Helping or hindering: A closer look at the executive crypto order

cointelegraph.com:

This past March, the Biden Administration released its long-awaited executive order on “ensuring responsible development of digital assets,” with many in the cryptocurrency industry welcoming this move as a step toward much-needed regulatory clarity.   

Each year the cryptocurrency ecosystem grows and expands, with millions of people around the world — including 16% of adult Americans — having purchased some sort of digital asset. It was in response to this that the Biden administration began to expand on their above-mentioned executive order, creating a first-of-its-kind cryptocurrency comprehensive framework to encourage regulated domestic digital asset development. 

But for America to continue being the trailblazer it is for the cryptocurrency industry, the government must shift its focus to enabling innovation and economic growth here at home. While many of the findings that stem from the executive order have yet to be released, the initial takeaways underscore the U.S. government’s concerns over the risks posed by the fast-growing crypto sector, particularly to consumers and the broader financial system. The nine federal agency reports submitted to date champion the importance of law enforcement and strengthening the country’s financial and monetary systems.  

Yet, after six months (and counting), the federal government’s review of the crypto world hasn’t offered a concrete roadmap for oversight.  

If we take a closer look at the White House’s comprehensive framework, it seems that the governemnt is less focused on allowing responsible innovation to expand — especially when compared to their other key priorities: consumer and investor protection; promoting financial stability; countering illicit finance; U.S. leadership