Biden’s Cryptocurrency Executive Order Lists Risks 47 Times

Biden’s Cryptocurrency Executive Order Lists Risks 47 Times

US President Joe Biden’s executive order over cryptocurrencies is highly risk-oriented, ignoring nearly all opportunities that may arise from the new technology.

To indicate how this government handles crypto, risk is mentioned 47 times in the executive order, while opportunity is mentioned four times: twice in relation to risk mitigation and only twice in the actual sense.

Innovation is mentioned 12 times, but capital, as in capital formation, is not mentioned once.

Companies are mentioned 17 times, but almost always in terms of “protecting” the company.

The executive order makes it clear that the government wants to promote ‘responsible’ innovation, but the general atmosphere is an almost total focus on risk.

“This is all about the future of the payment system in this country, the future of credit creation, commercial banking,” said a senior government official in the background.

The banking sector is mentioned only twice in the proper sense. “Many Americans are underfunded and the costs of international transfers and payments are high. The United States has a strong interest in promoting responsible innovation that increases fair access to financial services, especially for Americans not served by traditional banking.”says the order.

Credit is not mentioned once. Trade is only mentioned in reference to the Secretary of Commerce. Stocks or bonds are not mentioned, as all the crude innovation that promises to upgrade financing from paper to code seems to have been neglected, except for the lip service payment service.

Everything points to the fact that the focus is completely skewed in that order that drives virtually the entire government to produce various reports, mainly on risk and “the conditions driving the widespread adoption of digital assets”.

“We know the implications for national security, our ability to show leadership in setting global payment standards for privacy and security, but also…”

Work to help Washington gain a broader understanding of cryptocurrencies has just begun with the Biden administration previously complaining that it lacked experience with cryptocurrencies.

Something that shows very clearly in this executive order that it is very symbolic of an incredibly risk-averse culture that sees no opportunity even when it looks at your face.

Source: Live Coins