Host: Anthony Pompliano
Category: ₿ Crypto
Podcast’s Essential Bites:
[3:16] “President Joe Biden has presented an executive order […] that asks various government organizations to produce reports on Bitcoin, cryptocurrencies, and blockchain technology. This development signals that the United States government is officially recognizing the importance of this technology and the industry that it has spawned. While many people have been anticipating an abrasive government approach towards bitcoin and cryptocurrency for years, the current administration seems to be doing the exact opposite. They're looking to embrace this new technology and the potential positive impacts that it can have.”
[4:01] “The overall reaction from the market has been positive so far. The executive order appears to be a rational, measured approach to gathering more information and an attempt to ensure policymakers are educated on the topic. As part of that effort the executive order asks different government organizations to produce their reports in the next 30 to 180 days, and specifies a focus on consumer protection, financial stability, illicit finance, promoting US leadership, financial inclusion, and responsible innovation.”
[4:28] “Here's a summary from that executive order of each key directive: First, protect US consumers, investors and businesses by directing the Department of the Treasury and other agency partners to assess and develop policy recommendations to address the implications of the growing digital asset sector and changes in financial markets for consumers, investors, businesses and equitable economic growth.”
[5:00] “Second, protect US and global financial stability and mitigate systemic risk by encouraging the Financial Stability Oversight Council to identify and mitigate economy wide financial risks posed by digital assets and to develop appropriate policy recommendations to address any regulatory gaps.”
[5:16] “Third, mitigate the illicit finance and national security risks posed by the illicit use of digital assets by directing an unprecedented focus of coordinated action across all relevant US government agencies to mitigate these risks. It also directs agencies to work with our allies and partners to ensure international frameworks, capabilities, and partnerships are aligned and responsive to these risks.”
[5:39] “Fourth, promote US leadership in technology and economic competitiveness to reinforce US leadership in the global financial system.”
[6:05] “Fifth, promote equitable access to safe and affordable financial services by affirming the critical need for safe, affordable and accessible financial services as a US national interest that must inform our approach to digital asset innovation, including disparate impact risk. Such safe access is especially important for communities that have long had insufficient access to financial services.”
[6:42] “Sixth, support technological advances and ensure responsible development and use of digital assets by directing the US government to take concrete steps to study and support technological advances in the responsible development, design and implementation of digital asset systems while prioritizing privacy, security, and combating illicit exploitation and reducing negative climate impacts.”
[7:05] “Seventh, explore a US central bank digital currency by placing urgency on research and development of a potential United States CBDC should issuance be deemed in the national interest.”
[7:47] “This executive order appears to disprove the critics belief that the government would ban Bitcoin and cryptocurrencies while also seeking rational rules for how the industry should continue to develop over time. It is important to call out that the explicit mention of a US based central bank digital currency is important too. The United States government is saying they want to be a global leader in Bitcoin and cryptocurrencies. There are plenty of details to figure out but this is a significant inflection point in the validation of the industry.”
[8:15] “Blockchain technology has grown in less than 15 years from inception to approximately $3 trillion in market cap, creating millions of jobs and is now being recognized by the largest nation states in the world for strategic importance. It's pretty incredible to see how far this industry has come.”
Rating: 🚀🚀🚀🚀
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🕰️ 9 min | 🗓️ 03/10/2022
✅ Time saved: 7 min
Additional Links:
Executive Order on Digital Assets
