Crypto supporters have been happy with the announcement signed by Biden on March 10. The order, intended to establish a national policy for digital assets, was said to be the first whole-of-government approach to addressing risks and maximizing the potential benefits of digital assets and their underlying technology. 

While many Americans enjoyed the administration’s initiative to regulate crypto comprehensively, others complained that the order had no clarity and detail.

An order of its kind directs federal agencies to mitigate risks associated with the digital asset sector, addressing issues from consumer protection to financial stability. Local industry heavyweights welcomed Biden’s order because they expected broad crypto crackdowns. 

Twitter users hailed the executive order and showed support for it. In addition, the Blockchain Association of the US, a membership group of 80 members, applauded the move and stated, “We are ready to collaborate with agencies on behalf of the industry.”

Gary Gensler, chairman of the Security and Exchange Commission and Biden’s order chairman, tweeted, “Look forward to collaborating with colleagues across government to achieve significant public policy goals.”.

According to Jerry Brito, the executive director of the Washington DC-based think tank Coin Center, the order indicates that cryptocurrency is now considered a legitimate, profound, and essential part of society and the economy. Further, Brite said, “It sends a good signal to serious people who have been holding back from getting involved.”.

In addition, Jake Chervinsky, Executive Vice President at Blockchain Association, stated optimistically, “Despite a few loud voices in government repeatedly attacking crypto in recent months, the EOP is balanced and constructive.”.