Get all must-know facts about Biden’s Executive Order on the crypto industry

Many in the crypto business applaud President Joe Biden’s crypto executive action. 

“It’s about as excellent as we could ask,” a crypto regulatory specialist says. The decree might also be seen as the federal government’s recognition of “cryptocurrency as a true, serious, and significant element of the economy and society.”

Biden’s Executive Order

• Biden’s Executive Order is well-received by the crypto community.

President Joe Biden of the United States issued an executive order (EO) on Wednesday that establishes a national strategy 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 advantages of digital assets and their underlying technology.”

The Blockchain Association, which has 80 member businesses, noted that the directive also called on federal departments to collaborate on the country’s crypto policy.

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

The presidential order, according to Jerry Brito, executive director of the Washington, D.C.-based think group Coin Center, is “a welcome signal to serious individuals who have been holding back from becoming engaged.”

Some people are against

While some are wary of Biden’s executive order, they are relieved that it does not contain anything more harmful to their companies or the industry.

“It doesn’t appear like there’s anything incriminating in there,” Bitwage wrote, “but we can’t help but feel suspicious.” For the time being, we’re grateful that our industry is not subject to any major laws.”

Goldbug and Bitcoin skeptic says “The relief surge in bitcoin-based on Vice President Biden’s executive order on cryptocurrencies not being as onerous as it could have been won’t endure,” said Peter Schiff. More regulation is on the way, which will only increase the cost of bitcoin and reduce its attractiveness.” The EO is a sell indication, he tweeted to his son.

Will this help crypto to grow?

Despite a few strong voices in government persistently bashing crypto in recent months, the EO is balanced and beneficial, according to Ake Chervinsky, a well-known lawyer in the crypto industry.

Anderson Kill Hailey Lennon said, “Seeing a digital asset EO happened a lot quicker than I imagined and There are a lot of nice remarks 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.

Cryptocurrency Isn’t Going Away; ‘It Could Be a Watershed Moment’

Some see the executive order as proof that cryptocurrencies aren’t going away anytime soon.

“Like many of you, I assumed the Biden Admin’s EO would acknowledge crypto, but not disclose specifics on future steps for regulation,” said Ripple CEO Brad Garlinghouse. He has been in ongoing litigation with the US Securities and Exchange Commission (SEC) over the selling of XRP.

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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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