United States:

Alberts Shares Thoughts On Cryptocurrency Focused Executive Order From The White House


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Partner Jeffrey Alberts, the co-chair of Pryor
Cashman’s FinTech Group, recently sat with Crowdfund
Insider
 to discuss a recent Executive Order from the
White House focused on digital assets and cryptocurrency. The Order
addressed the significant rise in prominence of digital currencies,
their impact on American financial systems, and seems to outline
steps that could lead to a notable change in guidelines. The
move leads many to wonder if substantive changes are headed to the
crypto market. Alberts provided insights and opinions
to Crowdfund Insider in the below Q&A:

The digital asset industry has embraced the executive
order as it did no harm while recognizing the importance of
innovation. Any thoughts on this?

Jeffrey Alberts:  The embrace of the
executive order by the digital asset industry is mostly just
wishful thinking.  The executive order is neutral, and there
is nothing in the text of the order suggesting that it will result
in changes that digital asset innovators view as positive.

The executive order was not very prescriptive but it did
skip over some topics like DeFi. Was this omission by
design?

Jeffrey Alberts:  Given the lack of
specificity in the order, the absence of reference to specific
topics does not mean much.

SEC Chairman Gary Gensler quickly tweeted his
interest in pursuing investor protection ambitions as well as
pursuing illicit activity. Does this send a mixed message to the
industry?

Jeffrey Alberts:  No, Gary Gensler’s
comments send a clear message about the SEC’s focus.  It
is not inconsistent with the executive order, because the executive
order is neutral as to the outcome of the process it initiates.

Read more from Jeff and view the Executive Order in full in the
resource links below. 

Resources

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