Although XRP has recorded major victories resulting in needed regulatory clarity, recent developments have added to the uncertainty, with reports suggesting that President Joe Biden is on the verge of issuing a far-reaching executive order related to artificial intelligence (AI). A recent Forbes report highlighted how this AI order might impact the crypto market, including XRP.

Read Also: SBI VC Trade Shares Its XRP Price Projection

Crypto Market’s Regulatory Concerns

The crypto market has been grappling with the U.S. Securities and Exchange Commission (SEC) for years. Although the SEC has not made significant progress, victories for the regulator could have far-reaching effects on how cryptocurrencies are traded, used, and regulated by governments worldwide.

The Forbes report also mentioned the anticipation around BlackRock’s Bitcoin ETF application that recently boosted Bitcoin’s price, impacting Ethereum, XRP, and other cryptocurrencies.

Biden’s AI Executive Order

The recent leak hinting at President Biden’s AI executive order has taken center stage. This executive order, set to be unveiled at the White House, is primarily focused on regulating artificial intelligence and ensuring its safe and secure use. However, it’s not the order’s primary goals causing concern within the crypto industry but the potential secondary implications that have raised eyebrows.

Crypto Industry’s Concerns

The report suggests that the AI executive order might classify computing power as a “national resource.” This classification could trigger obligations for cloud computing providers, including industry giants like Microsoft, Google, and Amazon. Most notable is the potential requirement for these providers to disclose when a customer exceeds a certain threshold of computing resource usage.

This requirement could significantly impact activities like Bitcoin mining, the development of video games, and the utilization of AI models in various industries. The report highlights that Alexander Grieve of Paradigm draws parallels with “Operation Choke Point,” a past initiative discouraging banks from high-risk industries.

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Read Also: XRP Price Prediction As Ripple Seals Partnership With Uphold

Bitcoin mining, which relies on energy-intensive high-powered computers, has been a subject of heated debate due to its significant energy consumption. There are fears that such regulatory actions could stifle growth and innovation within the crypto space.

After China’s ban on Bitcoin mining in 2021, the U.S. became a significant hub for miners. This executive order might drastically change that. Some in the crypto industry label the traditional financial sector’s retreat from the crypto market as “Operation Choke Point 2.0,” indicating government and regulatory influence.

With the coming Bitcoin halving, it will be interesting to see how President Biden’s executive order affects Bitcoin and the crypto market.

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To develop this framework, several agencies and diverse stakeholders across the government, academia, and civil society worked together to formulate policy recommendations that advance the six key priorities identified in the Executive Order by the U.S. President. 

As seen in the recently released crypto framework, the White House is focused on ensuring the protection of consumers, investors, and businesses, fostering financial stability, promoting access to safe, affordable financial services, fighting illicit finance, advancing financial innovation, exploring the United States Central Bank Digital Currency (CBDC) and reinforcing global financial leadership and competitiveness. 

More so, the release puts into consideration other sectors of the digital asset space including cryptocurrency mining. It also encourages private-sector research while stressing the need for players to observe measures useful in the mitigation of risks. 

Read Also: Senator Toomey Slams SEC Chair For Classifying Most Crypto as Security

The White House Crypto Framework Focus

While cryptocurrency and blockchain technology is a beneficial digital innovation and positive contribution to the global financial system, it poses serious risks if indulged carelessly and without clear regulations. It is also worth noting that several bad actors and loss-inflicting scenarios have continuously surfaced in the crypto industry. The most recent was the Terra ecosystem collapse in May which triggered other damaging instances including the insolvency of companies like Celsius, and Three Arrows Capital (3AC) among others. 

