US Congressman Tom Emmer who is also known as a devout crypto proponent advocating crypto supremacy, took to Twitter to share an insightful analysis of Biden’s executive order signed Wednesday, that aims to regulate digital assets.
Emmer’s Insightful Breakdown Of Biden’s Executive Order
In a comprehensive Twitter thread, Emmer provided a deep analysis of Biden’s executive order, highlighting its core essentials and conditions, starting by how it was imperative and expected of the US government to emphasize and direct federal agencies to study and assess the risk factors associated with the digital asset industry.
Moreover, Emmer also underlined how Stablecoins, NFTs, Crypto, blockchain, and Tokenization have become essential in today’s world and require a strategic plan that can assist in fostering such tech innovations.
“Crypto, tokenization, blockchain, NFTs, smart contracts, & stablecoins are powering a more viable economic structure with individual autonomy. As a country, it’s imperative that we develop a strategy to foster this innovation”
He further added that according to him, the most vital part of the order was that it doesn’t ask “SEC to weigh in.”
“Most, fortunately, the EO doesn’t ask the SEC to weigh in. SEC Chair Gensler has spent the past year intimidating crypto innovators and entrepreneurs with his unproductive regulation by public statement and enforcement action. His input is not critical.”
Emmer also opined that the EO’s urgency on creating CBDCs that are not open or permissionless “would illuminate that the very idea is a nonstarter and a disservice to Americans.” Emmer is also known to oppose the development of CBDCs which he believes may violate the privacy of people.
In an interview with CoinDesk, Emmer had stated:
“By now people have to know that I am absolutely, adamantly opposed to the United States government or Federal Reserve, specifically, creating a central bank digital currency. If it’s permissionless and maintains the privacy of cash, I suppose that’s workable. But until you can prove that would work, I adamantly oppose one. The Federal Reserve should never be competing with private business.”