Crypto Community is Divided on Biden’s Crypto Executive Order

cryptonews.com:

American crypto traders and investors are likely to face a new raft of regulations after the United Stated President Joe Biden issued an Executive Order entitled: “Ensuring Responsible Development of Digital Assets.” The document seeks to create a framework of stricter and – some argue – more coherent regulations for the crypto sector.

But while some have feted the order, calling it “sober” and claiming that it will bring new legitimacy to the industry, as well as add a spirit of fairness, others claim the document is lacking in key areas. Some claim that it focuses too much on central bank digital currencies (CBDCs), tokens which for the most part do not even exist yet.

The document explains that the government “must reinforce the United States’ leadership in the global financial system and in technological and economic competitiveness,” a measure that includes “the responsible development of payment innovations and digital assets.”

It also calls on a plethora of government agencies to report back to the executive with their proposals on how to govern the sector and create customer protection protocols, demanding reports within 90-180 days.

Congressman Tom Emmer took to Twitter to opine that “it’s imperative that we develop a strategy to foster innovation” in the crypto and blockchain sectors. But he claimed that if observers were to “read between the lines,” they would realize that there was a distinct lack of mention of decentralization.

He wrote:

“[The order] doesn’t mention decentralization once. The disintermediation of our economy will enable all Americans, regardless of circumstance, to decide their futures, not a bank or Big Tech or the government.”

He also hit out at the CBDC focus, explaining that placing the