To protect investors and businesses adopting the crypto payment method as well as ensure fair play in the crypto niche, the Biden-Harris administration has consistently issued guidance and enforcement resources while keeping tabs on fraudulent players. As clearly stated in the White House framework released on Friday, the U.S. plans to step up its regulatory actions thus; 

• The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are encouraged to aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space.
• The Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) are encouraged to redouble their efforts to monitor consumer complaints and punish unfair, deceptive, or abusive practices.
• Agencies are further encouraged to issue guidance and rules to address current and emergent risks in the digital asset ecosystem. Equally, regulatory and law enforcement agencies are also urged to collaborate to address acute digital assets risks facing consumers, investors, and businesses.  The release added that agencies are encouraged to share data on consumer complaints regarding digital assets — ensuring each agency’s activities are maximally effective.
• According to the publication, the Financial Literacy Education Commission (FLEC) has been tasked to lead public-awareness efforts to help consumers understand the risks involved with digital assets, identify common fraudulent practices, and learn how to report misconduct. 

Related: Crypto Regulation: U.S Administrators Submit Framework to President Biden

The Biden-Harris administration holds that the digital economy should work for all Americans. Therefore, developments should be made such that digital services can be accessible to all at a low cost, especially with cross-border payments. In promoting access to safe, affordable financial services, the report read 

“Agencies will encourage the adoption of instant payment systems, like FedNow, by supporting the development and use of innovative technologies by payment providers to increase access to instant payments, and using instant payment systems for their own transactions where appropriate – for example, in the context of distribution of disaster, emergency or other government-to-consumer payments.”

It added that “the National Science Foundation (NSF) will back research in technical and socio-technical disciplines and behavioral economics to ensure that digital asset ecosystems are designed to be usable, inclusive, equitable, and accessible by all.” Meanwhile, the administration is ramping up efforts to tackle illicit finance including money laundering and ransomware crimes among others. 

Read Also: US Treasury Secretary Janet Yellen Says Biden’s Crypto Executive Order Supports ‘Responsible Innovation’

Per the release, “the President will evaluate whether to call upon Congress to amend the Bank Secrecy Act (BSA), anti-tip-off statutes, and laws against unlicensed money transmitting to apply explicitly to digital asset service providers—including digital asset exchanges and nonfungible token (NFT) platforms.”

In addition, the plan to roll out a Central Bank Digital Currency (CBDC) is also on the sleeves of the Biden-Harris administration. On this note, it is stated that “the leadership of the Federal Reserve, the National Economic Council, the National Security Council, the Office of Science and Technology Policy, and the Treasury Department will meet regularly to discuss the working group’s progress and share updates on and share updates on CDBC and other payments innovations.”

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Framework for International Crypto Regulation

Per a report, a framework for international crypto regulation was drafted and submitted to the President of the United States on July 7.

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The document crafted by several agencies summarizes all approaches the United States administrators intend to employ in maintaining high regulatory standards and a level playing ground in the digital assets industry. 

As revealed in the fact sheet, this crypto regulatory framework seeks to primarily address the risks as well as harness the potential benefits of cryptocurrency and blockchain technology.

Also, it is directed at enhancing the adoption of global principles and standards in the cryptocurrency space.

More so, approaches laid out in the framework are intended to ensure that “the nation’s core democratic values are respected; consumers, investors, and businesses are protected; appropriate global financial system connectivity and platform, as well as architecture interoperability, are preserved.”

Meanwhile, the safety and soundness of the global financial system and international monetary system have also been put into consideration. 

Other core objectives of the framework as stated in the document include the protection of the United States and global financial stability as well as, the mitigation of illicit finance and national security risks posed by the misuse of digital assets. 

The press release further disclosed that U.S. regulators have set out to support technological advances that promote responsible development and use of digital assets by advancing research and relationships that increase shared learning.

Above all, protecting consumers, investors, and businesses in the United States and globally by promoting technology and regulatory standards that reflect U.S. values is a top objective. 

To achieve these planned goals, U.S. administrators noted that the United States must continue to engage and partner with the G7, G20, IMF, Financial Stability Board, Financial Action Task Force (FATF), the Egmont Group of Financial Intelligence Units (FIUs), Organization for Economic Cooperation and Development (OECD), the World Bank and other standard-setting bodies. 

