{"id":423347,"date":"2022-03-29T19:12:00","date_gmt":"2022-03-29T16:12:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/waiting-on-the-executive-order-how-users-and-financial-professionals-may-benefit-from-it\/"},"modified":"2022-03-29T19:12:00","modified_gmt":"2022-03-29T16:12:00","slug":"waiting-on-the-executive-order-how-users-and-financial-professionals-may-benefit-from-it","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/waiting-on-the-executive-order-how-users-and-financial-professionals-may-benefit-from-it\/","title":{"rendered":"# Waiting on the executive order: how users and financial professionals may benefit from it"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 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-6a36098813e79\" 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-6a36098813e79\" 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\/waiting-on-the-executive-order-how-users-and-financial-professionals-may-benefit-from-it\/#%E2%80%9D_Waiting_on_the_executive_order_how_users_and_financial_professionals_may_benefit_from_it_%E2%80%9C\" >&#8221; Waiting on the executive order: how users and financial professionals may benefit from it &#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\/waiting-on-the-executive-order-how-users-and-financial-professionals-may-benefit-from-it\/#Tangible_effects\" >Tangible effects<\/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\/waiting-on-the-executive-order-how-users-and-financial-professionals-may-benefit-from-it\/#Regulators_vs_legislators\" >Regulators vs. legislators<\/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\/waiting-on-the-executive-order-how-users-and-financial-professionals-may-benefit-from-it\/#Treasury_to_IRS\" >Treasury to IRS<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Waiting_on_the_executive_order_how_users_and_financial_professionals_may_benefit_from_it_%E2%80%9C\"><\/span>&#8221; Waiting on the executive order: how users and financial professionals may benefit from it &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvZTJhNDQ3YjQtNjRiOC00OGRjLThjMmUtNjg5YTM0NThkMjU2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>United States President Joe Biden\u2019s Executive Order on Ensuring Responsible Development of Digital Assets was widely praised for acknowledging cryptocurrency and blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>\u2019s place in the world and setting the U.S. on a path toward more comprehensive regulation of the sector. The order, or EO, sets a research agenda that encompasses consumer protection, financial stability, crime and national security, U.S. leadership, servicing the underbanked and responsible development.<\/p>\n<p>With a number of reports being commissioned for delivery over the course of months and no specific actions prescribed, it is impossible to gauge the effect the order will ultimately have on the sector, or even foresee how its goals will be met. However, that does not prevent some conclusions from being drawn from other things that are not in the text of the EO.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tangible_effects\"><\/span>Tangible effects<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Senator Cynthia Lummis, a highly visible proponent of crypto, <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\/\">commented<\/a>, \u201cI think his executive order misses the fact that the overwhelming majority of digital asset users are law-abiding and trying to make our financial system better.\u201d<\/p>\n<p>Lummis\u2019 comment points to the emphasis in the EO on crime-stopping, with three reports coming out related to that area. Market building received far less explicit attention. Consumer protection was brought to the front and center with the demand for input from the Consumer Financial Protection Bureau. The Commodity Futures Trading Commission was seemingly given a more prominent place in the EO than the Securities and Exchange Commission.<\/p>\n<p>Aaron Cutler, partner at Hogan Lovells and former senior adviser to majority leader Eric Cantor, did not read much meaning into the relative amounts of ink devoted to the various regulatory agencies. Cutler told Cointelegraph:<\/p>\n<blockquote><p>\u201cThe executive order spreads potential regulation around, acknowledging that a lot of agencies have a role here, possibly to the chagrin of [SEC] Chairman Gensler.\u201d <\/p><\/blockquote>\n<p>He added that Gensler \u201chas a lot on his plate\u201d already. <\/p>\n<p>The need for regulation is im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te. An editorial in Traders Magazine <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradersmagazine.com\/xtra\/crypto-market-needs-development-for-institutional-adoption\/\">said<\/a> the EO \u201cwas a meaningful step forward, but the markets need tangible further development for financial institutions to commit more to the space.