Biden Incorporates Institutes To ‘Develop and Use’ Crypto – A Good Move?

President Joe Biden’s executive order on cryptocurrencies aims to make it easier for the US government to monitor the $2 trillion digital asset market. In addition, the order includes instructions to protect users and reduce crime risks. The White House released an executive order on crypto signed by President Biden on March 9, 2022. The order directs federal agencies to investigate the risks and benefits of cryptocurrencies, which have grown in popularity among ordinary people and large financial institutions in the last year. The order affects all government agencies because the United States lacks a centralized cryptocurrency regulator. Is this a Good Move? Yes, it is. Biden’s executive order devotes significant resources and thoughts to the threats to national security that digital assets pose. This includes money laundering and evasion of sanctions. It is unclear what changes came with the executive order in response to Russia’s recent move to improve national security objectives and engagement. Still, as the various agencies work on the order’s details, they are forced to consider how crypto and digital assets affect national security, foreign policy, and international sanctions in greater depth. As a result, those concerned about the role of cryptocurrency in this space will have more legal and administrative grounds to raise their concerns during the inter-agency process. The executive order outlines the Administration...