{"id":416943,"date":"2022-03-16T16:13:00","date_gmt":"2022-03-16T13:13:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bidens-executive-order-promises-great-things-for-the-crypto-industry-eventually\/"},"modified":"2022-03-16T16:13:00","modified_gmt":"2022-03-16T13:13:00","slug":"bidens-executive-order-promises-great-things-for-the-crypto-industry-eventually","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bidens-executive-order-promises-great-things-for-the-crypto-industry-eventually\/","title":{"rendered":"# Biden\u2019s executive order promises great things for the crypto industry \u2014 Eventually"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2b3604b1b22\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2b3604b1b22\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bidens-executive-order-promises-great-things-for-the-crypto-industry-eventually\/#%E2%80%9D_Bidens_executive_order_promises_great_things_for_the_crypto_industry_%E2%80%94_Eventually_%E2%80%9C\" >&#8221; Biden\u2019s executive order promises great things for the crypto industry \u2014 Eventually &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bidens-executive-order-promises-great-things-for-the-crypto-industry-eventually\/#Getting_their_act_together\" >Getting their act together<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bidens-executive-order-promises-great-things-for-the-crypto-industry-eventually\/#Green_energy_and_digital_dollars\" >Green energy and digital dollars<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/bidens-executive-order-promises-great-things-for-the-crypto-industry-eventually\/#Long_process_ahead\" >Long process ahead<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bidens_executive_order_promises_great_things_for_the_crypto_industry_%E2%80%94_Eventually_%E2%80%9C\"><\/span>&#8221; Biden\u2019s executive order promises great things for the crypto industry \u2014 Eventually &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-128018ef>United States President Joe Biden signed the Executive Order on Ensuring Responsible Development of Digital Assets on March 9. The order had been expected for several months, giving some in the industry ample time to build up trepidation. Once the executive order, or EO, was released, however, it was met with a chorus of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval.<\/p>\n<p>\u201cI was expecting certain things and the positive tone was not necessarily one of them,\u201d TRM Labs head of legal and government affairs Ari Redborn <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.marketplace.org\/2022\/03\/10\/crypto-has-the-attention-of-the-president-what-now\/\">said<\/a> of the order. Crypto advocacy group Coin Center executive director Jerry Brito <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jerrybrito\/status\/1501583673438707716\">tweeted<\/a> that the EO is \u201cfurther affirmation that when serious officials take a sober look at crypto, the reaction is not to light their hair on fire, but instead to recognize it as a[n] innovation that the U.S. will want to foster.\u201d <\/p>\n<p>Among the supportive lawmakers, Republican \u201cCrypto Senator\u201d Cynthia Loomis of Wyoming <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.lummis.senate.gov\/press-releases\/lummis-responds-to-biden-executive-order-on-digital-assets%EF%BF%BC\/\">said<\/a> in a statement, \u201cIt\u2019s great to see the Biden administration\u2019s growing interest in digital assets.\u201d<\/p>\n<p>The EO <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/briefing-room\/presidential-actions\/2022\/03\/09\/executive-order-on-ensuring-responsible-development-of-digital-assets\/\">acknowledges<\/a> the place of digital assets in the national and global economies, noting that non-state digital assets have increased in market capitalization from $14 billion in November 2016 to $3 trillion five years later. Rapid development and inconsistent controls \u201cnecessitate an evolution and alignment of the United States government\u2019s approach to digital assets,\u201d it continues. The EO sets out policy objectives relating to consumer protection, financial stability, illicit finance and national security, U.S. leadership, services for the underbanked and responsible development. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Getting_their_act_together\"><\/span>Getting their act together<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The EO does not specify any regulatory actions. Rather, it outlines an interagency process that will involve 16 high officials, including several Cabinet members, with independent regulatory agencies potentially participating as well. Their first duties will be to produce an elaborate <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of reports, with a variety of supplements and annexes, due at intervals ranging from 90 days to well over a year from the publication of the EO. Assistant to the President for National Security Affairs Jake Sullivan and Assistant to the President for Economic Policy Brian Deese will coordinate the interagency process.<\/p>\n<p>The complexity of the EO as project management should not be underestimated. Former FDIC associate director Alexandra Barrage, now a partner at Davis Wright Tremaine LLP, told Cointelegraph the interagency process is \u201ca testament to the fact that digital assets cross over so many issues, there is no one agency that can tackle it.\u201d The reports and recommendations will build on each other, Barrage said, and they will require quality control oversight. \u201cYou don\u2019t want 20 different opinions that don\u2019t hang together,\u201d she said.<\/p>\n<p>Once the reporting has been completed, implementation of the administration\u2019s policy objectives will remain a goal. The EO \u201chas very well-balanced, very intentional\u201d language, Oleg Elkhunovich, partner at Susman Godfrey LLP, told Cointelegraph, and it is \u201cthought-through and cogent.\u201d Nonetheless, the final impact of the EO is \u201canyone\u2019s guess.\u201d <\/p>\n<p>\u201cMost of the industry is asking for the rules,\u201d Elkhunovich said because the absence of actively enforced regulation makes innovation risky. The EO also marks the end of the perception of cryptocurrency as the Wild West. \u201cIt\u2019s a $3 trillion market,\u201d Elkhunovich said. \u201cYou can\u2019t have that.\u201d <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/3289637c-f44a-4be7-9bbf-406ac2097706.jpg\"><figcaption style=\"text-align: center;\"><em>Joseph Robinette Biden Jr. the 46th president of the United States. Source:\u00a0www.<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">facebook<\/a>.com\/WhiteHouse.