The recent executive order offers insight into the United States
government's view of Bitcoin and how they intend to become an
international leader.
Joseph Stafford is a partner at the law firm Wilson
Elser and provides counseling to clients
in the Intellectual Property, Regulatory Compliance and
Corporate/D&O Risk Management practice areas.
By signing an executive order (EO) on cryptocurrencies,
President Biden has signaled an openness to the technology's
potentially positive impacts. This is a significant and encouraging
development for an asset class (digital assets) that recently
surpassed $3 trillion in market capitalization. If there were ever
any fears of a widespread international or United States-led
crackdown on Bitcoin, those appear to be gone and the United States
appears to have indicated its intent to be an international leader
in the area. That said, it would be naïve to suggest the EO
will lead to relaxed legal or regulatory scrutiny.
