Is Biden Prepping an Executive Order on Crypto?

The Breakdown

Nathaniel Whittemore

Investing, Business

4.8 • 786 Ratings

🗓️ 12 October 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by NYDIG. On today’s episode, NLW looks at recent reports the Biden administration is weighing an executive order on crypto. The order would involve numerous agencies and create a common approach to the industry. Unfortunately, the work is being held up by the fact that the administration doesn’t have anyone who knows about crypto on its team, barring one adviser who recused himself because he owns bitcoin. NLW also looks at news from China and U.S. Sen. Ted Cruz’s comments on bitcoin mining in Texas. NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Chip Somodevilla/Getty Images News, modified by CoinDesk.

Transcript

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0:00.0	This is sort of like saying that no one who owns stocks can be involved in figuring out how to
0:04.6	regulate the stock market.
0:06.5	This is the only dude in that entire building who knows anything about the space and he's
0:12.0	not even invited to give his perspective.
0:15.0	Sure, maybe we don't let him run the thing, but to not even let him be in the room is
0:20.0	just the height of stupidity.
0:24.3	Welcome back to The Breakdown with me, NLW.
0:28.4	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:35.5	The breakdown is sponsored by Nidig and produced and distributed by CoinDest.
0:41.9	What's going on, guys? It is Monday, October 11th, and today we have a bit of a grab bag of stories.
0:49.4	But we're going to start with a report from Bloomberg that the Biden administration is weighing an
0:56.6	executive order on crypto. So this news broke over the weekend, and the source is, of course,
1:03.5	as always, people familiar with the matter who asked not to be named. Here's the little TLDR from
1:09.8	Bloomberg. They write,
1:11.2	The proposed directive would charge federal agencies to study and offer recommendations on
1:16.0	relevant areas of crypto, touching on financial regulation, economic innovation, and national security.
1:22.5	The initiative will also aim to coordinate agencies' work on digital currencies through the executive branch.
1:28.7	The plan would push departments that have given scant attention to crypto to focus on it.
1:33.3	End quote.
1:34.4	Apparently, the White House is even considering appointing a White House crypto czar, but they
1:39.9	still haven't decided whether they're going to actually release this executive order or not.
1:45.1	Even if they don't, the administration says that it will still make public its overall strategy.
	...

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