Tom Emmer, the U.S. Representative and Chair of the Blockchain Caucus, said President Joe Biden’s executive order fails to mention decentralization directives even once. Emmer believes in the disintermediation of the U.S. economy to enable all Americans, regardless of circumstance, to decide their futures, not a bank or Big Tech or the government.
Tom Emmer’s Review Of The Executive Order
As per the review by Emmer, the “Executive Order on Ensuring Responsible Development of Digital Assets” signed by U.S. President Joe Biden directs various federal agencies to study the benefits and risks of digital assets to the U.S. economy. Also, the agencies will be tasked to study global competitiveness and provide legislative recommendations.
However, the Executive Order fails to mention decentralization even once. In order to improve trust and boost innovation, reducing intermediaries in the U.S. economy is crucial as the country has a national interest in fostering digital asset innovation.
1) Decentralization is the Point: The EO doesn’t mention decentralization once. The disintermediation of our economy will enable all Americans, regardless of circumstance, to decide their futures, not a bank or Big Tech or the government.
— Tom Emmer (@RepTomEmmer) March 10, 2022
The bipartisan Blockchain Caucus, co-chaired by Tom Emmer, has been advancing a pro-crypto legislative and oversight agenda for the past 8 years.
Moreover, he believes crypto, tokenization, blockchain, NFTs, smart contracts, and stablecoins are powering a more viable economic structure with individual autonomy. As a country, it’s crucial developing a strategy to boost innovation in crypto and blockchain technologies.
Highlighting other aspects of the Executive Order (EO), Emmer said:
“The EO places the “highest urgency” on the agencies to study CBDCs. Any commonsense analysis of a potential U.S. CBDC that is not open, permissionless, and private would illuminate that the very idea is an entire non-starter and a disservice to Americans.”
“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.”
The rest of the EO focuses on consumer protection, systemic risks, global competitiveness, international standards, and placing guardrails on code to make sure it’s resilient. The U.S. Representative agreed on the importance of bipartisanship for keeping the crypto community in the U.S., continuing American leadership in technology and innovation.
“Overall, it’s critical to maintain tech and economic leadership on the global stage, and I look forward to continuing to work to find bipartisan solutions to keep our great crypto community right here in the United States.”
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