss welcomed the executive order as it called for a coordinated and comprehensive approach to digital asset policy while supporting innovation. “I applaud this constructive approach to thoughtful crypto regulation and look forward to working together with the various stakeholders to ensure that the U.S. remains a leader in crypto,” he said.
However, Minnesota Congressman Tom Emmer expressed disappointment over the contents of the EO as he felt it missed a very important issue. “Decentralization is the Point: The EO doesn’t mention decentralization once,” he posted on Twitter. “The disintermediation of our economy will enable all Americans, regardless of circumstance, to decide their futures, not a bank or Big Tech or the government.”
