US President Joe Biden Signs Executive Order on Ensuring Responsible Development of Digital Assets in March, 2022. So we will discuss whether the government can take control of crypto or not and how Biden's executive order promises for the crypto industry. Let’s find out by reading the article below.
Can the government take control of crypto?
The Fed is focused on regulating banks and the U.S. dollar, so cryptocurrencies are generally outside of its sphere of influence.
How did Biden’s executive order promises for the crypto industry?
The order had been expected for months, giving some in the industry plenty of time to create panic. However, when the Executive Order (EO) was issued, it was unanimously approved.
"I'm expecting certain things, but a positive tone isn't necessarily one of them," Ari Redborn, head of legal and government affairs at TRM Labs, said of the order. Jerry Brito, executive director of cryptocurrency advocacy group Coin Center, tweeted that the EO is "further affirmation that when serious officials take a sober look at cryptocurrencies, their reaction is not to set their hair ablaze, but to view it as a [n] innovation America would want to foster."
Among supporting lawmakers, Republican “Cryptocurrency Senator” Cynthia Loomis of Wyoming said in a statement, “It’s great to see the Biden administration’s growing interest in digital assets.” The EO acknowledged the place of digital assets in national and global economies, noting that the market value of non-state digital assets has grown from $14 billion in November 2016 to $3 trillion five years later. It went on to say that rapid development and inconsistent controls "require evolution and adjustments" in the U.S. government's approach to digital assets. The EO sets policy goals related to consumer protection, financial stability, illicit finance and national security, American leadership, serving the underbanked, and responsible development.
The EO did not specify any regulatory action. Instead, it outlines an interagency process involving 16 senior officials, including several cabinet members, in which independent watchdogs may also be involved. Their first responsibility is to produce a series of exhaustive reports, with various supplements and annexes, published at intervals ranging from 90 days to over a year after the EO is issued. 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.
I hope this article will help you to learn whether the government can take control of crypto or not and how Biden's executive order promises great things for the crypto industry. Cryptocurrencies are a unique asset class that is currently loosely regulated. Many in the government and the crypto industry would like more cryptocurrency regulations with guidelines and guardrails to prevent missteps, rather than the wild west we’ve lived in for the past decade.
