US White House Lays Framework for Bitcoin Regulation - Tokens Magazine - XTokens Magazine

TOKENS Magazine 2022 print edition https://tokensmagazine.com/images/2022/25-executive-order-bitcoin.pdf

Regulation...
S U M M A R Y A D A P T E D F R O M
S O L I D U S L A B S
B L O G : M A R C H 9 , 2 0 2 2
Wednesday, March 9, 2022 an long-awaited
Executive Order on digital assets has officially
been signed by President Joe Biden, giving Bitcoin
a 10% boost upon the announcement.
In a nutshell the EO charged the administration on
"Ensuring Responsible Innovation in Digital Assets”
oversight and promotion of the crypto industry.
Industry mouthpieces hungered and thirsted for
regulatory clarity. The tone of the conversation
swiftly shifted from banning bitcoin to questions
around defining it. Is it a security. Is it a
commodity? And "which agency should regulate it.”
Eureka! A clear message emerged: Look! there's a
shiny new object over here, a cool techy what-youma-call-it thing-a-magig, lets poke at it and see
what it can do.
The illusive boogie man, regulation, was nowhere
to be found in the EO. It did however define some
principles and policy directives to ease the fears of
the blockchain sector, a positive for the industry.
The
Illusive
Bitcoin
Boogie
Man
h t t p s : / / w w w . s o l i d u s l a b s . c o m / p o s t / b i d e n - e x e c u t i v e - o r d e r - o n - c r y p t o - c r o s s i n g - t h e -
r e g u l a t o r y - r u b i c o n - t o w a r d s - a - w h o l e - o f - g o v e r n m e n t - a p p r o a c h
The reckoning of crypto's potential is bursting from the
Executive Order, backed by statistics, research, and a
commitment to enabling its potential by mitigating its
risks.
The industry has crossed the regulatory rubicon:
The focus is expanding from the narrow, critical laser on
anti-money laundering to developing comprehensive
whole-of-government frameworks that include market
integrity, anti-market manipulation, consumer protection,
and financial stability.
This EO marks the first public action the United States
has taken towards a framework on crypto.