Biden’s executive order promises great things for the crypto industry — Eventually
United States President Joe Biden signed the Executive Order on Ensuring Responsible Development of Digital Assets on March 9. The order had been expected for several months, giving some in the industry ample time to build up trepidation. Once the executive order, or EO, was released, however, it was met with a chorus of approval.
“I was expecting certain things and the positive tone was not necessarily one of them,” TRM Labs head of legal and government affairs Ari Redborn said of the order. Crypto advocacy group Coin Center executive director Jerry Brito tweeted that the EO is “further affirmation that when serious officials take a sober look at crypto, the reaction is not to light their hair on fire, but instead to recognize it as a[n] innovation that the U.S. will want to foster.”
Among the supportive lawmakers, Republican “Crypto Senator” Cynthia Loomis of Wyoming said in a statement, “It’s great to see the Biden administration’s growing interest in digital assets.”
The EO acknowledges the place of digital assets in the national and global economies, noting that non-state digital assets have increased in market capitalization from $14 billion in November 2016 to $3 trillion five years later. Rapid development and inconsistent controls “necessitate an evolution and alignment of the United States government’s approach to digital assets,” it continues. The EO sets out policy objectives relating to consumer protection, financial stability, illicit finance and national security, U.S. leadership, services for the underbanked and responsible development.
The EO does not specify any regulatory actions. Rather, it outlines an interagency process that will involve 16 high officials, including several Cabinet members, with
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