Joe Biden’s executive order did not establish new rules and restrictions for the crypto industry, but only consolidated the efforts of regulators and called for support for the industry, businessmen and executives said.
Calling on cryptocurrency companies to go along with regulators, FTX exchange CEO Sam Bankman-Fried said on Twitter that the executive order would help the industry grow and effectively protect investors:
“This is a constructive executive order to discuss customer protection and the economic competitiveness of digital assets”.
Circle CEO Jeremy Allaire emphasized on Twitter that the executive order’s focus on the growth of the industry and called for “constructive solutions to the risks of cryptocurrencies that exist in an antiquated financial system”.
“Participants in the cryptocurrency community should view this executive order as an opening to engage with policymakers on important issues. The proverbial doors of power are wide open; this is now a national dialogue”.
Stellar General Counsel Candace Kelly believes that Biden’s executive order is the first step on a long road to regulatory clarity in the crypto industry.
However, not all cryptocurrency executives agree that the executive order will have a beneficial effect on the industry.
Nathan McCauley, founder and CEO of Anchorage Digital, called the executive order “a shot in the foot to cryptocurrency,” and said that to find a balance between the “responsible innovation” that Biden calls for, “the crypto community needs to recognize: for the good of the industry, we need to trust regulators with their role in the cryptocurrency ecosystem.” McCauley added that, however, “the executive order makes it clear that politicians are not against us”.
As a reminder, Biden’s executive order directs federal agencies to take a unified approach to regulating cryptocurrencies and jointly address risks associated with digital assets, including consumer protection issues. Biden urges officials to support cryptocurrencies, innovation, and to ensure that the U.S. maintains “technological leadership in this rapidly growing space”.