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ARTICLE · 14 MARCH 2022

Winding Down The Wild West: What Biden's Executive Order Means For Digital Assets

Frankfurt Kurnit Klein & Selz PC
Frankfurt Kurnit Klein & Selz PC
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Frankfurt Kurnit Klein & Selz PC

Frankfurt Kurnit Klein & Selz PC

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Yesterday, President Biden signed a highly anticipated Executive Order on "Ensuring [the] Responsible Development of Digital Assets."

United StatesTechnology

Yesterday, President Biden signed a highly anticipated Executive Order on "Ensuring [the] Responsible Development of Digital Assets." While the Biden Administration's plans to bring cryptocurrency, non-fungible tokens (NFTs), and other digital assets under its purview come as no surprise, holders and advocates of digital assets can find solace in the President's goal of "develop[ing] payment innovations and digital assets" in order to "reinforce United States leadership in technological economic competitiveness."

At a top level, the Executive Order says that digital assets are here to stay but must be responsibly regulated.

As expected, the Executive Order points out that the unregulated use of digital assets can increase risks of cybercrime, money laundering, and circumventing financial sanctions regimes. On the other hand, it makes clear that digital assets, when used responsibly, can make investments and the transfer of funds, whether domestic or

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This post first appeared in Frankfurt Kurnit's Focus on the Data blog (www.focusonthedata.com). It provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Originally published by the New York Legal Ethics Reporter

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

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