Biden’s Crypto Order ‘Watershed Moment,’ Companies Say

Biden’s Crypto Order ‘Watershed Moment,’ Companies Say

U.S. President Joe Biden signed an executive order this week calling on the Federal Reserve to research and potentially develop its own cryptocurrency, which was applauded by a number of digital currency companies, including one that called it a "watershed moment."

"@potus's executive order on crypto is a watershed moment. It paves the way for thoughtful national crypto regulation that will allow builders to build onshore and ensure that the US remains a leader in crypto—creating greater independence, choice, and opportunity for all," Bitcoin investor and co-founder of Gemini, a cryptocurrency trading application Cameron Winklevoss wrote on Twitter.

On Wednesday, Biden signed the executive order which in addition to calling on the nation's central bank to explore options for constructing it's own cryptocurrency, seeks to protect investors and companies from risks associated with investing in digital currencies.