A conciliatory overture rather than a harsh crackdown?

What to expect from Biden’s Digital Assets Executive Order

Pity the press officer who published US Treasury Secretary Janet Yellen’s response to President Biden’s yet to be published Executive Order on Digital Assets a day early (or was it a deliberate strategy to extend the commentary window on this?). But it at least means we can now all liven up proceedings by playing Biden Crypto Buzzword Bingo when the actual statement is released. Look out for the following: “historic”; “coordinated”; “comprehensive”; “fairer”; “interagency”; “more inclusive”; “more efficient”; “responsible”; “stability”; “security”.

Taking a step back it’s clear this Executive Order — long in the works, but hastened in its delivery as a result of horrendous events in the Ukraine — is attempting to provide the basis for regulatory clarity around crypto in the US. And from the tone of the advance version of Yellen’s comments, it seems that US regulatory bodies are alive to the relevance and growing importance of crypto. A conciliatory overture instead of the harsh crackdown that some feared. That seems like significant progress, and efforts from the crypto industry to engage with regulators not just in the US, but globally, are helping. Let’s check against delivery of the actual statement.