“I am pretty darn optimistic about it.” Why most crypto backers are excited that the Biden Administration is wading into digital currency
“I’m grateful we’re at the point where the utility of this tech has proven to be very obvious to all levels of our government.”
The order tasks a variety of agencies with studying and planning around cryptocurrency policy in key areas like consumer protection, national security, and illicit finance. It also urges the Federal Reserve to continue exploring the development of a U.S. Central Bank Digital Currency —a digital U.S. dollar that would be widely available to the general public, and could make digital transactions more secure, faster and cheaperTIME spoke to several leaders in crypto about the executive order.
Kristin Smith, the executive director of the Blockchain Association, a D.C.-based crypto lobbying group, says that the order’s language is “incredibly bullish, especially compared to the last Administration, which was much more hostile towards crypto.” “We’re pretty happy; it’s an acknowledgement that this is a growing, important space,” Smith says.
Jeremy Allaire, the co-founder and CEO of Circle, the digital currency company behind the world’s second-largest stablecoin, went a step further, writing on Twitter that the order represents a “watershed moment for crypto, digital assets, and Web 3, akin to the 1996/1997 whole of government wakeup to the commercial internet.
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