The President Biden Executive Order and what it means for Cryptocurrency Privacy and Zero-Knowledge Proof

What is the Executive Order?

President Biden on Wednesday signed an executive order with regards to crypto currencies, according to CNBC the summary of which is

The measures focus on six key areas:

1. Consumer Protection

2. Financial stability

3. Illicit Activity

4. U.S. Competitiveness

5. Financial Inclusion

6. and Responsible Innovation.

Coingeek list the executive order as 7 key aims:-

1. Protect U.S. consumers, investors and businesses by directing the Treasury to develop policy recommendations addressing the implications of the sector;

2. Protect U.S. and global financial stability and mitigate systemic risk by encouraging the Financial Stability Oversight Council to identify and mitigate economy-wide risks posed by digital assets

3. Mitigate the illicit finance and national security risks posed by the use of digital assets by directing “an unprecedented focus of coordinated access across all relevant U.S. government agencies”

4. Promote U.S. leadership in technology and economic competitiveness by directing the Department of Commerce to establish a framework to drive competitive and leadership in the sector;

5. Promote equitable access to safe and affordable financial services;

6. Support technological advances and ensure responsible development and use of digital assets by directing the U.S. government to take steps to study and support technological advances in the ecosystem; and

7. Explore a U.S. central bank digital currency (CBDC)

Illicit Activities does not mean No-Privacy

There is no doubt that the level of fraud, scam and crime perpetuated in the crypto space is way too high, and no government can allow such level of crime to continue without doing something about it, and so number 3 item on both list is targeted at this problem and not to uncover genuine users privacy, regardless you should still use a zero-knowledge proof web3 wallet like BlockWallet to ensure your privacy.

Genuine crypto operators actually welcome item3 development, because scam, fraud and other crimes in the crypto-space, has been a major hamper to the growth and adoption of crypto-currency.

Your Rights to Financial Privacy

According to Federal Deposit Insurance Corporation (FDIC)

You can limit the personal information that banks and other financial institutions provide to other companies. Here's help for you in deciding what's best.

The federal Gramm-Leach-Bliley Act of 1999 created a new opportunity for you to limit the transfer of your personal financial information. The law attempts to balance your right to privacy with financial institutions' need to share information for normal business purposes.

BlockWallet will help you enforce your Privacy

BlockWallet is the most private, non-custodial crypto wallet.

BlockWallet is the ultimate browser extension wallet for full financial privacy, without compromise. Unlock the full potential of Web 3.0 with privacy-enhancing smart contracts at your fingertips.

As crypto sees further adoption, on-chain privacy is quickly becoming a sought-after commodity. For newcomers and enthusiasts alike, blockchain’s lack of privacy poses a real security risk that stems from the growth of cryptocurrency. BlockWallet eliminates the friction faced by millions of users by making privacy accessible for everyone, everywhere.

The wallet uses battle-tested privacy-enhancing technology to protect your financial data. Cryptographic proofs allow users to deposit and mix their funds in a smart contract that renders them untraceable. When you want to make a withdrawal, BlockWallet creates a fresh wallet address with no links to your history on the blockchain.

Anyone can easily install BlockWallet and start reaping the benefits. Besides full privacy functionality, BlockWallet comes packed with an array of features that go beyond privacy for a seamless user experience. With full Web 3.0 support, the wallet allows you to connect to any DApp and harness the power of the decentralized web.

Reclaim your financial privacy. Get BlockWallet

In Conclusion: Crypto Currency is on its part to becoming a legal tender because

1. A USA government executive order must mean some recognition of the importance and the role of cryptocurrencies.

2. A regulated crypto must mean tax is now possible and cost and fees of transactions are likely higher than present.

3. Still regulation will authenticate crypto currency and reduce the scam levels of 99%(pun intended) in the crypto space.

4. Still crypto will remain an alternative payment systems that are not Nation owned.

5. Still Crypto currencies will be the better payment system than fiat currencies for global payment and access, simply because it is digital and cross-boundaries.

References

1. Brown. R. CNBC. Biden just put out an executive order on cryptocurrencies — here’s everything that’s in it, (2022,03,09). https://www.cnbc.com/2022/03/09/heres-whats-in-bidens-executive-order-on-crypto.html

2. Atkins, J. Coingeek. US President Joe Biden signs executive order on digital assets. (2022,03,09). https://coingeek.com/us-president-joe-biden-signs-executive-order-on-digital-assets/