Crypto Industry Welcomes Joe Biden’s Executive Order

The executive order issued by the US President Joe Biden has been welcomed by a number of people in the crypto industry. According to a crypto regulatory expert, the order is as good as they could have asked. There is another who believes that the order shows the federal government considers crypto as a serious, legitimate, and important part of the society and economy. The executive order was signed by the President on Wednesday and it established a policy for assets in the digital industry. The White House said that it was the first order by a government to harness the potential benefits and address the risks of digital assets and the blockchain technology that powers it.

With 80 companies as members, the Blockchain Association noted that the executive order has also called on the federal agencies to work together on developing the crypto policy of the country. It said that they were ready to collaborate with the agencies. Coin Center is a think tank based in DC and its executive director, Jerry Brito said that this order is a signal to all those people who were hesitant in getting involved. He went on to say that the message was that federal government also considers crypto as an important, serious and legitimate part of the society. 

A renowned attorney in the crypto space, Jake Chervinsky, was also in agreement with Brito. He said that even though there were a few people and representatives in the government that had attacked crypto relentlessly of late, the order appeared to be constructive and balanced. He added that anyone who had been stressed about the executive order spelling doom and gloom for the crypto space could now relax. He went on to say that the primary concern had been about the order rushing the rule-making process, resulting in bad and new restrictions, but this was not the case. 

Darin Feinstein, the co-founder of Core Scientific said that the EO had de-risked Bitcoin in the US. He said that the US government had endorsed innovation and it was monumental for Bitcoin. He said that with capital continuously flowing into the crypto industry, the 50 million holders of Bitcoin in the US are responsible for ensuring the industry is protected. Sam Bankman-Fried, the CEO of FTX, stated that it was a constructive executive order for discussing economic competitiveness and consumer protection in digital assets. Kathryn Haun from Coinbase stated that the EO was a step in the right direction and could provide the order needed in a fragmented regulatory landscape. 

She said that they liked that the EO was encouraging all agencies to partner with experts outside the government as well in order to develop a good policy. There are also people who consider the EO as evidence that crypto is not going away. Changpeng Zhao (CZ) the CEO of Binance, echoed the same sentiments. Brad Garlinhouse, the CEO of Ripple, who is currently embroiled in a lawsuit with the Securities and Exchange Commission (SEC), said that he had thought the EO would just acknowledge crypto and not outline the next steps in regulation.