\u201d <\/p>\n<p>Futures Industry Association president and CEO Walt Lukken spoke in a similar vein at the organization\u2019s annual conference shortly after the release of the EO, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fia.org\/resources\/crypto-derivatives-same-activity-same-risk-same-regulation?utm_source=FIAWeb&amp;utm_medium=HPHL\">saying<\/a>: <\/p>\n<blockquote><p>\u201cSeveral major crypto exchanges have purchased regulated futures exchanges, identifying our markets and its regulatory framework as strategically important. [\u2026] We have a resilient and thriving industry because of well-crafted regulation.\u201d <\/p><\/blockquote>\n<p>Lukken went on to highlight a non-intermediated derivatives clearing <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8499-22\">model<\/a> under consideration by the CFTC that his organization \u201cwelcomes.\u201d <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Regulators_vs_legislators\"><\/span>Regulators vs. legislators<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The current legislative environment \u2014 with the Senate closely divided along partisan lines and the Democratic party split internally over its position on crypto \u2014 dampens hopes of regulation through legislation. Senator Lummis is expected to introduce a bipartisan bill that will offer regulatory clarity and consumer protections. Representative Don Beyer introduced the Digital Asset Market Structure and Investor Protection Act last summer that will do the same things if it emerges from the committee. <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>arently, the agencies called upon in the EO will produce similar results in due course. <\/p>\n<p>A rare piece of bipartisan crypto legislation was the \u201cfix\u201d last year to the section of the Infrastructure Investment and Jobs Law that instituted reporting requirements for certain crypto transactions, beginning in 2026. This provision contributes to compliance and gives clarity to tax requirements. The EO could have addressed implementing the existing tax legislation from the infrastructure law, although historically, EOs have not provided tax legislation. Instead, presidents submit tax proposals to Congress with a budget for tax legislation.<\/p>\n<p>Tax guidance is another gap in the crypto playbook. \u201cWhat we have now is guidance in the form of notices and FAQs on the IRS website, while we wait for future judicial decisions and code sections to establish formal tax guidance,\u201d Jesse Rodriguez, a certified public accountant at Kaufman Rossin, told Cointelegraph. \u201cThere is no timeline available on the expected formal guidance.\u201d<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Treasury_to_IRS\"><\/span>Treasury to IRS<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Treasury Department is one of the busiest agencies under the EO, taking the lead on five reports, including one on regulatory gaps, and providing support for many of the other eight, including central bank digital currency research. So, more complete Internal Revenue Service guidance might be in the works as well.<\/p>\n<p>Rodriguez was stoic about tax guidance. \u201cI don\u2019t find it incredibly challenging to follow the reporting requirements and navigate the income reporting issues,\u201d he said. \u201cThe <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> framework of tax principles that apply to property can be applied in this current environment of uncertainty.\u201d<\/p>\n<p>Things can be tougher for crypto users. The use of cryptocurrency in retail will remain \u201can overwhelming administrative burden on brokers until there is clarity provided through legislation,\u201d Rodriguez said. But \u201ccrypto tracker software applications are a great approach to the basis tracking and reporting requirements for customers.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\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\/waiting-on-the-executive-order-how-users-and-financial-professionals-may-benefit-from-it\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Waiting on the executive order: how users and financial professionals may benefit from it &#8220; United States President Joe Biden\u2019s Executive Order on Ensuring Responsible Development of Digital Assets was widely praised for acknowledging cryptocurrency and blockchain technology\u2019s place in the world and setting the U.S. on a path toward more comprehensive regulation of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":423348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvZTJhNDQ3YjQtNjRiOC00OGRjLThjMmUtNjg5YTM0NThkMjU2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[127290,76653,75269,55229,70934,46483,8575,42873],"class_list":["post-423347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-consumer-tech","tag-financial-derivatives","tag-us-government","tag-law","tag-regulation","tag-taxes","tag-usa","tag-white-house"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/423347","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=423347"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/423347\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/423348"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=423347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=423347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=423347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}