On March 9, US President Joe Biden issued an executive order (EO) creating a national strategy for digital assets. According to the White House, the directive is the first-ever, whole-of-government strategy to tackle the dangers and exploit the potential advantages of digital assets and their underlying technology. Crypto community hailed the EO.
The Blockchain Association applauded the order, saying it appreciates the approach and is eager to work with government entities on behalf of the industry.
Jerry Brito, executive director of the Washington DC- based think group Coin Centre, welcomed the order, emphasising that the order will motivate the serious individuals who have been holding themselves back from becoming engaged in the crypto world. He said that this EO sends the message that the federal government views Bitcoin as a legitimate, significant, and vital aspect of the economy and society.
Jake Chervinsky, a well-known crypto lawyer, echoed Brito’s assessment, adding that despite a few loud voices in the government continuously hammering crypto in recent months, the EO is fair and beneficial. He went on saying that anyone who was concerned that President Biden’s EO might mean the end of crypto may now rest easy. The major worry was that the EO would compel hasty rulemaking or impose new and harmful limitations. This is not the case. It’s about as good as we could have hoped for.
Darin Feinstein, co-founder of Core Scientific, also highlighted that the EO has de-risked Bitcoin in the United States. He hailed the US government’s support for innovation in and around Bitcoin as historic. As wealth continues to pour into this business, it is up to the 50 million US bitcoin holders to ensure that their representatives continue to defend it.
Sam Bankman-Fried, FTX CEO, stated that the EO silences the debate on client safety and economic competitiveness in digital assets.
Coinbase’s Kathryn Haun remarked that today’s EO is a start in the right direction for some American leadership in web3 and might bring order to what’s become a badly fragmented regulatory landscape. She emphasised that we are particularly happy that it requires all agencies to collaborate with experts ‘from outside’ the government as they strive to establish policy.
Some view the executive order as proof that cryptocurrencies are not going away.
Changpeng Zhao (CZ), CEO of Binance, tweeted:
Things that don’t go away tend to grow. https://t.co/CNjC2nSDWA
— CZ 🔶 Binance (@cz_binance) March 9, 2022
Ripple CEO Brad Garlinghouse, who is embroiled in a legal battle with the Securities and Exchange Commission (SEC) over the sale of XRP, stated that he expected the Biden Administration’s EO to mention crypto, but not disclose specifics on future steps for regulation. However, he was pleasantly surprised and encouraged by the EO noting the *need* for development and alignment of the government’s approach to crypto.