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Summary Of Biden’s Crypto Executive Order

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  1. This EO will not outline specific positions that Biden wants, such as directing the SEC to take harsher penalties on rugging. He doesn’t want to seem pro or against crypto even though this EO is pretty pro-crypto.
  2. One part of this EO is that it will direct the US Treasury department to create a report on the “future of money” including how the current financial system may not be right for some current consumer needs.
  3. THE EXECUTIVE ORDER FOCUSES ON GROWING THE DIGITAL ASSET SECTOR SAFELY FOR CONSUMERS
  4. This executive order doesn’t create any laws or regulations. It simply forces government agencies who have been ignoring crypto to stop ignoring crypto.

 

The EO is regarded as a “whole government” effort to regulate crypto and it focuses on 6 main goals:

    1. Consumer protection: This is the chief goal of the EO and part will go to understanding the technology as well as the volatile micro and macro-economics of the crypto industry. A better understanding of the government’s end will help the government better understand where the current popular financial system is failing some consumers. 
    2. financial stability: this plays into the consumer protection part of the Executive Order. The president wants the financial sector to be less volatile. quoting the price pre-covid (10,300), November 2021 (70,000) and currently (38,000). Using this as a benchmark he wants government agencies to educate more people including themselves on why this volatility happens and how to help prevent this kind of instability through encouraging adoption.
    3. illicit uses: The EO also states that the DOJ and FBI each have their own crypto investigation units that need more funding. “The insufficiency of international implementation of anti-money laundering networks and frameworks with digital assets is the greatest vulnerability of these ecosystems the criminals are currently exploiting.”
    4. promoting responsible innovation: senior advisors have said that crypto is creating thousands of jobs in a brand new industry. Innovation is a pivotal role in the American economy and the government does not want to be left behind when it comes to innovation.
    5. financial inclusion: This will undoubtedly increase financial inclusion and level the playing field because some consumers are either scared or confused by crypto and less likely to adopt.
    6. U.S. Leadership: This is more of an all-encompassing part of the EO that is basically saying “we need all government agencies led to getting on the bandwagon or we as a country will fail at the innovation we have whored ourselves out for since the reconstruction era.” The senior advisor was quoted saying, “We remain committed to working with allies in the broader digital asset community to shape the future of digital assets systems in a manner that’s inclusive, consistent with our Democratic values, and safeguard the integrity of the global financial system.”