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Why the executive order is bullish for crypto

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Why the executive order is bullish for crypto

The Biden Administration's executive order this week lays out the foundation for web3 innovation in the United States.

Lucas Campbell
Mar 12, 2022
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Why the executive order is bullish for crypto

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Dear Bankless Nation,

The Biden Administration issued an Executive Order on crypto earlier this week.

If you were worried that Washington, like China, was going to gut crypto, you can breathe a sigh of relief (for now).

Instead, policymakers are taking a welcoming approach to crypto — they’re opening the door to Web3 innovation!

Here’s the TL;DR. The Biden Executive Order has six policy objectives in its regulatory approach to digital assets:

  • Consumer protection

  • Financial stability

  • The use of crypto for illicit crimes

  • U.S. competitiveness

  • Financial inclusion

  • Responsible innovation

In short, Biden is permitting Web3 companies to innovate around these technologies, albeit with caution.

Biden's executive orders in his first 100 days: View the list
Image via CNN.

So why is the Executive Order great?

🔥 Biden just acknowledged the innovative potential for digital assets in the U.S. 🔥

It gives crypto much-needed legitimacy from politicians.

At least 16% of Americans now own some crypto. It’s no longer a niche sector.

The Executive Order mitigates the doomsday narratives around crypto that have plagued the industry for a decade.

It’s a measured tone that recognizes we still don’t know much about what Web3 will evolve into, and how it will develop. But that it’s an important technology.

Considering the amount of FUD that crypto-skeptics and politicians like Elizabeth Warren manufacture on a daily basis, it’s a pleasant surprise. As Jake Chervinsky notes, this is about as good as it gets given the nascency of the industry:

Twitter avatar for @jchervinsky
Jake Chervinsky @jchervinsky
Anyone worried that President Biden's executive order would spell doom & gloom for crypto can fully relax now. The main concern was that the EO might force rushed rulemaking or impose new & bad restrictions, but there's nothing like that here. It's about as good as we could ask.
4:06 PM ∙ Mar 9, 2022
1,159Likes170Retweets

Crypto/blockchain is one of the biggest innovations in our lifetimes, up there with AI and genetic engineering. That means we have so much left to discover.

The right approach to regulation should be one from humility. This is why we need rules of permissionless innovation.

Unless we allow entrepreneurs to experiment and free-market competition to play out, precautionary regulations that outright ban crypto across the board will stop innovators dead in their tracks. 

That won’t serve anyone’s interests. Not the average citizen, the underbanked, or the U.S economy.

Check out what crypto thought leaders are saying:

Twitter avatar for @jerallaire
Jeremy Allaire @jerallaire
White House Exec Order and U.S. Government Strategy for Digital Assets -- a thread with thoughts; TLDR = this is a watershed moment for crypto, digital assets, and Web 3, akin to the 1996/1997 whole of government wakeup to the commercial internet. (1/7)
11:14 AM ∙ Mar 9, 2022
6,204Likes1,785Retweets
Twitter avatar for @jerrybrito
Jerry Brito @jerrybrito
OK, I read it. Here’s my quick take on the executive order.
3:40 PM ∙ Mar 9, 2022
2,653Likes608Retweets

Is there anything in the Executive Order that is noteworthy to Bankless readers?

  1. A possible CBDC will further intertwine crypto with banking and payments systems. Think paying bills in crypto, B2B crypto transactions, or receiving your paycheck in crypto.

  2. Jobs will flock to the US. Right now, the crypto job market in the US is limited - I’ve heard reports of people not being able to apply because they live in the US!

  3. Your preferred financial service apps will integrate with DeFi. DeFi mullet!

Biden just extended an olive branch to the entire crypto industry.

It’s a watershed moment in the U.S. 📈

Here’s what Bankless has planned for next week:

  • Sam Bankman-Fried (SBF) is coming on the Bankless Podcast 👀

  • Cooper and Owocki debate decentralization values vs. onboarding the masses

  • Ben is dropping his analysis on TRIBE/RARI

Have a great weekend everyone.

- Lucas

P.S. Have you ordered your Ledger Nano Plus? Bigger screen, more memory, same great wallet.


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Recap for the week of March 4th, 2022


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📘 Commodity Contagion

TL;DR

  • The war in Ukraine is having repercussions across the world. David answers two questions about it: (1) Is crypto a tool to evade sanctions and (2) Are we headed towards a recession?

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  • Crypto is meant to be accessible for everyone, but we’re not seeing that in practice. There aren’t many women in crypto. Bankless DAO writer, Samantha, provides 6 theses on what’s preventing them from getting involved and helping the world go bankless.

📘 What smart money is buying

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  • DAOs are crypto’s smart money. They are run by the smartest crypto natives in the world, and they have massive treasuries. So what are they buying with those treasury assets? Ben dives into the data to showcase what DAOs are accumulating and what they might buy next.

📘 What alpha are you hiding?

  • Crypto is full alpha. Bankless does its best to bring you as much as possible. But Bankless Nation probably has more—dig into this thread to level up on alpha from the community!


WATCH & LISTEN 🔊

  1. 🎙️ Listen to I was wrong about crypto | DHH

  2. 📺 Watch Coin Artist on building *real* crypto games | Layer Zero

  3. 📺 Watch Fortress Russia Crumbles | Kyla Scanlon

  4. 📺 Watch Biden’s Executive Order | Sanctions & Commodities | Coinbase

METAVERSAL 🧙‍♂️

  1. Discover new NFTs: Finiliar

  2. How to create your own NFT platform

  3. Rug Radio: Decentralized Media with Farokh & Mel

BANKLESS DAO 🏴

  1. Harnessing the hive mind | State of the DAOs

  2. 11 reasons to embrace NFTs | Decentralized Art

  3. Editor Mentorship, Bankless Africa, and Podcasting | Gearing Up


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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.


Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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Why the executive order is bullish for crypto

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Jean Rodriguez
Mar 16, 2022

That's great news! I follow the development of Polymarket from afar and despite its centralized nature, it is for now a better solution than the Augur project (which still is the most promising on the long term). To learn more about the best defi dashboard, read this blog https://www.dexfolio.org/blog-posts/best-defi-dashboard

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