Biden’s Cryptographic Presidential Order: No Bigger or No Bigger?

The President of the United States is the most powerful person on the planet, so when he gives orders, people get a lot of attention. That was certainly the case when President Biden signed a “Presidential Directive on Ensuring Responsible Digital Development” this week. Assets, the long-awaited command to show the White House’s view of the crypto industry.

Joe Lubin, founder of ConsenSys, says the “presidential directive” certainly seems impressive, but scrutiny shows that this particular directive isn’t that many. Hands and laughter, “Hey, all agencies, get clues.”

Biden’s order states that it is important that crypto does not harm consumers or encourage crime, and in a more encouraging tone, it explains the potential for financial innovation and inclusion of crypto. increase. This has been in the crypto industry for years, and I think it is, and it’s great that President Biden still says so. Was to tweet onceAnthony Scaramucci, who tweeted, “I’m not a fan of Bitcoin or other cryptocurrencies,” doesn’t think Trump wrote it himself.

Regarding the “agency, get clues” part of the order, Biden couldn’t provide clear rules about cryptography, and the long-awaited kick to various territories of the federal government, most of which were in conflict with each other on the lawn. Alongside the SEC, CFTC, etc., the President will instruct the Treasury to submit a report within 180 days on what they are planning. On the same page.

Ordering yet another report does not immediately bail out many crypto companies that have been harassed or in trouble by the SEC, but the SEC chairman, who is deeply disliked by the industry. Gary Gensler may be forced to get off his tall horse and provide some useful guidance.

Still, the mild content of the order is also a major surprise to cryptocurrency executives who were afraid that Biden’s legislation could include something like “shut down Bitcoin.” It was done (so please do your best). Matthew Diemer, the host of the Decrypt Daily podcast and current Ohio parliamentary candidate, called the reaction a “sigh of relief.”

Overall, presidential directives will not maintain the status quo at least until next year. Meanwhile, it’s very likely that Congress, which is suddenly bubbling with the cryptocurrency bill, will act first and pass a law that eliminates the turmoil of tax and regulatory turmoil that puts pressure on the crypto industry.

However, Biden’s orders have little practical effect so far, but they are huge and symbolic. Circle CEO Jeremy Arrell called it the “moment of the watershed.” Will the President of the United States instruct his staff to work on crypto policy? It’s a takeaway here: crypto enthusiasts should first celebrate the existence of order. Everyone in crypto has come a long way.

this is Cryptographic Roberts, A weekend column by Decrypt Editor-in-Chief Daniel Roberts and Decrypt Executive Editor Jeff John Roberts. Sign up for Decrypt Debrief’s email newsletter every Saturday and pick it up in your inbox. Read the column last weekend. What DAO can do for Ukraine.


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