Top Emmer shared: Just finished reviewing Biden’s Executive Order on Digital Assets… Here are a few thoughts:

As expected, this Executive Order directs various federal agencies to study the benefits and risks of digital assets to our economy/global competitiveness and provide legislative recommendations.

Crypto, tokenization, blockchain, NFTs, smart contracts, & stable coins are powering a more viable economic structure with individual autonomy. As a country, we must develop a strategy to foster this innovation.

(The Block Caucus has been advancing a pro-crypto legislative and oversight agenda for the past 8 years.)

Sec. 1 findings of the EO are sound: We have a national interest in fostering digital asset innovation. The rest of the EO focuses on consumer protection, systemic risks, global competitiveness, international standards, and placing guardrails on code to make sure it’s resilient.

Now, let’s read between the lines:

1) Decentralization is the Point: The EO doesn’t mention decentralization once. The disintermediation of our economy will enable all Americans, regardless of circumstance, to decide their futures, not a bank or Big Tech, or the government.

Given this Admin’s regulatory posture toward the crypto community, we have no reason to assume that the directives in the EO will yield results that appropriately acknowledge the importance of leading w. digital asset policies that prioritize open, permissionless, & private tech.

2) The EO places the “highest urgency” on the agencies to study CBDCs. Any common-sense analysis of a potential U.S. CBDC that is not open, permissionless, and private would illuminate that the very idea is an entire non-starter and a disservice to Americans.

3) Most, fortunately, the EO doesn’t ask the SEC to weigh in. SEC Chair Gensler has spent the past year intimidating crypto innovators and entrepreneurs with his unproductive regulation by public statement and enforcement action. His input is not critical.

Overall, we must maintain tech and economic leadership on the global stage and I look forward to continuing to work to find bipartisan solutions to keep our great crypto community right here in the United States.

Community Response:

Thanks, Tom. Your emphasis on decentralized, permissionless, and open is particularly on point. While an open mind to evaluate Bitcoin & crypto is welcomed, a CBDC could very well become a surveillance and control tool more akin to Chinese oversight than American freedom.

Xrp fixes nothing mane.

It doesn’t matter what Biden says cryptocurrency is WORLD storage of value let’s say, so there is no stopping it. Even if America bans it, and it could, we can make money on this on foreign exchanges. Cryptocurrency is here to stay.

What value. It only goes up as more people buy into it. If there is no more investing, or falling for it, then it will implode.

So when does congress investigate JP MORGAN, the SEC, and their Consensys corruption scheme?

Excellent take. Summarizing your summary:

1) That the result of these federal agencies “studying” CBDCs yield decentralized products.

Primarily this will be a focus on exchanges and shit coins. So get your coins off the exchange and stick with Bitcoin.

Rep Tom Emmer thank you for everything you’ve done and continue to do for this space. Thanks for letting us vent in your comments and thank you for fighting for the health of the entire market. We seriously appreciate you!

Great summary and Gensler assessment. Thank you for your continued support and leadership.

Thank you rep Emmer. Great overview with the emphasis on what’s missing, i.e., decentralization. Run for president Sir.

I believe the EO is to help stall and let the big wigs load their bags. Then once they’re ready to go live …the prices will be way too expensive to buy wholesale.

Great recap there! When you say decentralization isn’t mentioned what implications do you think that has on the crypto space?

It will be a great move for the United States to regulate and maintain these digital assets cos they are here to stay. It’s a matter of time before we within-country massive adoption.

“Climate change and pollution”…what a clever narrative they’ve written over the past several years of crypto, to squeeze this into the EO!