US Senator Booker Sees Crypto as Significantly Beneficial for US Economy if Regulated Right

Azeez Mustapha

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US Senator Cory Booker commented last Thursday about the potential cryptocurrency holds for the American economy if it chooses to embrace it. The Senator’s comments came shortly after US President Joe Biden signed an executive order on cryptocurrency regulation in the country.

Senator Booker, who became the first African American to represent New Jersey in the US Senate in 2013, noted: “I’m heartened by the nuanced and optimistic tone of POTUS’ recent executive order on digital assets.” The Senator elaborated:

“Cryptocurrency is an exciting innovation with the potential to bring growth to the American economy if properly nurtured and regulated.”

Senator Booker added that “as the order notes, the US has taken a position as a leader in this rapidly developing field, and we need to make sure we keep it.”

The New Jersey Senator tweeted on Thursday that: “Many Americans, including significant numbers of Black and brown people, have participated in the purchase and exchange of digital assets,” adding: “The administration’s willingness to step up to this challenge and focus on the transformative power of Web3 is encouraging.”

US Senator Booker Emphasized the Need for Investor Protection

Emphasizing the need for investor protection, the US Senator opined: “Their protection as consumers must be prioritized, alongside the fostering of innovation to keep America competitive on the global stage.”

Not surprisingly, investor protection is one of the major concerns in the executive order, with the EO stating:

“We must take strong steps to reduce the risks that digital assets could pose to consumers, investors, and business protections.”

The crypto community was pleased by the EO (executive order), as the markets recorded a thunderous rally following the document’s ascent. An executive from a prominent think tank based in Washington noted: “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.”

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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