President Biden’s Executive Order On Bitcoin

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

In signing an executive order (EO) on cryptocurrencies, President Biden signaled an openness to the potentially positive impacts of technology. This is a significant and encouraging development for an asset class (digital assets) that has recently surpassed $ 3 trillion in market capitalization. If there has ever been any fear of widespread or US-led international crackdown on Bitcoin, it seems to have disappeared and the United States seems to have indicated its intention to be an international leader in the area. That said, it would be naive to suggest that the EO will lead to relaxed legal or regulatory scrutiny.

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