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The crypto market is reeling from recent hits. A leak suggests President Joe Biden might issue an executive order on artificial intelligence. If true, this could disrupt the Bitcoin and crypto markets even further, according to <a href="https://www.forbes.com/sites/digital-assets/2023/09/26/alarm-bells-for-crypto-leak-reveals-joe-biden-could-be-about-to-issue-a-game-changing-executive-order-and-trigger-bitcoin-price-chaos/?sh=7f71f8c73f67" rel="noopener noreferrer nofollow">forbes</a>. 
Alexander Grieve, the head of government affairs at Paradigm, raised concerns. He pointed to a report that companies like Microsoft, Google, and Amazon might need to disclose customer purchases of "computing resources beyond a certain threshold." In essence, this impacts crypto mining and could categorize it as a usage of "national resources." 
This isn't a trivial matter. The <a href="https://ultramining.com/news/en/senator-lummis-pushes-for-crypto-regulation-amid-sec-lawsuits/" rel="noopener noreferrer nofollow">U.S.</a> has been a haven for <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">Bitcoin miners</a>, especially after <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/" rel="noopener noreferrer nofollow">China</a>'s 2019 ban on Bitcoin mining. If the <a href="https://ultramining.com/news/en/senator-lummis-pushes-for-crypto-regulation-amid-sec-lawsuits/" rel="noopener noreferrer nofollow">U.S.</a> starts seeing computing power as a "national resource," the crypto industry could face significant challenges. 
Grieve speculates that this could be an "Operation Choke Point, but for computing power." This is a reference to a U.S. Department of Justice initiative from 2013 that aimed to discourage banks from working with high-risk companies. Now, it appears that the U.S. government may be targeting cloud service providers servicing the crypto industry in a similar vein. 
The situation is made more volatile by the upcoming Bitcoin <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a> event. This event is known for causing price fluctuations in the crypto market. Add in the potential executive order, and we have a recipe for chaos.

Biden’s Executive Order on AI Stirs Up Uncertainty in the Crypto World

Ultramining_Eng

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