Forbes has reported that U.S. President Joe Biden may soon issue a groundbreaking executive order that could have far-reaching consequences for XRP and the broader crypto market.
According to Forbes, the order could impact the market value of XRP, Bitcoin, and other digital assets. Notably, senior Forbes contributor Billy Bambrough noted that certain detail of the pending order was captured in a leaked report.
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
Potential XRP Price Chaos
The crypto market clutter Forbes is projecting comes amid a recent surge in the price of XRP, Bitcoin, and the border crypto market. Market participants have argued that the bullish wave was triggered by heightened excitement surrounding BlackRock’s spot exchange-traded fund application.
Bambrough underscored that the bullish development signals the growing interest from Wall Street in cryptocurrencies. However, according to the Forbes senior contributor, the U.S. government could trigger a significant trend reversal.
The Pending Executive Order
Notably, Bambrough highlighted specific details of the pending executive order. He noted that reports suggest President Biden plans to unveil an extensive directive focused on artificial intelligence (AI).
According to Forbes, such a move has set the crypto industry on edge. Bambrough cited that the directive is expected to be unveiled in the coming weeks. He noted the order aims to address AI’s safe and trustworthy use.
Furthermore, Forbes highlighted that the order could introduce measures for evaluating AI models before deployment. The statement read:
“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.”
While these aspects of the order are geared towards enhancing AI practices, Forbes mentioned that earlier leaks about the directive raised concerns within the crypto community.
According to Forbes, some crypto experts fear that the executive order could categorize computing energy as a “national resource.”
The report noted that such a classification might mandate cloud computing firms like Google and Amazon to divulge information for when customers’ purchase of computing resources for activities such as Bitcoin mining extends beyond a set limit.
Head of government affairs at crypto-based investment firm Paradigm, Alexander Grieve, reportedly expressed concerns about the pending directive. Grieve likened it to “Operation Choke Point but for computing power.”
The concerns regarding this looming development stem from the fact that Bitcoin miners might become limited in purchasing computing powers, thereby impacting their productivity. This could have a detrimental effect on the broader crypto market, extending to asserts like XRP.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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