{"id":2482,"date":"2022-03-10T02:00:39","date_gmt":"2022-03-10T02:00:39","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=2482"},"modified":"2022-03-10T02:00:40","modified_gmt":"2022-03-10T02:00:40","slug":"crypto-industry-welcomes-bidens-executive-order-expert-says-its-about-as-good-as-we-could-ask","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2482","title":{"rendered":"Crypto Industry Welcomes Biden&#8217;s Executive Order \u2014 Expert Says &#8216;It&#8217;s About as Good as We Could Ask&#8217;"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Many people in the crypto industry welcome President Joe Biden\u2019s executive order on crypto. A crypto regulatory expert says, \u201cIt\u2019s about as good as we could ask.\u201d Another <\/strong><strong>sees the order as the federal government viewing \u201ccryptocurrency as a legitimate, serious, and important part of the economy and society.\u201d<\/strong><\/p>\n<h2>Crypto Community Welcomes Biden\u2019s Executive Order<\/h2>\n<p>U.S. President Joe Biden signed an executive order (EO) Wednesday establishing a national policy for digital assets. The order is \u201cthe first-ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology,\u201d the White House described.<\/p>\n<p>Noting that the order also calls on federal agencies to work together towards the country\u2019s crypto policy, the Blockchain Association, which has 80 member companies, wrote:<\/p>\n<p>We welcome this approach and are ready to collaborate with agencies on behalf of the industry.<\/p>\n<p>Jerry Brito, executive director of D.C.-based think tank Coin Center, sees the executive order as \u201ca good signal to serious people who\u2019ve been holding back from getting involved.\u201d He wrote:<\/p>\n<p>The message I take from this EO is that the federal government sees cryptocurrency as a legitimate, serious, and important part of the economy and society.<\/p>\n<p>Jake Chervinsky, a well-known lawyer in the crypto space, agreed with Brito\u2019s assessment, emphasizing: \u201cDespite a few loud voices in government relentlessly attacking crypto in recent months, the EO is balanced &amp; constructive.\u201d He continued:<\/p>\n<p>Anyone worried that President Biden\u2019s executive order would spell doom &amp; gloom for crypto can fully relax now. The main concern was that the EO might force rushed rulemaking or impose new &amp; bad restrictions, but there\u2019s nothing like that here. It\u2019s about as good as we could ask.<\/p>\n<p>Anderson Kill Hailey Lennon said: \u201cSeeing a digital asset EO happened a lot faster than I expected. Actually some really positive comments in it.\u201d<\/p>\n<p>Core Scientific co-founder Darin Feinstein commented: \u201cBitcoin in the USA was de-risked by EO. The USA government endorsing innovation in and around Bitcoin is monumental. As capital continues to flow into this industry, it is up to the 50M USA bitcoin holders to make certain their representatives continue to protect this industry.\u201d<\/p>\n<p>FTX CEO Sam Bankman-Fried called it: \u201cA constructive EO to discuss customer protection and economic competitiveness in digital assets.\u201d<\/p>\n<p>Coinbase\u2019s Kathryn Haun said: \u201cToday\u2019s EO is a step in the right direction for some American leadership in web3 and could bring order to what\u2019s become a sorely fragmented regulatory landscape. We\u2019re especially encouraged it directs all agencies to partner [with] experts \u2018outside\u2019 govt as they work to define policy.\u201d<\/p>\n<h2>Crypto Is Not Going Away, \u2018It Could Be a Turning Point\u2019<\/h2>\n<p>Some people see the executive order as evidence that cryptocurrency is not going to go away.<\/p>\n<p>Binance CEO Changpeng Zhao (CZ), for example, tweeted: \u201cI am guessing crypto is not going away.\u201d<\/p>\n<p>Ripple CEO Brad Garlinghouse, who has been in an ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC) over the sale of XRP, opined: \u201cLike many of you, I thought the Biden Admin\u2019s EO would acknowledge crypto, but not detail specifics on next steps for regulation.\u201d<\/p>\n<p>Garlinghouse continued, \u201cHowever, I was pleasantly surprised &amp; inspired by the EO acknowledging the *need* for evolution and alignment of the govt\u2019s approach to crypto,\u201d elaborating:<\/p>\n<p>First and foremost, this is an affirmation that crypto is here to stay \u2026 I don\u2019t want to mistake activity for progress, but this does feel like it could be a turning point.<\/p>\n<h2>Some People Are Skeptical<\/h2>\n<p>While some people are skeptical about Biden\u2019s executive order, they are glad that it does not contain anything more damaging to their businesses or the industry.<\/p>\n<p>Bitwage tweeted: \u201cIt doesn\u2019t seem like there is anything damning in there, but we can\u2019t help but feel suspicious. For the time being, we\u2019re thankful that there were no serious regulations on companies like ours.\u201d<\/p>\n<p>Bitcoin skeptic and goldbug Peter Schiff opined: \u201cThe relief rally in bitcoin based on Biden\u2019s executive order on cryptocurrencies not being as onerous as it could have been won\u2019t last. More regulation is coming that will only raise the cost and lessen the appeal of bitcoin.\u201d He tweeted to his son that the EO is a sell signal.<\/p>\n<p>Chervinsky further noted:<\/p>\n<p>One potential impact of the crypto EO: it may slow down members of Congress working on new draft legislation, especially Democrats, who won\u2019t want to contradict the national strategy that @POTUS just announced or front-run the study &amp; report process that the EO kicked off.<\/p>\n<p>Tags in this story<\/p>\n<p>biden executive order, crypto executive order, Crypto regulation, cryptocurrency executive order, Cryptocurrency regulation, digital asset executive order, Executive Order, executive order crypto, Joe Biden, us executive order, US government, US President<\/p>\n<p><em><strong>Do you think Biden\u2019s crypto executive order is positive for the industry? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/crypto-industry-welcomes-bidens-executive-order-expert-says-its-about-as-good-as-we-could-ask\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many people in the crypto industry welcome President Joe Biden\u2019s executive order on crypto. A crypto regulatory expert says, \u201cIt\u2019s about as good as we could ask.\u201d Another sees the order as the federal government viewing \u201ccryptocurrency as a legitimate, serious, and important part of the economy and society.\u201d Crypto Community Welcomes Biden\u2019s Executive Order [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2483,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-2482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2482"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2482\/revisions"}],"predecessor-version":[{"id":2484,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2482\/revisions\/2484"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2483"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}