Bitcoin And The Dark Side Of The Biden Executive Order Today

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Let me give it to you straight. No one I spoke with from Washington or in the political space was expecting the Biden executive order (EO) to ban Bitcoin or proof-of-work mining. There was nearly zero expectation that President Joe Biden would take any specific action against the cryptocurrency space. From my perspective, it was pre-programmed for the EO to “order studies” and avoid any directives. I had been expecting this for weeks leading up to its release, along with many others I know.

Regarding the response by those in the industry, I appreciate others taking the time to point out the positives that we saw in the Biden EO and the general posture of the current administration. The greater focus to bring regulatory clarity is welcomed and we should celebrate the fact that Biden is not banning Bitcoin or taking decisive action against any part of the industry. As I understand, many were worried about this as a possible outcome. That being said, there are two critical components to this EO that leave me with a significant amount of concern moving forward.