President Biden’s Executive Order on Bitcoin

Joseph Stafford is a partner at the law firm Wilson Elser and provides advice to clients in the practice areas of Intellectual Property, Regulatory Compliance, and Enterprise/D&O Risk Management.

By signing an Executive Order (EO) on cryptocurrencies, President Biden signaled an openness to the potentially positive impacts of technology. This is an important and encouraging development for an asset class (digital assets) that recently surpassed $3 trillion in market capitalization. If there were ever fears of a widespread international or US crackdown on Bitcoin, these seem to have subsided and the US seems to have signaled its intention to be an international leader in the field. That said, it would be naïve to suggest that EO will lead to relaxed legal or regulatory scrutiny.

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