- The imminent executive order from U.S. President Joe Biden could have substantial ramifications on the market value of XRP and other cryptocurrencies.
- Details from a leaked report reveal that the executive order might target artificial intelligence (AI) practices but indirectly affect crypto mining activities and market stability.
A Ripple Effect: Analyzing the Potential Impact of President Biden’s Executive Order
U.S. President Joe Biden is reportedly on the verge of issuing an executive order, a development that Forbes anticipates could stir significant volatility within the cryptocurrency sphere, specifically impacting the market value of XRP, Bitcoin, and other digital assets. This report arrives amidst a bullish trend in the crypto market, highlighted by the recent upswing in the prices of XRP and Bitcoin, a wave attributed to the enthusiasm surrounding BlackRock’s application for a spot exchange-traded fund.
Leak Reveals Joe Biden Could Be About To Issue A Game-Changing Executive Order That Could Spark Bitcoin, Ethereum, XRP And Crypto Price Chaos https://t.co/9x3a4Fcn2B
— Forbes (@Forbes) October 26, 2023
Navigating Potential Market Turbulence
Billy Bambrough, a senior contributor at Forbes, provides a nuanced analysis of the situation, suggesting that while Wall Street’s growing interest in cryptocurrencies is evident, the impending U.S. government directive could introduce a trend reversal. Bambrough details that President Biden’s executive order is expected to center around the domain of artificial intelligence (AI), with the aim to ensure its safe and trustworthy application.
The crypto industry is bracing for impact, as the order, scheduled to be unveiled in the coming weeks, is poised to introduce evaluation measures for AI models prior to their deployment. This includes mandatory assessments for AI models used by federal workers and initiatives to facilitate the immigration of highly skilled workers into the U.S. for AI-related employment.
Despite these seemingly positive strides for AI governance, the leaked details of the executive order have sown seeds of concern within the crypto community. Experts are wary that the order could classify computing energy as a “national resource,” compelling cloud computing giants such as Google and Amazon to disclose customer information when purchases of computing resources, potentially for Bitcoin mining, surpass a certain threshold.
Alexander Grieve, the head of government affairs at the crypto-focused investment firm Paradigm, has voiced his apprehensions, drawing parallels between the potential directive and “Operation Choke Point” but within the realm of computing power. This correlation underscores the anxiety stemming from the possibility of Bitcoin miners facing restrictions in acquiring computing powers, a scenario that could dampen their operational capacity and, by extension, cast ripples across the cryptocurrency market, including assets like XRP.
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