EO is a first step; growing crypto industry needs a regulatory framework
On Wednesday, President Biden will issue an executive order (EO) tasking several agencies with developing reports on the risks and opportunities presented by digital assets, including increased access to banking services, environmental impacts, and stability issues. The order directs the Department of Commerce to establish a regulatory framework that enhances U.S. competitiveness and leadership in digital assets, and directs research into the development of a Central Bank Digital Currency (CBDC), an issue which the Federal Reserve released a report on this January.
“We should recognize the progress that today represents: the Biden Administration’s approach toward crypto has evolved from SEC lawsuits and blunt taxation proposals to a recognition that cryptocurrency is here to stay,” said Chamber of Progress CEO Adam Kovacevich. “Crypto holders, businesses, and exchanges are still walking blindfolded through a fractured regulatory environment, and this order will hopefully push regulators to publish clear rules for everyone to follow. Crypto represents an opportunity for the Biden Administration to promote decentralized alternatives to Big Tech and Wall Street, and I hope they embrace it.”
Over the past several months, Congress has held several hearings to discuss the fast growing cryptocurrency industry. Chamber of Progress has urged lawmakers to pursue a regulatory framework that encourages innovation and protects consumers.
In addition, recent polling conducted for Chamber of Progress by Morning Consult showed that Democratic voters – particularly younger Democrats – are more positive towards pro-crypto public policies than Republican voters.