The Biden Administration’s executive order on digital assets has sparked debate in the crypto community, with the overwhelming majority of responses being positive.
Treasury Secretary Janet Yellen praised the endeavor on March 9 and stated that it will collaborate with other state departments to promote innovation and manage risks. The directive isn’t nearly the retaliation that the industry had hoped for from a White House that has become increasingly antagonistic to the business in recent months.
Senator Tom Emmer, a pro-crypto Republican, has also expressed his views on the directive, adding that the United States as a whole must adopt a policy to support this innovation.
The executive order’s findings were sound, according to Emmer, and there is a national interest in supporting digital asset innovation. He went on to say that most of the directive is focused on “consumer protection, systemic risks, global competitiveness, international standards, and putting guardrails on code to ensure its resilience.”
The Minnesota representative went on to say that decentralization was not mentioned in the decree. He went on to say that the crypto business and “disintermediation of the economy”
That’s, will allow all Americans, not just banks, major internet companies, or the government, to select their financial fate.
One notable feature of the order was that it did not seek feedback from the Securities and Exchange Commission (SEC), which was viewed as a positive.
Emmer has previously warned against issuing a Fed-controlled CBDC. Thereby, claiming that it would create a system similar to China’s totalitarian control of financial flows.
Jerry Brito, Executive Director of the Washington-based crypto think tank Coin Center, saw the order as a positive move as well.
The signing of the order elicited an euphoric reaction from crypto markets, but they have subsequently resumed their downward path.
At the time of writing, the total market capitalization had dropped 2.8 percent on the day to $1.83 trillion. During the morning of March 10, the sell-off accelerated, with BTC and ETH falling 4.9 percent and 4.2 percent, respectively.
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