Body of Law:
When President Biden issued an extensive Executive Order on Digital Assets, many in the digital asset industry hoped that the Federal Government would develop and implement a more supportive approach to the industry - ideally by proposing a workable system of disclosure rules for the distribution of such assets and facilitating the development of digital asset infrastructure. That hope appeared somewhat over-optimistic as the Order did not provide any clear direction, with half of the Order announcing the President's intention for the U.S. to become the "global leader" in digital assets, and the other half denouncing the industry as one that grew by "largely defying existing laws and regulations."
To the extent that President Biden's message was heard by his administration, it was the part about defiance of laws. Since the publication of the Order, Senators Warren and Sherrod Brown, now joined by Senator Smith, the DOL, and SEC Chair Gensler (who substantially increased the size of the crypto enforcement staff), seem absolutely intent on shutting down the digital asset industry.
Participants in the industry had better believe that "what does not kill them will make them stronger," as the knives seem clearly out.
