14/10/2023
cryptoding
This past Wednesday, President Biden issued an Executive Order to ensure the responsible development
of digital assets in the U.S. The Order provides a foundation for numerous studies to help guide and
understand technology that is still new, but growing
fast.The digital asset industry has seen a growth spurt from
November of 2016 - where the market cap was $14 billion- to $3 trillion in market cap as of November of 2021. With
new social dilemmas that face the U.S. between the
potential for ransomware and sanctions evasion, the crypto industry has been very receptive to what initially appears
to be a very analytical approach calling for studies by various U.S. agencies.Brett Harrison, President of FTX.US
signaled in an interview with Neil Cavuto on Fox that institutional money
may start pouring into the crypto economy with this approach.
"Some amount of regulation is important to allow institutions to come in and feel confident in being
able to put their money into this emerging space like
cryptocurrency," said Harrison. With respect to the Order, Harrison saw it as,
"a call for people to do research and
come back with reports to understand what areas need regulation and what areas don't."Ari Redford, Head of Legal
and Government Affairs at TRM
Labs, described the crux of the Order as a way to coordinate the activities of the U.S.
Government around
crypto. "The executive order is really a call for coordination
playing quarterback to ensure that regulators are working
together to feed into a clear and consistent framework for crypto regulation rather than engage in disparate work streams. The real work begins now," says Redford.📈📉
