Bitcoin Skyrockets After Biden Sign Executive Order to Regulate Crypto The legislature is the first of its kind.

By Emily Rella

Ting Shen/Bloomberg via Getty Images
Ting Shen/Bloomberg via Getty Images

One of the biggest criticisms of cryptocurrency at large (particularly the ever-popular Bitcoin) is that there's no market regulation, which creates an extremely volatile market.

But Wednesday, U.S. President Joe Biden signed an executive order that calls for federal agencies to begin exploring regulatory practices for crypto, which sent Bitcoin skyrocketing over a whopping 9% by late afternoon.

The notice, put out by the White House, outlines the six major "priorities" that crypto regulation will seek to cover, including maintaining a strong leadership position in global financial markets and protection for both consumers and investors.

"The rise in digital assets creates an opportunity to reinforce American leadership in the global financial system and at the technological frontier, but also has substantial implications for consumer protection, financial stability, national security, and climate risk," the release states. "The United States must maintain technological leadership in this rapidly growing space, supporting innovation while mitigating the risks for consumers, businesses, the broader financial system, and the climate. And, it must play a leading role in international engagement and global governance of digital assets consistent with democratic values and U.S. global competitiveness."

Related: Bitcoin Plummets Below $40,000 as Tensions Between Russia, Ukraine Escalates

As of early Wednesday evening, Bitcoin was still up an impressive 8.62% in a 24-hour period, landing at around $42,807, per CoinBase.

The White House's release also said that the government would explore the possibility of creating a unified U.S. Central Bank Digital Currency.

"The Administration will continue work across agencies and with Congress to establish policies that guard against risks and guide responsible innovation, with our allies and partners to develop aligned international capabilities that respond to national security risks, and with the private sector to study and support technological advances in digital assets," the government said.

Biden's executive order is the first of its kind, nodding to the fact that crypto very may well be the way of payment in the future.

This goes in opposition with the Central Bank of Russia that attempted to ban crypto in the country last January.

Emily Rella

Entrepreneur Staff

Senior News Writer

Emily Rella is a Senior News Writer at Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Editor's Pick

Related Topics

Business News

A Woman Is Suing Disney World After Suffering 'Injurious' Waterslide Wedgie at Typhoon Lagoon

Emma McGuinness was going down the Humunga Kowabunga waterslide when the incident occurred.

Business News

These Great-Grandparents Booked 51 Back-to-Back Cruises Because It's 'Cheaper Than a Retirement Home'

Retirees Marty and Jess Ansen hopped on a cruise ship nearly two years ago and never left.

Business Solutions

Upgrade to Windows 11 Pro for $29.97 Through October 15

If you are running a less-than-current OS, consider Improving performance with MS Windows 11 Pro.

Business News

Amazon Users Report Receiving Mysterious Gift Card Emails, Sparking Scam Worries

Amazon customers were puzzled when they received multiple unexpected gift card purchase confirmation emails for transactions they never made.

Growing a Business

How to Craft a Bulletproof Sales Strategy That Will Survive Any Economy

Discover five strategies for creating a sales process that remains strong even during challenging economic times.


It's a Great Time Make Money With a Podcast. Industry Experts Tell You How.

A panel of podcast experts outlines the most effective strategies for growing your audience and your revenue.