Joe Biden has issued one of the most awaited executive orders on crypto assets, and the response of the cryptocurrency community has been very positive. The order fell short on policy particulars, introducing no new rules for cryptos/ blockchain tech or additional requirements for the involved players. Now, the community believes it has found the “next big thing” in the world of finance.
Biden Executive Order on Cryptos Seen as Balanced by Crypto Community
Biden’s orders were designed to help set the pace for federal regulation. One might be persuaded to think that Biden’s move would put off the pro-crypto community that strictly holds libertarian principles. However, the reverse was true, and some specific phrases were particularly delightful to the crypto community.
- “Reinforce US leadership in the global financial system.”
- “The responsible development of payment innovation and digital assets.”
- “To foster greater access to the financial system.”
Biden’s business tone has reassured the crypto community that, unlike previously thought, the US administration would not crack down on cryptos to prevent Russia from using Blockchain. According to Christopher Giancarlo, who is nicknamed “crypto dad,” the executive order is a huge leap ahead for the crypto community. He commended the White House for its balanced and forward-leaning order on crypto assets.
What Should Crypto Firms Expect in the Interim?
According to Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), who has been very vocal on the need for legislation, the crypto community should not think that they can avoid scrutiny as provided by the law. He emphasized the point in February when BlockFi agreed to pay USD 100 million to the US to settle different allegations related to its accounts.
BlockFi did not accept or deny the allegations from the SEC.
The regulation can be really painful than reading through a president’s executive order. Therefore, it perhaps explains Joe Biden’s list of policy goals and assignments for his departments.
