Crypto community divided on Biden’s executive order Joe Biden.

US crypto traders and investors are likely to face a new set of regulations after US President Joe Biden issued an executive order titled "Ensure Responsible Development of Digital Assets." The paper seeks to create a stricter and according to some more consistent regulatory framework for the cryptocurrency industry. However, while some have celebrated the order, calling it "sober" and arguing that it will bring new legitimacy to the industry, as well as add a spirit of fairness, others say the document is lacking in key areas. Some argue that it focuses too much on central bank digital currencies (CBDCs), tokens that for the most part don't exist yet. The document explains that the government "must strengthen the leadership of the United States in the global financial system and in technological and economic competitiveness", a measure that includes "the responsible development of payment innovations and digital assets". It also calls on a plethora of government agencies to report to the executive with their proposals on how to govern the industry and create customer protection protocols, requesting reports within 90-180 days. Congressman Tom Emmer took to Twitter to say that "it is imperative to develop a strategy to drive innovation" in the cryptocurrency and blockchain sectors. He also said that if observers were to "read between the lines", they would realize there was a distinct lack of mention of decentralization.

He has written: "The order does not even once mention decentralization. The disintermediation of our economy will allow all Americans, regardless of the circumstances, to decide their own future, not a bank or a Big Tech or the government ”. He also drew attention to the CBDC, explaining that placing "utmost urgency" on the CBDC reporting was problematic. Emmer wrote: "Any common sense analysis of a potential US CBDC that is not open, unauthorized and private would indicate that the very idea is a disservice to Americans." Congressman criticized the head of the Securities and Exchange Commission (SEC), Gary Gensler, writing that he was "very lucky" that the order "does not ask the SEC to intervene," as Gensler "passed last year to intimidate crypto innovators and entrepreneurs with its unproductive regulation, with public declarations and enforcement actions ". In addition, the cryptocurrency lobby group Coin Center also had its say, with Peter Van Valkenburgh, director of research at the center, which turned things around positively, saying that "all things considered", the order was "something good. ". He said that the shortcomings could be solved by the agencies "by educating and informing", but he said: "This is what we love to do". The head of the center, Jerry Brito, was equally positive, explaining that the order was "a further statement that when officials look at cryptocurrencies their reaction is to recognize them as an innovation that the United States will want. promote and guide by mitigating the obvious risks ". Not all of the crypto community agrees Not everyone agreed on this topic. Although head of politics at the Blockchain Association Jake Chervinsky called the order a "good start," many in the thread below his post disagreed. Someone called the order a "nothing done", while another said that "the political language" in the order gave it "the opposite reaction". Others expressed skepticism regarding CBDC, with one commenting: “The United States was founded on the decentralization of power. Centralizing a digital currency is a bad thing for people who don't like the government to manage their lives. " Gensler, meanwhile, also joined the discussion, writing that he was looking forward to "collaborating with colleagues across the government to achieve important public policy goals." Some, however, were largely unimpressed with his sentiments, believing the SEC had bigger issues to resolve in the conventional finance industry. Others escalated the irony, referring to the ongoing legal struggle between the SEC and executives of US fintech firm Ripple.