On March 9, President Joe Biden signed a wide-ranging executive order on cryptocurrency that will cover the entire industry.

“The order is good news for the U.S. crypto industry, which operates under the constant threat of impending regulatory sanctions,” said Pillsbury Finance partner Daniel Budofsky, who represents clients in the growing industry. “Due to the U.S.’s highly fragmented regulatory structure, many participants in the crypto economy have had to take on unknown legal risks because of the disorganized U.S. approach… While some highly aggressive actors may be frustrated by coming regulation, the potential for greater clarity and sure legal footing will speed the convergence of digital assets and traditional finance.”

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