In the U.S., we will likely see a continued and strengthened differentiation between different categories of digital assets. The Biden Administration’s executive order (EO) on “cryptoassets” published in March made it clear that crypto is “here to stay,” with many federal agencies publishing subsequent detailed responses. The concept of a “digital dollar” received support in these reports, though there was substantial skepticism with respect to broader blockchain-based assets. However, these responses didn’t cover the detailed policy interventions that some had feared, such as banning certain crypto assets or requiring crypto providers to be banks.
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