Biden’s first executive order on crypto

A good news for the American crypto industry came yesterday: President Biden’s executive order on crypto signed and published.

Much-feared by many, the order has been in the works for a couple of months, and the media have repeatedly spoken about how intolerant it would be towards crypto, citing the crypto-hostile Infrastructure Bill and a negative stance towards crypto on the Federal level in general.

The reality appeared to be much better.

The executive order not only tackles the “risky” aspects of crypto, but points out its importance – and that is a huge step indicating that Washington DC has added crypto industry to the bigger tech family and is not willing to sabotage it.

? This is the first ever executive order targeting crypto signed by the American President, and it calls for measures to:

– protect consumers and financial stability and mitigate the illicit finance risks;

– promote the US leadership in crypto tech and the equitable access to safe and affordable financial services using crypto;

– explore a CBDC option.

The order only indicates directions though, and the government agencies like the Treasury are yet to submit their studies on various crypto-related issues. After that the legislators will have to come with a comprehensible legal framework, and make everyone agree on them.

The road is still long, but the start is good.