President Joe Biden of the United States issued an executive order (EO) on Wednesday to establish a national digital asset strategy. According to the White House, the directive is “the first-ever, whole-of-government strategy to tackling the risks and leveraging the potential advantages of digital assets and their underlying technology.”
The Blockchain Association, which has 80 member businesses, noted that the directive also called on federal departments to collaborate on the country’s crypto policy. They said, We applaud this initiative and stand ready to work with authorities on behalf of the sector.
According to Jerry Brito, executive director of the Washington, D.C.-based think group Coin Center, the presidential order is “a welcome signal to serious individuals who have been holding back from becoming engaged.” He expressed himself as follows: This EO sends the message that the federal government considers Bitcoin to be a legitimate, serious, and significant aspect of the economy and society.
Despite a few loud voices in government persistently bashing crypto in recent months, the EO is balanced and beneficial, according to Jake Chervinsky, a well-known lawyer in the crypto industry. He went on to say: Anyone concerned that President Biden’s executive order would portend crypto’s doom and gloom may now rest easy. The major worry was that the EO would compel hasty rulemaking or impose new and harmful limitations; however, this isn’t the case. It’s about the best we could hope for.
“Seeing a digital asset EO happened a lot faster than I imagined,” Anderson Kill Hailey Lennon said. There are a lot of nice remarks in it.”
“Bitcoin in the United States was de-risked by EO,” Core Scientific co-founder Darin Feinstein said. The United States government’s endorsement of Bitcoin-related innovation is historic. As money continues to come into the business, it is up to the 50 million Americans who own bitcoin to ensure that their politicians continue to safeguard it.”
“A good EO to debate client safety and economic competitiveness in digital assets,” said FTX CEO Sam Bankman-Fried.
“Today’s EO is a start in the right way for some American leadership in web3 and might bring order to what’s become a badly fragmented regulatory landscape,” Coinbase’s Kathryn Haun remarked. We’re especially pleased that it requires all departments to collaborate with ‘outside’ government specialists in developing policies.”
Cryptocurrency Isn’t Going Away; ‘It Could Be a Watershed Moment’:
Some see the executive order as proof that cryptocurrencies aren’t going away anytime soon. “I am guessing crypto is not going away,” tweeted Binance CEO Changpeng Zhao (CZ).
“Like many of you, I assumed the Biden Admin’s EO would acknowledge crypto, but not disclose specifics on future steps for regulation,” said Ripple CEO Brad Garlinghouse, who has been in ongoing litigation with the US Securities and Exchange Commission (SEC) over the selling of XRP.
“However, I was pleasantly pleased & encouraged by the EO noting the *need* for development and alignment of the government’s approach to crypto,” Garlinghouse wrote, adding: First and foremost, this is a statement that cryptocurrency is here to stay… I don’t want to confuse activity with progress, but this seems like a turning point.
