U.S. Senator Cory Booker sees cryptocurrency as “an exciting innovation with the potential to bring growth to the American economy if properly nurtured and regulated.” The senator from New Jersey is encouraged by President Joe Biden’s executive order on crypto regulation.
US Senator Views Crypto as a Benefit to American Economy
U.S. U.S. Senator Cory Booker spoke about Thursday’s potential economic benefits of crypto. His comments followed President Joe Biden’s executive order on crypto regulation.
Booker, an African American who was elected as the representative of New Jersey to the U.S. Senate on October 2013, became Booker. Before becoming an American senator, he was a member of the Newark City Council between 1998 and 2002. He also served as Mayor of Newark in 2006-2013.
“I’m heartened by the nuanced and optimistic tone of POTUS’ recent executive order on digital assets,” the senator tweeted, elaborating:
If properly managed and controlled, cryptocurrency can be an innovative innovation that could bring about growth in the American economy.
“As the order notes, the U.S. has taken a position as a leader in this rapidly developing field, and we need to make sure we keep it,” Senator Booker continued.
“Many Americans, including significant numbers of Black and brown people, have participated in the purchase and exchange of digital assets,” he further tweeted, noting:
The administration’s willingness to step up to this challenge and focus on the transformative power of Web3 is encouraging.
Senator Booker then emphasized the importance to protect investors. “Their protection as consumers must be prioritized alongside the fostering of innovation to keep America competitive on the global stage,” he opined.
Investor protection is one of the key priorities in President Biden’s crypto executive order (EO), which states:
It is imperative that we take decisive steps to lower the risk digital assets pose for investors and consumers as well as business protections.
Many people in the crypto industry welcome Biden’s crypto executive order. “The message I take from this EO is that the federal government sees cryptocurrency as a legitimate, serious, and important part of the economy and society,” an executive of a D.C.-based think tank commented.
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