Leak Reveals Joe Biden Could Be About To Issue A Game-Changing Executive Order That Would Spark Bitcoin, Ethereum, XRP And Crypto Price Chaos

26 October 2023

in Mining

Reading Time: 6 mins read

BitcoinBTC and major cryptocurrenices including ethereum and XRPXRP have been laboring under the weight of a looming crypto crackdown this year—even as Wall Street giants ready a huge $48.3 trillion bazooka.

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The bitcoin price has rocketed over the last week as hype swirling around the world’s largest asset manager BlackRock’sBLK closely watched bitcoin spot exchange-traded fund (ETF) application reached fever pitch, boosting the price of etheruem, XRP and other cryptocurrencies (as Wall Street quietly lays the groundwork for the next crypto bull run).

Now, the bitcoin and crypto industy is on edge after reports U.S. president Joe Biden is gathering senior tech executives at the White House to unveil sweeping artifical intelligence regulation that some fear could spillover over to bitcoin and crypto.

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MORE FROM FORBESBitcoin And Crypto Suddenly Braced For A Huge $48.3 Trillion Price EarthquakeBy Billy Bambrough

invited tech industry executives to the White House for the unveiling of its long-awaited artificial intelligence executive order on Monday after reports it could spill over the to bitcoin, ethereum, XRP and crypto market.

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U.S. president Joe Biden will reportedly unveil a “sweeping,” “wide-ranging” and long-awaited artificial intelligence executive order on Monday, according to reports in The Washington Post, Axios and Bloomberg. The reports, citing anonymous sources, said Biden will be hosting an event on “safe, secure and trustworthy” AI at the White House and set to be attended by some of the biggest tech industry names.

The order is expected to require AI models to be assessed before they can be used by federal workers and help ease barriers for highly skilled workers seeking to move to the U.S. to work in the field.

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However, early reports of the order last month set “alarm bells” ringing in the world of crypto due to fears it could classify computing power as a “national resource,” requiring cloud computing providers such as MicrosoftMSFT, Google, and AmazonAMZN to disclose “when a customer purchases computing resources beyond a certain threshold,” including for things like mining bitcoin, developing video games, and running AI models.

[crypto-donation-box]

Alexander Grieve, head of government affairs at bitcoin and crypto-focused investment company Paradigm, said last month such an order could be seen as “Operation Choke Point but for computing power,” speculating that bitcoin mining could be considered “robbing families of power” and working in crypto would take development talent “away from ‘real’ applications.”

The bitcoin network, which requires so-called miners to validate transactions in return for freshly-created bitcoin using high-powered computers, is thought to use more electricity annually than some small countries. Following China’s 2021 bitcoin mining ban, the U.S. has become home to more bitcoin miners than any other country.

MORE FROM FORBESThis Is ‘Not Priced In’-A ‘Huge Shift’ Just Happened That’s About To Blow Up The Bitcoin, Ethereum, XRP And Crypto MarketBy Billy Bambrough

few years, with the bitcoin price this year making up much of the ground it lost in 2022, boosting the ethereum price and the XRP price, as well as other cryptocurrencies.

Forbes Digital Assets

The traditional financial service sector pull-back from the crypto market this year has been branded “Operation Choke Point 2.0” by some in the crypto industry who fear it’s been directed by the U.S. government and regulators.

The original 2013 Operation Choke Point was a U.S. Department of Justice initiative to discourage banks from working with firearm dealers, payday lenders, and other companies believed to be at a high risk for fraud and money laundering.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.
Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.