PRESIDENT BIDEN'S EXECUTIVE ORDER CONCERNING CRYPTO - WHAT DOES THAT MEAN FOR CRYPTO LOVERS?

Today we’re discussing what’s happening with cryptocurrency in Washington DC.

I’m pretty sure you’ve heard that President Joe Biden signed an executive order last Wednesday calling on the government to examine the risks and benefits of cryptocurrencies. The executive order focuses primarily on consumer protection, financial stability, illicit activity, U.S. competitiveness, financial inclusion and responsible innovation. And also, there is talk of exploring a digital version of the US dollar! (Didn’t I tell you that the government would not want to miss out on this digital shift in finances!).

I am really paying attention to this especially since I live in the state of NY and it’s extremely challenging to purchase cryptocurrency here. In order to sell crypto in NY state a company must have what is called a Bit License and so far just 30 (out of over 300 exchanges) have this licensure. Our Attorney General Letitia James tweeted this about crypto in NY:

“There are extreme risks in investing in virtual or cryptocurrencies and it’s imperative that we act to protect investors' wallets. I’m warning New Yorkers and investors across the country that investing in this unstable market is not prudent and could cause devastating losses.”

(We were warned, yikes! And yes, I responded to her tweet, lol!) Both the US government and the NY State Attorney General are investigating crypto, I’m sure it’s because they want to make sure that we’re ‘safe and protected’ (wink-wink). What has the potential to be frustrating about it (for me in NY) is that most of the well known crypto exchanges aren’t allowed to operate here. Kraken, Crypto dot com, Binance US, KuCoin, NEXO, Bittrex and lots of others aren’t allowed to sell to New Yorkers. I was even forced to close my NEXO account when they sent me an email last year saying that they were no longer allowed to operate in NY and that I had 15 days to close my account. Also, among the exchanges that are allowed to operate in NY, there are maybe just 2 of them that carry some of the coins that I want to purchase! Sigh… It’s like a jungle sometimes, makes me wonder how I - - -.

It was a red flag for me though, when I heard that an executive order was passed concerning cryptocurrency. This wasn’t just a committee that was formed to take a look at or to investigate crypto, it was an executive order! Executive Orders are directives from the President himself that have much the same power as a federal law. Lots of historic moments in American history came about via executive orders including President George W Bush’s executive order to merge 22 federal agencies into one single department that would fight terrorism in 2001 after 9/11; as well as the Emancipation Proclamation in 1863. So an executive order concerning cryptocurrency is quite the eye opener for me.

What does this mean for us crypto enthusiasts? Well, it probably means that there most likely will be regulations concerning it; for sure more taxes on our purchases and sales; and quite possibly limits on how much we can purchase without reporting it. (And some people still think that crypto is either from the devil or it isn’t real and will go away soon, lol!). Honey when the US government gets involved, it’s time to look up and pay attention. It’s also time to get some more coins, look at the prices, they’re almost all on sale! Get some while you can. See ya tomorrow!

Copyright ©2022 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™ . The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestion in this post.