White House Commits To “Responsible Development” on Crypto

Sound the alarms… Biden’s highly-anticipated Executive Order (EO) on crypto dropped this morning.

To sum it up, despite pent-up speculation that it would spell doom and gloom for the industry, the EO was about as good as anyone could have hoped for.

Details

In short, there were no (not yet, at least) changes in any laws or regulations surrounding crypto. Instead, the EO essentially called on federal agencies to take a unified approach to regulation and oversight of digital assets.

The measures announced will focus on six key areas:

1. Consumer and investor protection

2. Financial stability

3. Illicit activity

4. U.S. competitiveness on a global stage

5. Financial inclusion

6. Responsible innovation

Specific policy recommendations will apparently be out in 90-210 days, which will finally bring much-needed regulatory clarity for those in the space. Put simply, this was long overdue.

The Bigger Picture

For quite some time, we’ve seen a variety of politicians, media, and pundits on TV cast several doubts on crypto.

As you probably know by now, the narrative was that crypto was useless, dangerous, and should be seriously restricted. These Mr. Burns-looking folk cried for immediate government intervention.

But we learned today that the federal government had a different narrative all along – one that sees crypto as a legitimate, serious, and important part of the economy and society.

Do they still want to mitigate risks? Of course. But it appears they also want to engage constructively with the sector, get organized, encourage domestic innovation, and more importantly, not overreact.It was a breath of fresh air for (mostly) all of us.

And it’s evident that investors were rejoicing as well. Some hand-picked numbers from the day:

• BTC: +8%

• ETH: +5%

• COIN: +10.5%

• GLXY: +10.1%

• MSTR: +6.4%