Joe Biden signed a bill to regulate digital assets, ending the long-awaited discussion about whether digital assets should be considered a legitimate participant in the financial industry.
The framework document, which does not provide for specific changes in legislation, nevertheless marked an important milestone. It establishes the US national policy regarding digital assets. The executive order is the first document that defines a whole-of-government approach to addressing the risks and exploiting the potential benefits of digital assets and their underlying technologies.
According to the strategy, the US Treasury and other regulators are now required to develop recommendations for handling cryptocurrencies to eliminate possible risks. In addition, coordination of actions between federal departments is provided.
The document also includes a presidential mandate to the government and the Department of Commerce to lay the groundwork to improve US competitiveness in digital assets.
Representatives of the American crypto industry welcomed the strategy. Thus, a well-known cryptocurrency lawyer Jake Chervinsky noted that “despite a few loud voices in government relentlessly attacking crypto in recent months, the EO is balanced & constructive.”