US Senator Booker: If properly regulated, cryptocurrency can bring growth to the American economy

U.S. U.S. Senator Cory Booker spoke about the potential economic benefits of cryptocurrency for the American economy on Thursday. He spoke after President Joe Biden's executive orders regarding crypto regulation.

Booker was the first African American to be elected as the representative of New Jersey in the U.S. Senate. He did so in October 2013. Before becoming a U.S. Senator, Booker served as the mayor of Newark from 2006-2013 and on the Newark City Council between 1998 and 2002.

"I am encouraged by the nuanced, optimistic tone of POTUS’ recent executive order digital assets," the senator tweeted.

If properly managed and regulated, cryptocurrency can be an exciting innovation that could bring about economic growth in the United States.

"As the order states, the U.S. is a leader in this rapidly evolving field, and we must make sure that we keep it," Senator Booker said.

He tweeted that "Many Americans, especially significant numbers of Black or brown people, participated in the acquisition and exchange of digital assets."

It is encouraging to see the administration willing to take on this challenge and focus their attention on the transformative power Web3 has.

Senator Booker continued to stress the importance of investor protection. He stated that consumers' protection must be prioritized along with innovation to keep America competitive in the global marketplace.

In President Biden's crypto executive orders (EO), one of the top priorities is investor protection. It states:

We must take decisive steps to lower the risks digital assets can pose to investors and consumers as well as to protect businesses.

Many in the crypto industry are happy to see Biden's crypto executive orders. "The message that I get from this EO, is that the federal government views cryptocurrency as a legitimate and serious part of the economy, society," commented an executive from a D.C.-based thinktank.