Why Most Crypto Backers Are Excited That the Biden Administration Is Wading Into Digital Currency

Why Most Crypto Backers Are Excited That the Biden Administration Is Wading Into Digital Currency

A version of this article was published in TIME’s newsletter Into the Metaverse. Subscribe for a weekly guide to the future of the Internet. You can find past issues of the newsletter here.



It’s been a momentous couple weeks in crypto. In the midst of Russia’s invasion of Ukraine, millions of dollars in cryptocurrency donations have streamed toward the Ukrainian government and relief efforts, providing a lifeline for those unable to access traditional banks. On the flip side, regulators have worried that crypto provides a way for Russian oligarchs to circumvent sanctions (although no concrete evidence has surfaced that this is the case). Earlier this week, rumors spread that President Joe Biden was about to issue an executive order cracking down on crypto, especially with regards to its role in this geopolitical conflict.











But many crypto insiders were pleasantly surprised when the Administration released its executive order on Wednesday, marking the first time the White House has weighed in formally on cryptocurrencies. The order recognized the popularity of cryptocurrencies and directed the U.S. Department of the Treasury and other federal agencies to coordinate their efforts to come up with a regulatory plan. “I