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
- [Crowdfund Insider] Jeffrey Alberts, Co-Head of Pryor Cashman's Fintech Group, Comments on Digital Asset Executive Order
- [The White House] FACT SHEET: President Biden to Sign Executive Order on Ensuring Responsible Development of Digital Assets
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