The Future of Digital Assets in the US Following Pres. Joe Biden’s Executive Order

On the 9th of March, President Joe Biden signed an executive order ensuring Responsible Development of Digital Assets. The order calls for measures to ensure the following:

• Protect U.S. Consumers, Investors, and Businesses.
• Protect U.S. and Global Financial Stability and Mitigate Systemic Risk.
• Mitigate the Illicit Finance and National Security Risks Posed by the Illicit Use of Digital Assets.
• Promote U.S. Leadership in Technology and Economic Competitiveness to Reinforce U.S. Leadership in the Global Financial System.
• Promote Equitable Access to Safe and Affordable Financial Services.
• Support Technological Advances and Ensure Responsible Development and Use of Digital Assets.
• Explore a U.S. Central Bank Digital Currency (CBDC).

President Joe Biden's decision to sign an executive order does not come as a surprise to most cryptocurrency enthusiasts or investment experts. The Cryptocurrency and digital assets industry is now worth billions of dollars. As such, it will be a terrible decision to continue overlooking it.

However, the regulation of cryptocurrencies and digital assets has been delayed for a very long. This delay has been due to disparity in opinions amongst the different lawmakers at the capital. Due to this difference in opinions, there are no clear agreements as to how legislation should apply to the use of digital currencies.

The Future of Digital Assets in the US

Following this executive order, there will definitely be certain changes to the use, ownership and trade of digital assets in the US. Going by the details of the order, we at Zenith Chain are making the following predictions:

A Digital Dollar to be Created

As stated in the order, considerations will be made in regards to creating a Central Bank Digital Currency (CBDC). Although there's already a digital representation of the US Dollar (USDT), it is not backed by the US Central Bank.

Following this executive order, the United States will create a digital version of the US Dollar that the Central Bank of the USA will back. It remains to be seen if the government will create this digital currency itself or outsource it to a private firm. However, it is certain that we will be seeing a stable coin backed by the US Central financial governing body.

USA to Legalize Certain Digital Assets

We at Zenith strongly believe that the absence of a recognized stable coin backed by the US government is partly responsible for the harsh reception of cryptocurrencies and NFTs. However, that stand will gradually change following this executive order. As such, the US government will soon begin to legalize certain digital assets. These assets must meet certain criteria to be recognized as legal tenders or financial securities.

Considering the nature of the US legislative arm, the legalization may not happen uniformly in all parts of the US. Some states will be much quicker than others. Certain states may still remain hostile towards blockchain-based currencies.
The government will also begin issuing Blockchain and Crypto Firms licenses to operate within the US. Firms like Zenith Chain will then apply to obtain a license to operate in the USA just like it has done to get credibility to operate in Lithuania.

Digital Assets to become Major Payment Options

Like with MasterCard, VISA, PayPal, Union Pay, many more eCommerce stores will incorporate various cryptocurrencies as payment options.

Relaxed Taxes on the Trading and Investment of Digital Assets

At this present time, "harsh" does not describe the nature of the US legislation of the trading and investment of digital assets. In simpler terms, the US taxing system is telling traders and investors in digital currencies that "If you earn money from digital assets, you should pay me. But if you lose money while at it, that’s your business.” However, we are predicting a more relaxed approach to paying taxes from crypto earnings.

Increased Corporate Adoption of Blockchain Technology

The executive order is not just good news for cryptocurrencies and NFTs. Furthermore, it will spill over on the foundational technology behind its development. Corporate firms will appreciate the secure nature of blockchain technology. This will encourage them to incorporate different blockchains into their IT systems.

Decentralization and Easier Entry into the Stock Market

As part of the adoption of blockchain technology, the stock exchange will undergo a decentralization process. There will be an integration merging these two diverse trading options to bridge the gap between the stock and crypto markets.

Increased Employment Opportunities

As it is already happening, the crypto industry will continue to create job opportunities for US citizens. Furthermore, more niches will be created from the Cryptocurrency industry. Although this may manifest immediately, there are currently signs. GaneFi, for example, is already a booming niche.

About Zenith Chain

Zenith Chain is an innovative solution to bring programmability and interoperability. Zenith Chain relies on a system of 21 validators with Proof of Stake Authority (PoSA) consensus that can support short block time and lower fees. The most bonded validator candidates of staking will become validators and produce blocks. The double-sign detection and other slashing logic guarantee security, stability, and chain finality.

To drive the adoption of digital currencies and blockchain technology, we offer the following products: Zenith Chain, Zenith Coin, Zenith CEX, Zenith DEX, Zenith Pay, Zenith Multichain Wallet, and Zenith Metaverse.

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