“Crypto Executive Order Fails To Mention Decentralization Directives”- Congressman Tom Emmer

Varinder Singh
March 10, 2022
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Tom Emmer, the U.S. Representative and Chair of the Blockchain Caucus, said President Joe Biden’s executive order fails to mention decentralization directives even once. Emmer believes in the disintermediation of the U.S. economy to enable all Americans, regardless of circumstance, to decide their futures, not a bank or Big Tech or the government.

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Tom Emmer’s Review Of The Executive Order

As per the review by Emmer, the “Executive Order on Ensuring Responsible Development of Digital Assets” signed by U.S. President Joe Biden directs various federal agencies to study the benefits and risks of digital assets to the U.S. economy. Also, the agencies will be tasked to study global competitiveness and provide legislative recommendations.

However, the Executive Order fails to mention decentralization even once. In order to improve trust and boost innovation, reducing intermediaries in the U.S. economy is crucial as the country has a national interest in fostering digital asset innovation.

The bipartisan Blockchain Caucus, co-chaired by Tom Emmer, has been advancing a pro-crypto legislative and oversight agenda for the past 8 years.

Moreover, he believes crypto, tokenization, blockchain, NFTs, smart contracts, and stablecoins are powering a more viable economic structure with individual autonomy. As a country, it’s crucial developing a strategy to boost innovation in crypto and blockchain technologies.

Highlighting other aspects of the Executive Order (EO), Emmer said:

“The EO places the “highest urgency” on the agencies to study CBDCs. Any commonsense analysis of a potential U.S. CBDC that is not open, permissionless, and private would illuminate that the very idea is an entire non-starter and a disservice to Americans.”

“The EO doesn’t ask the SEC to weigh in. SEC Chair Gensler has spent the past year intimidating crypto innovators and entrepreneurs with his unproductive regulation by public statement and enforcement action. His input is not critical.”

The rest of the EO focuses on consumer protection, systemic risks, global competitiveness, international standards, and placing guardrails on code to make sure it’s resilient. The U.S. Representative agreed on the importance of bipartisanship for keeping the crypto community in the U.S., continuing American leadership in technology and innovation.

“Overall, it’s critical to maintain tech and economic leadership on the global stage, and I look forward to continuing to work to find bipartisan solutions to keep our great crypto community right here in the United States.”

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.