Biden’s Digital Assets Executive Order Gets It ‘Mostly Right’ on Protecting Consumers and Innovation in Crypto
Washington, D.C. – Today, President Biden signed an executive order on digital assets, the first major federal executive action relating to cryptocurrencies in the United States.
Yaël Ossowski, deputy director of the consumer advocacy group Consumer Choice Center, praised the order for getting smart cryptocurrency regulation “mostly right”.
“President Biden’s statements demonstrate the federal government’s acknowledgment that Bitcoin and cryptocurrencies will play a positive role in our nation’s future, and offers some key guidance on ensuring the entire crypto economy remains competitive, transparent, and innovative for consumers,” said Ossowski.
“Protecting consumers from scams, giving legal certainty, and allowing for innovation to create new standards for cryptocurrency rules is a responsible and legitimate role for government when it comes to digital assets. We must recognize that the nascent crypto finance space is ever-changing and rapidly evolving and that overzealous regulation could cripple future potential.
“Biden echoed concerns about Bitcoin and cryptocurrency mining, but we believe the environmental benefits from accepting mining will far outweigh any negative repercussions. Crypto mining is an innovative field that strengthens networks and creates incentives for clean energy,” said Ossowski.
“Last year, my colleagues and I at the Consumer Choice Center released our Principles for Smart Crypto Regulation, underscoring the need for preventing fraud, pursuing technological neutrality, reasonably low taxation, and legal certainty and transparency.
“However, considering the toll of inflation on ordinary Americans and the civil liberties concerns related to consumers’ financial privacy, the plans to research a Central Bank Digital Currency are concerning and will need much more scrutiny in the months to come.
“Overall, we praise the administration’s efforts on keeping cryptocurrency legitimate and accessible and hope any legislation to come will follow these bedrock principles. We’re all going to make it,” concluded Ossowski.