Cryptocurrency Executive Order | Circle CEO compares it to the watershed moment of the Internet takeoff, while exchange founder criticizes it as all talk.

President Biden of the United States has officially signed the long-rumored executive order on cryptocurrencies. The cryptocurrency industry generally views this development optimistically, especially after the Treasury Department accidentally leaked the contents of the executive order ahead of time and then promptly removed it. This incident seemed to have contributed to the market's upward momentum. However, there are still several influential figures who remain skeptical, believing that the entire order is clichéd and focuses more on CBDCs rather than the crypto sector.

Cryptocurrency Executive Order

As previously reported, the full text of the executive order highlights the rapid growth of digital finance and distributed ledger technology, impacting investor protection, businesses, financial stability, national security, and energy climate, with authorities worldwide exploring the introduction of CBDC.

With the premise of consolidating its leadership position, the United States aims to collaborate across various sectors to implement digital asset regulatory policies while supporting responsible innovation among startups.

The document also discusses the pros and cons of CBDC, emphasizing that the design and deployment of CBDC have been prioritized in government research and development efforts. Despite a few holding negative views, most individuals in the cryptocurrency industry view this optimistically.

Circle CEO Jeremy Allaire

Allaire points out that the United States seems to have acknowledged digital assets as one of the most crucial technologies of the 21st century. The order continually urges relevant federal agencies to understand the policy stance to support startups and enhance U.S. economic competitiveness. He concludes:

This is a watershed moment for cryptocurrencies, digital assets, and Web 3, similar to the government's recognition of the importance of the internet in 1996/1997.

Crypto Council for Innovation

President Biden signed an executive order recognizing the immense potential of cryptocurrencies, reflecting their significance to the American people. We support the President's commitment to fostering responsible financial innovation and financial inclusivity.

SEC Chair Gary Gensler

I look forward to collaborating with other government agencies to achieve important public policy goals, including protecting investors and consumers, preventing illicit activities, and assisting in maintaining financial stability.

FTX Founder Sam Bankman-Fried

SBF retweeted the SEC Chair's tweet and considers this to be a highly constructive executive order, addressing consumer protection and economic competitiveness within digital assets.

Messari Founder Ryan Selkis

Selkis openly expresses his disdain for Gary Gensler:

I hope the cryptocurrency executive order issued by the President can make a difference by scrutinizing SEC Chair Gary Gensler's failures in protecting investors, promoting a fair U.S. crypto market, and facilitating capital formation. Gensler's stubbornness has resulted in investors losing $8.5 billion, enriching Wall Street individuals.

He refers to Gensler's previous insistence on pushing for "futures" ETFs instead of spot, leading to significant discounts in Grayscale's trust products.

Human Rights Foundation Chief Strategy Officer Alex Gladstein

Gladstein, a Bitcoin advocate, quotes a paragraph from the executive order: "The design and deployment of CBDC have been prioritized in government research and development." He points out:

This implies "FedCoin by the Federal Reserve," a worthless executive order that solely focuses on CBDC, completely ignoring Bitcoin throughout the entire document.

ShapeShift Founder Erik Voorhees

Voorhees also holds a negative view:

The cryptocurrency executive order basically says, "We will investigate these things," as if they haven't been regulating for the past few years, followed by a list of clichés about supporting startups and protecting the financial system, completely bureaucratic.