- The Crypto Executive order by Biden was long-awaited for the crypto experts and was warmly welcomed.
- But is the executive order all about positives, Congressman Tom Emmer seems to have some distinct opinions.
- Isn’t the crypto industry primarily about Decentralisation, then why does it lack in order?
Crypto enthusiasts long-awaited the crypto executive order by Biden. Initially, decided to be published last month, the order is finally out now and was to provide a better picture of the position of the United States on cryptocurrencies and other virtual assets.
This order by Biden has focused on urging varied federal agencies to carry out studies on this still-emerging crypto market. And to consider and think about the potential benefits and risks to the consumers along with placing a focus on Central Bank Digital Currency (CBDC) development. But no matter what, this order specified that the US wants to maintain a competitive edge in terms of innovations.
According to Matt Hougan, the Chief Investment Officer of Bitwise, a lot of work needs to be done, and the US has taken its first step to establish a true regulatory regime for crypto.
But Where is Decentralization?
According to Tom Emmer, US Congressman, he disclosed via his Twitter account that there are positives to be taken out but if you read between the lines, there still hovers concerns. He further highlighted that in the entire executive order, decentralization was not mentioned. And that it is quite problematic given the fact that this is one of the main reasons for the development of crypto.
He noted that decentralization cut down the need for intermediaries and facilitated the Americans to decide their futures. Emmer signified that this omission does not inspire confidence in the government that it would draw up favorable policies for the digital assets that keep decentralization first. He noted that even the CBDCs did not prioritize issues like privacy.
Tom Emmer further noted that the Securities and Exchange Commission (SEC) was excluded from the executive order. Though, the Congressman seems to be pleased with this. As he stated that SEC chair Gensler has spent the past year intimidating the crypto innovators with some unproductive regulations by public statement and enforcement action.
Following this Crypto Executive order, the markets reacted quite positively to the news with Bitcoin surging by almost 9.5% hitting around $42k. The overall crypto market witnesses an average surge of around 7.5%. It is to look forward to what the crypto industry will witness in the future.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.