JOE BIDEN TO HANDLE U.S. CRYPTO DECISIONS. Who knew old Joe was knowledgeable enough about the world of cryptocurrencies to grab the reins of U.S. crypto policy?
The White House is apparently preparing an executive order that would be a play at assuming control of a national crypto policy.
It used to be that Presidents would propose a legislative agenda for Congress to consider, or weigh in, way or the other on bills proposed by legislators and working their way through the body.
The Constitution is pretty clear about which branch of government is tasked with debating and passing laws.
But the Biden administration move on cryptos would certainly be in line with the trend of modern presidents to use Executive Orders.
According to anonymous sources within the administration, the crypto legislation would put the White House in charge of monitoring attempts to develop regulations and govern digital assets, Bloomberg reported on Friday.
Senior Biden Administration officials have met many times to discuss the order, according to the Bloomberg report, and it will be submitted to the president in the coming weeks.
For years, federal authorities at the Treasury Department and the Securities and Exchange Commision (SEC) have been researching and issuing regulatory recommendations on the digital asset industry.
More recently, Congress proved its own dysfunctionality yet again, sticking crypto provisions into a sprawling 1 trillion plus infrastructure bill.
If the past few months are an indication, the actions and inactions of the government haven’t exactly spurred enthusiasm for investment in the innovative crypto space.
It’s doubtful politicians, even Biden, can completely crash and end the technological innovations that cryptos are introducing.
But for a Presidency struggling and failing domestically and abroad so badly, the idea of an attempted crypto policy takeover has little chance of inspiring confidence at this point.
The Trends Journal has been extensively alerting readers concerning issues of cryptos and government regulation. Some recent articles include:
- “SEC PUSH TO REGULATE CRYPTO” (7 Dec 2021)
- “WILL BIDEN’S INFRASTRUCTURE BILL DRIVE CRYPTO ACTION OUT OF U.S.?” (9 Nov 2021)
- “WILL A CRYPTO TAX HELP PAY FOR INFRASTRUCTURE?” (3 Aug 2021)
- “THE GEOPOLITICS OF BITCOIN” (27 Jul 2021)
- “CRYPTOS VS. GOVERNMENT EDGING TO HOT CONFLICT” (1 Jun 2021)
- “BIDEN’S $6 TRILLION BUDGET INCLUDES CRYPTO CRACKDOWN PROVISOS” (1 Jun 2021)
NFTs WILL HELP COMPANIES SELL AND MARKET IN NEW WAYS. NFTs may soon allow companies new abilities to reward customers who buy a wide spectrum of products and services from them.
A recent Cointelegraph article noted that consumers may soon be able to establish crypto wallets that can sync with grocery store and pharmacy cards, and even websites like Amazon and Walmart.
Cross-brand proof-of-purchases could be tracked and verified. Companies could reward customers who buy their lines of products, in various ways.
They might airdrop NFT collectibles, metaverse experiences, or crypto token rewards, and even cash, using transaction data and a bigger consumer profile. Even stores and websites might participate in crypto driven loyalty programs.
Some scenarios for how tokenized objects might change the entire economic landscape are wild, indeed.
Imagine a second self-driving car in the driveway, in the not-too-distant future, renting itself out in an autonomous “Uber” like service. As a tokenized asset, all transactions and usage info can be tracked and handled automatically via the blockchain.
Digital objects like song recordings of major artists are already being tokenized, with royalties sold in fractional amounts to various holders who receive their NFT into their crypto wallet, and automatically reap royalty tokens that trickle in as the song is played on music services like Spotify and Apple.
A musical artist can fund the production of an entire album, or costs associated with an upcoming tour, etc., all with efficient mechanisms made possible via blockchain, smart contract and NFT technology.
Overall, it’s clear that the world of NFTs and tokenization in general will go much further than simply providing proof of original digital works of art, or acting as a system where metaverse objects can be tracked and rented out for earnings etc.
The Trends Journal has previously outlined some of the ways NFTs will change the way real world and digital assets are owned and leveraged to maximize their profitable use in articles including:
- “ONE OF A KIND: THE WORLD OF NFTs” (10 Aug 2021)
- “THE CRYPTO “AGE OF UTILITY” HAS JUST BEGUN” (12 Oct 2021)
- “NFTs COULD BE “BIGGER THAN CRYPTO,” COINBASE CEO SAYS” (16 Nov 2021)
- “A MOVIE STUDIO ON THE BLOCKCHAIN” (7 Dec 2021)
Various crypto networks are vying to lead the way in asset tokenization, smart contract and NFT innovation. Binance Smartchain, Solana, Algorand, Cardano, Fantom, Hedera and of course Ethereum all are building out solutions and partnerships.
They’re hardly the only players, but they do represent “top 30” market cap crypto projects.