Part of the fact sheet said;

“The United States must continue to work with international partners on standards for the development of digital payment architectures and CBDCs to reduce payment inefficiencies and ensure that any new payment systems are consistent with U.S. values and legal requirements.  

Such international work should continue to address the full spectrum of issues and challenges raised by digital assets, including financial stability; consumer and investor protection, business risks; money laundering, terrorist financing, proliferation financing, sanctions evasion, and other illicit activities.”

Notably, the submitted blueprint was developed in accordance with the President’s Executive Order,  by the United States Department of the Treasury, in consultation with other administrators of bureaus like the U.S. Agency for International Development (USAID), the Secretary of State, the Secretary of Commerce, and the heads of other relevant agencies.  

Related: Joe Biden Officially Issues Crypto Executive Order, Promises to Support Technological Advances In Digital Assets

President Biden’s Crypto Executive Order 

Issued on March 9, 2022, the Executive Order by President Joe Biden tasked U.S administrators to ensure the responsible development of digital assets and blockchain technology for international engagements.  

Additionally, U.S. regulators were directed to work on the development of central bank digital currencies (CBDCs) technologies that are consistent with the nation’s values and legal requirements.

On the whole, the Executive Order was put out on the grounds that poor crypto regulation, supervision, and compliance across jurisdictions raise risks encountered by investors, businesses, and the digital assets markets in general. 

In response, the United States Treasury Secretary Janet Yellen noted that President Biden’s crypto Executive Order supports responsible innovation.

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In an announcement on Friday, the White House said Barr was Biden’s pick to supervise the Federal Reserve and set the regulatory agenda for its leadership.

Read Also: Joe Biden Officially Issues Crypto Executive Order, Promises to Support Technological Advances In Digital Assets

Between 2015 and 2017, Barr was a Ripple adviser. He also served as the Treasury Department’s assistant secretary for financial institutions during Barak Obama’s administration and taught courses on financial regulation at the University of Michigan.

According to the White House, Barr was a key architect of the Dodd-Frank Act, the legislation that continues to influence financial policy in the United States, which was one of the reasons he was considered for the vacant position.

President Joe Biden noted:

“Barr has strong support from across the political spectrum — and has been confirmed by the Senate on a bipartisan basis. He understands that this job is not a partisan one, but one that plays a critical role in regulating our nation’s financial institutions to ensure Americans are treated fairly and to protect the stability of our economy.”

According to the report, Biden wanted to move Barr’s nomination forward quickly, since the position he’s nominated to occupy is currently vacant as aforementioned.

Read Also: US Treasury Secretary Janet Yellen Says Biden’s Crypto Executive Order Supports ‘Responsible Innovation’

Ohio Senator Sherrod Brown, who chairs the Senate Banking Committee, has stated that he would support the nomination due to the urgent need for a full Fed board.

Senator Sherrod Brown noted:

“The vice-chair of supervision plays a critical role in protecting our financial system and must prioritize strong financial regulation, and identify and stay ahead of risks to our economy. I will support this key nominee, and I strongly urge my Republican colleagues to abandon their old playbook of personal attacks and demagoguery and put Americans and their pocketbooks first.”

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The fact sheet that leaked out earlier described the executive order as “outlining the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”

The executive order on the crypto ecosystem addresses important issues, such as strategy to protect consumers, stability of the financial system, national security, and climate risks.

Aside from the aforementioned, the White House also outlined its plan for assessing the implementation of a central bank digital currency (CBDC) and cracking down on illegal activity.

The order is described as fair, despite early fears of an impending crackdown on the crypto industry in the country.

The order underscores an all-of-government approach, demanding new work from the Treasury, Financial Stability Oversight Council, Federal Reserve, and national security agencies on important portions of the crypto industry.

The order also emphasizes that the Administration will continue to work with agencies and Congress to establish policies that encourage responsible innovation. It also promises to support technological advances in digital assets.

