Joseph Stafford is a partner in the law firm of Wilson Elser and advises customers in the practice areas of Intellectual Property, Regulatory Compliance and Corporate/D&O Risk Management.

By signing an executive order (EO) on cryptocurrencies, President Biden has signaled his openness to the potentially positive impact of the technology. This is a significant and encouraging development for an asset class (digital assets) that recently surpassed a $3 trillion market cap. If there were ever fears of a widespread international or US-led crackdown on bitcoin, those appear to have disappeared and the United States appears to have announced its intention to take international leadership in this area. However, it would be naïve to suggest that EO will result in a more relaxed legal or regulatory scrutiny.

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