Executive Order Due Next Week... Reason to Worry?

By Cje95 | Congress and Crypto | 18 Feb 2022

It was released last month that we would be getting an Executive Order in February about crypto however a lot was really unknown besides telling agencies to work together. What has been unique about this is the timing. The EO was expected at the beginning of the month but now with that has obviously fallen short the current aim appears to be the end of the month.  While the reasons have not been publically discussed the rumor is that the White House and the Treasury Department disagree with the course of action that should be taken. 


This shouldn't be a huge surprise that there is a disagreement. Odds are what is being disagreed with revolves around the Treasury department not getting the "power" or "authority" that Treasury Secretary Janet Yellen wants. Since this Order is being framed as a matter of National Security it would make sense that there are going to be departments outside of the Treasury. The Treasury department naturally does not want this because it means that they lose out of oversite in some situations. 


The report is designed to seek answers on how to protect consumers, investors, and businesses involved in cryptocurrency. It is also supposed to make sure that national security issues facing the US via cryptocurrencies are addressed. What I gather from this is the funding of terrorism is something they are concerned about even with the blockchain being public. Previously the US has frozen funds that were destined for ISIS in Iraq and Syria so the history is there. 


Since this is brand new stuff different departments will look at different aspects of crypto like privacy, protections, regulations, and others. The one thing that is certain is that this will put the White House front and center of cryptocurrency and blockchain technology regulation for the future. Given that it is an election year regulations pushed carry extra weight given the lower pole numbers and almost dead even divide in Congress. 


Luckily an Executive Order does not carry much weight, especially in the court of law. Meaning that any actual regulation or rules coming out of this are slim to none. What it could do though is at least provide a path for the government to follow to enact solid legislation that will put investors' minds at ease. Even still though the likelihood of significant legislation passing through is low for this year as there are much bigger issues at hand with inflation, elections, and now Russia leading the way. 



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Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_

Congress and Crypto
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