Janet Yellen Says Biden’s Executive Order Supports ‘Responsible Innovation’

It was earlier reported that a statement from Janet Yellen, the United States Treasury Secretary, revealed that Biden’s executive order on cryptocurrency will support responsible innovation.

The statement highlights how Yellen’s department will implement the provisions of the executive order, which was recently released by the White House.

The statement reads in part as follows:

“Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses. It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”

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The order emphasizes an all-of-government approach, which calls on new work from the Treasury, Financial Stability Oversight Council, Federal Reserve, and national security agencies on important portions of the crypto industry.

According to the Executive Order, the Administration will continue to work with agencies and Congress to establish policies that guard against risks and guide responsible innovation. It also promises to support technological advances in digital assets.

Biden’s Executive Order on crypto read as follows:

• Protect U.S. Consumers, Investors, and Businesses by directing the Department of the Treasury and other agency partners to assess and develop policy recommendations to address the implications of the growing digital asset sector and changes in financial markets for consumers, investors, businesses, and equitable economic growth. The Order also encourages regulators to ensure sufficient oversight and safeguard against any systemic financial risks posed by digital assets.
• Protects U.S. and Global Financial Stability and Mitigate Systemic Risk by encouraging the Financial Stability Oversight Council to identify and mitigate economy-wide (i.e., systemic) financial risks posed by digital assets and to develop appropriate policy recommendations to address any regulatory gaps.
• Mitigate the Illicit Finance and National Security Risks Posed by the Illicit Use of Digital Assets by directing an unprecedented focus of coordinated action across all relevant U.S. Government agencies to mitigate these risks. It also directs agencies to work with our allies and partners to ensure international frameworks, capabilities, and partnerships are aligned and responsive to risks.
• Promote U.S. Leadership in Technology and Economic Competitiveness to Reinforce U.S. Leadership in the Global Financial System by directing the Department of Commerce to work across the U.S. Government in establishing a framework to drive U.S. competitiveness and leadership in, and leveraging of digital asset technologies. This framework will serve as a foundation for agencies and integrate this as a priority into their policy, research and development, and operational approaches to digital assets.
• Promote Equitable Access to Safe and Affordable Financial Services by affirming the critical need for safe, affordable, and accessible financial services as a U.S. national interest that must inform our approach to digital asset innovation, including disparate impact risk. Such safe access is especially important for communities that have long had insufficient access to financial services. The Secretary of the Treasury, working with all relevant agencies, will produce a report on the future of money and payment systems, to include implications for economic growth, financial growth and inclusion, national security, and the extent to which technological innovation may influence that future.
• Support Technological Advances and Ensure Responsible Development and Use of Digital Assets by directing the U.S. Government to take concrete steps to study and support technological advances in the responsible development, design, and implementation of digital asset systems while prioritizing privacy, security, combating illicit exploitation, and reducing negative climate impacts.
• Explore a U.S. Central Bank Digital Currency (CBDC) by placing urgency on research and development of a potential United States CBDC, should issuance be deemed in the national interest. The Order directs the U.S. Government to assess the technological infrastructure and capacity needs for a potential U.S. CBDC in a manner that protects Americans’ interests. The Order also encourages the Federal Reserve to continue its research, development, and assessment efforts for a U.S. CBDC, including development of a plan for broader U.S. Government action in support of their work. This effort prioritizes U.S. participation in multi-country experimentation, and ensures U.S. leadership internationally to promote CBDC development that is consistent with U.S. priorities and democratic values.
  

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The statement highlights how Yellen’s department will implement the provisions of the executive order expected from the White House this week.

The statement was issued late Tuesday and later removed (archived version is here) from the Treasury Department’s official website.

The statement reads in part as follows:

“Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses. It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”

Yellen further stated that the treasury department will partner with interagency colleagues to produce a report on the future of money and payment systems.

She said the department will also “convene the Financial Stability Oversight Council to evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place and work with our international partners to promote robust standards and a level playing field” given the global nature of the industry. This work will complement ongoing efforts by Treasury.”

