High-ranking members at several crypto organizations responded optimistically to U.S. President Joe Biden’s executive order on the industry. This mirrored a broadly positive reaction in the crypto community, as the order quelled concerns over a regulatory crackdown.
Signed on Wednesday, the order laid the groundwork for comprehensive crypto regulation in the United States, and said government agencies will collaborate on developing the space. The order will also see the government begin work on a digital dollar.
The move sparked a brief rally in Bitcoin and other top altcoins.
Execs laud plans for crypto development
Sam Bankman-Fried, CEO at FTX, the third-largest exchange in the world, said the order was constructive with regards to protecting consumers and developing the technology. Ripple CEO Brad Garlinghouse said he was “pleasantly surprised” by the order acknowledging the need for an evolved approach to web3 regulation, and saw it as an affirmation that “crypto is here to stay.”
The White House finally says what we and the industry have been saying for years – if the US wants to maintain its status as a responsible tech leader, it needs to provide a clear regulatory framework for an industry that’s exploding in growth (40M Americans and counting!).
— Brad Garlinghouse (@bgarlinghouse) March 9, 2022
Faryar Shirzad, chief policy officer at world no. 2 exchange Coinbase, said it was positive that the White House recognized the need to establish American leadership in the sector. He expressed hope that the government would establish regulatory clarity for the industry as well as the public.
Crypto-oriented venture capitalist Kathryn Haun said the order was a step in the right direction for American leadership in web3 development, and hoped it could help bring order to what she called a fractured regulatory landscape.
The (order) also presents another striking contrast with alarmist politicians and media in that it is ultimately a call for further study and deliberate planning, not a reactive rush to legislate or regulate.
–Jerry Brito , executive director at Coincenter
U.S. senators weigh in
Members of the Blockchain Caucus, a group of senators dedicated to passing legislation on blockchain technology, were optimistic over the order. But Representative Tom Emmer noted that the order did not mention decentralization even once. He also said that it was still unclear whether the order would result in crypto-friendly regulation being passed.
The order marks the first time the U.S. government has addressed digital currencies at a federal level, even though it did not lay out any specific regulations on the industry. It comes amid growing interest in crypto in the wake of the Russia-Ukraine conflict, which had boosted adoption but also raised concerns over the possible misuse of digital currencies.
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