<\/em><\/figcaption><\/figure>\n<p>Consistent regulation without gaps \u201cis certainly the ideal goal,\u201d Peter Hardy, co-lead of the anti-money laundering team at Ballard Spahr LLP, told Cointelegraph by email, but that goal \u201cwill be elusive in practice \u2014 particularly given the constant and rapid changes in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>, which means that regulations will need to be constantly sprinting just to try to keep up.\u201d<\/p>\n<p>\u201cJust knowing with some certainty whether one is regulated by the SEC, or the CFTC, or FinCEN, or some combination thereof \u2014 and if so, exactly how \u2014 would be extremely valuable,\u201d Hardy added. <\/p>\n<p>Before crypto companies find out what agencies will regulate them, there is a lot to sort out behind the scenes. The EO mentions seven regulatory agencies by name, and some of them have been jostling for power already. <\/p>\n<p>The Office of the Comptroller of the Currency (OCC) and Consumer Financial Protection Bureau (CFPB) disagreed over chartering fintech companies last year, for example, and the director of the Commodity Futures Trading Commission (CFTC) pressed for increased enforcement authority over crypto in the Senate last month. The Securities and Exchange Commission (SEC) has been accused of overreach in its enforcement efforts. That agency is barely mentioned in the EO and was not given a prominent role. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Green_energy_and_digital_dollars\"><\/span>Green energy and digital dollars<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>One of the reports mandated by the EO will address the environmental issues associated with blockchain technology, and how it may \u201cimpede or advance efforts to tackle climate change.\u201d This report will involve the administrator of the Environmental Protection Agency (EPA), among other officials. The EPA has been increasing its regulatory activities under the Biden administration significantly, and its efforts have already begun to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.eenews.net\/articles\/epa-tackles-coal-to-crypto-industry-trend\/\">affect<\/a> the crypto mining industry and its energy sources. <\/p>\n<p>Soluna Computers CEO John Belizaire, in a statement to Cointelegraph, identified the crypto industry\u2019s carbon footprint, fossil fuel use, equipment recycling and other forms of waste handling among issues that are likely to concern the agency in the future. \u201cThe crypto industry is already on a path to improving and maturing its operations\u201d in those respects, Belizaire wrote. There are several ways the industry could work with regulators synergistically to strengthen the energy grid and \u201caccelerate the green transition,\u201d he said, concluding that regulatory enhancement \u201cwould be a great thing for the industry.\u201d<\/p>\n<p>Finally, the EO states that the administration \u201cplaces the highest urgency on research and development efforts into the potential design and deployment options\u201d of a United States central bank digital currency, or CBDC. This is noteworthy, given the Federal Reserve\u2019s cautious stance on CBDCs and their rapid development around the world. <\/p>\n<p>The EO directs the Secretary of the Treasury, in conjunction with other relevant officials, to produce a report on a CBDC. The board of governors of the Federal Reserve System is encouraged to continue its research on a CBDC, and the attorney <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> is to head up an effort \u201cto assess any necessary legislative changes to issue a U.S. CBDC within 180 days and develop a legislative proposal shortly thereafter.\u201d<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Long_process_ahead\"><\/span>Long process ahead<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p> The work is due after the midterm elections, so the legislative environment in which it will appear cannot be foreseen. There can be little doubt that the legislative proposal will be only the first step in a long process. <\/p>\n<p>\u201cThis definitely shows that the U.S. is (finally) thinking strategically about the impact of crypto on financial innovation and competitiveness,\u201d David Carlisle, director of policy and regulatory affairs at blockchain security firm Elliptic, wrote on LinkedIn. \u201cWhile it\u2019s still not a foregone conclusion a digital dollar will happen [\u2026] this signals that the U.S. is taking seriously the risk that it could lose its competitive edge as crypto innovation continues and as countries such as China develop and launch CBDCs.\u201d <\/p>\n<p>Cryptocurrencies and adjacent companies&#8217; stocks saw a brief surge after the release of the EO. The EO is unlikely to have any influence on the market any time soon. Gai Sher, senior counsel at Greenspoon Marder LLP, observed in a statement to Cointelegraph, as \u201cit does not require any action or inaction from market players.\u201d She continues, \u201cWe await actionable regulation. [\u2026] In the meantime, the international community is forging forward.\u201d <\/p>\n<p>The interim before the regulating begins will not necessarily be lost time for the industry. Coordinators Sullivan and Deese <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/03\/09\/statement-by-nec-director-brian-deese-and-national-security-advisor-jake-sullivan-on-new-digital-assets-executive-order\/\">promise<\/a> they are \u201ccommitted to working with allies, partners and the broader digital asset community.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/biden-s-executive-order-promises-great-things-for-the-crypto-industry-eventually\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Biden\u2019s executive order promises great things for the crypto industry \u2014 Eventually &#8220; United States President Joe Biden signed the Executive Order on Ensuring Responsible Development of Digital Assets on March 9. The order had been expected for several months, giving some in the industry ample time to build up trepidation. Once the executive&#8230;<\/p>\n","protected":false},"author":1,"featured_media":416944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvYjRlOTg3NDUtMTMwZS00NmYwLWEyYmItZTI0ZWM5ZmRmMTU0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,74863,75269,71511,70934,67874,8575,42873],"class_list":["post-416943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-cryptocurrencies","tag-us-government","tag-government","tag-regulation","tag-united-states","tag-usa","tag-white-house"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/416943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=416943"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/416943\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/416944"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=416943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=416943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=416943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}