“As we take on this important work, we’ll be guided by consumer and investor protection groups, market participants, and other leading experts. Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.”

It was earlier indicated that Biden’s Executive Order will have several components, all of which are centered on studying cryptocurrency and digital money across multiple United States government departments and agencies. Their topics will be based on central bank digital currency and how cryptocurrencies affect the environment.

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It can be recalled the United States, the United Kingdom, and others have officially sanctioned Russia for choosing to invade Ukraine instead of giving room to dialogue.

Read Also: Russian Invades Ukraine, Ethereum Co-Founder Tweets in Russian: “This is a crime against the Ukrainian and Russian people”

Alex Krüger, in a tweet a few days ago, stated that it would be dreadfully bearish for crypto if it’s used by Russia to bypass sanctions. He said such a move will push regulators to crush the crypto industry as a matter of national security. He thereby urged members of the crypto community not to expect it to happen.

Alex Krüger tweeted, “Russia using crypto to bypass sanctions would be dreadfully bearish don’t expect it to happen but be careful what you wish for. US regulators would be pushed to crush the industry as a matter of national security.”

US regulators would be pushed to crush the industry as a matter of national security

— Alex Krüger (@krugermacro) February 24, 2022

Joe Biden and Boris Johnson Impose Sanctions on Russia

Last week Thursday, President Joe Biden declared in a press conference that the United States will block five of the biggest Russian banks and freeze all assets they hold in America, worth over $1 trillion.

The prime minister of the United Kingdom, Boris Johnson, also imposed a similar sanction on the same day. The UK has frozen assets of all major Russian banks and cut them off from the financial markets of the United Kingdom.

Read Also: Ukraine’s Official Twitter Handle Just Requested Donations in Bitcoin, Ethereum, and USDT

Boris Johnson also seeks to restrict Russian companies and the Russian government from raising money on U.K. markets, a move that was also expressed by Biden during his press conference.

Moreover, Biden said the United States and G7 leaders have reached an agreement to limit Russia’s ability to do business in dollars, euros, pounds, and yen.

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The flagship cryptocurrency made a swift jump to $39,000 from around $35,000 within minutes following the announcement of the sanction imposed on Russia by Joe Biden, the President of the United States.

Joe Biden Imposes Sanction on Russia

Joe Biden said in a press conference Thursday that the United States will block five of the biggest Russian banks and freeze all assets they hold in America, worth over $1 trillion.

Read Also: Russian Invades Ukraine, Ethereum Co-Founder Tweets in Russian: “This is a crime against the Ukrainian and Russian people”

As reported by the Associated Press, the prime minister of the United Kingdom (UK) Boris Johnson also imposed a similar sanction on the same day. The U.K has frozen the assets of all major Russian banks and cut them off from the financial markets of the United Kingdom.

Boris Johnson also seeks to restrict Russian companies and the Russian government from raising money on U.K. markets, a move that was also expressed by Biden during his press conference.

According to Biden, although there have been several reports about the possibility of ejecting Russia from the international payment system Swift, there are no plans to go that far at the moment. However, Biden said the United States and G7 leaders have reached a consensus to limit Russia’s ability to do business in dollars, euros, pounds, and yen.

Bitcoin (BTC) Surges to $39,000 after the Sanction Was Imposed

After the U.S. President imposed the sanction on Russia, Bitcoin (BTC), the largest cryptocurrency by market cap, which has been struggling since the invasion started regained its surging momentum.

Read Also: Here’s How Crypto Is Bolstering Ukraine’s Defense Effort against Russian Soldiers

The price of Bitcoin spiked to $39,000 in a quick rally after dipping below $35,000 Thursday morning. At the time of filing this report, BTC is trading at $38,131, with a relatively 2% price upsurge in the last 24 hours.

As a report has it, the United States President is also aiming to cut off half of the Russian high-tech imports, in a bid to hurt the country’s access to products and technology.

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