Crypto Industry Welcomes Biden’s Executive Order – Expert Says It’s About as Good as We Could Ask

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Crypto Industry Welcomes Biden’s Executive Order – Many in the crypto business applaud President Joe Biden’s crypto executive order. “It’s about as good as we could ask,” a crypto expert says. Another interpretation of the directive is that it represents the federal government’s acceptance of “cryptocurrency as a genuine, serious, and significant aspect of the economy and society.”

President Joe Biden of the United States signed an executive order (EO) on Wednesday that establishes a national policy for digital assets. According to the White House, the directive is “the first-ever, whole-of-government strategy to tackling the risks and leveraging the potential benefits of digital assets and their underlying technology.”

The Blockchain Association, which has 80 member companies, noted that the order also calls on federal departments to collaborate on the country’s crypto policy:

“We applaud this initiative and stand ready to work with agencies on behalf of the sector.”

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Also Read: Billionaire Bill Miller Shares Current Crypto Outlook

The executive order, according to Jerry Brito, executive director of the D.C.-based think group Coin Center, is “a welcome signal to serious people who have been holding back from getting involved.” He expressed himself as follows:

“This EO sends the message that the federal government considers Cryptocurrency to be a legitimate, serious, and significant aspect of the economy and society.”

Despite a few loud voices in government relentlessly attacking crypto in recent months, the EO is balanced and constructive, according to Jake Chervinsky, a well-known lawyer in the crypto space.

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 main concern 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 Hailey Lennon said. There are a lot of great comments 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.

Also Read: US Lawmakers Working on Policy to Open Crypto Markets to Institutional Investors

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.”

“Today’s EO is a start in the right direction for some American leadership in web3 and could 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.”

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