On March 10, Jeremy Allaire, CEO of Circle, the issuer of the U.S. dollar stablecoin USDC, called the Biden crypto executive order a watershed moment for the industry, saying: “The U.S. government now has a holistic administrative approach. to support the open, Internet-native economic infrastructure enabled by new Web3 technologies – enabling the United States to ensure that the dollar remains the currency of the Internet (at least closer to that), while the United States remains the home of principled innovation and competition. “
Additionally, John Collins, a partner at consulting firm FS Vectors and former head of policy at Coinbase, said that while the Biden crypto executive order did not come as a surprise, the fact that the U.S. government is stepping in is a net positive for the crypto industry.
John Collins believes that the Biden executive order on encryption has the same influence as the global e-commerce framework issued by the Clinton administration in the 1990s, which promoted the development of the Internet.
John Collins said: ”It is clear that the U.S. government has realized that cryptocurrencies are not going away, they have really emphasized the critical importance of the technology in various applications for the benefit of the financial system of the future, and they want to ensure that the U.S. continues to Stay ahead. “