One crypto regulatory expert said, “It is about as good as they could ask.” Another believes the order shows the federal government seeing “cryptocurrency” as “a legitimate, serious and important part of society.”
Crypto Community welcomes Biden’s Executive order
The U.S. President Joe Biden has signed Wednesday’s executive order (EO), establishing a national policy on digital assets. According to the White House, the order represents “the first-ever whole-of-government approach for addressing the risks of digital assets and their potential benefits and harnessing them,”
The order calls for federal agencies to collaborate towards the country’s crypto policies. This was noted by the Blockchain Association which has 80 members.
We are open to collaboration with agencies in the interest of the industry and welcome such an approach.
Jerry Brito, the executive director of D.C.-based thinktank Coin Center, views the executive order “a good sign to serious people who have been holding back from getting in touch.”
This EO reveals that the federal government regards cryptocurrency as a legitimate, important, and serious part of society.
Jake Chervinsky is a well-known crypto lawyer. He agreed with Brito’s assessment. He stated: “Despite a few loud voices from government relentlessly attacking cryptocurrency in recent months,” he continued.
Anybody worried that President Biden’s executive orders would spell doom and gloom for crypto should take a deep breath. There is nothing to suggest that the EO will force rushed rulemaking, or impose new & worse restrictions. It’s as good as you could hope.
Anderson Kill Hailey Lennon stated: “Seeing a digital assets EO happened a lot quicker than I expected. It actually has some very positive comments.
Darin Feinstein, Core Scientific’s co-founder, stated that Bitcoin in the USA had been de-risked due to EO. It is a monumental act for the USA to endorse innovation in and around Bitcoin. It is up to the 50M US bitcoin holders to ensure that capital flows into this industry and protect it.
Sam Bankman-Fried, CEO of FTX, described it as: “A constructive EO for customer protection and economic competitiveness in digital assets.”
Kathryn Haun, Coinbase’s CEO, said that “Today’s EO represents a step forward for American leadership in web3” and could help to bring order to an increasingly fragmented regulatory environment. It directs agencies to work with experts “outside” the govt when defining policy. We are particularly encouraged by this directive.
Crypto Isn’t Going Away. ‘It Could be a Turning Point.’
Some see the executive order to be evidence that cryptocurrency will not disappear.
Changpeng Zhao, Binance CEO (CZ), tweeted: “I am guessing that crypto isn’t going away.”
Ripple CEO Brad Garlinghouse has been involved in a ongoing lawsuit against the U.S Securities and Exchange Commission (SEC). This is over the sale of XRP. He stated: “Like many others, I thought that the Biden Admin’s EO would recognize crypto, but not provide details on the next steps for regulation.”
Garlinghouse said, “But, I was pleasantly surprised & inspirated by the EO acknowledging *the* need for evolution and alignment government’s approach crypto,” elaborating.
This is a first and foremost affirmation that crypto will be around forever… I don’t want to misunderstand activity for progress but it does feel like this could be a turning-point.
Some people are skeptical
Although some are skeptical of Biden’s executive orders, they are happy that it doesn’t contain any more harmful elements for their companies or industry.
Bitwage tweeted that “It doesn’t seem like there are anything damning in here, but we can’t help but feel suspicious.” We are thankful for the lack of serious regulations that apply to companies like ours.
Peter Schiff, a bitcoin skeptic who is also a goldbug, stated that the relief rally in bitcoin that was based on Biden’s executive order regarding cryptocurrencies not being quite as burdensome as it could have been will not last. “More regulation is coming that will only increase the cost and lessen bitcoin’s appeal,” he tweeted to his son.
Chervinsky also noted:
One possible impact of the crypto EO is that it could slow down Congress members working on new legislation drafts, particularly Democrats who don’t want to oppose the national strategy @POTUS just announced, or front-run that study & report that the EO started.
