ANALYSIS: Crypto Order Imposes ‘Interagency Process’ on Industry

The Biden Administration’s Executive Order on Ensuring Responsible Development of Digital Assets has received mostly positive reviews since its release on March 9. Although considered by many to be vague and short on clarity, leading figures in the crypto sector have praised it for inaugurating a whole-of-government approach to crypto and taking a major step forward in creating a coherent U.S. approach to digital assets.

These early responses have largely overlooked the three most meaningful words in the executive order, literally short but long in real-world burdens: “the interagency process.” The process is more complicated than anyone involved in ...