Crypto expert says Biden’s exec order 'seemingly disorganized’
Crypto Republic head warns Biden included ‘a lot of cooks in the kitchen’ under digital assets executive order
Republic Crypto head Andrew Durgee calls Biden’s plan to regulate digital assets a ‘mixed bag.’
More than one month after President Biden signed an executive order ensuring the responsible development of digital assets and cryptocurrencies, one market expert sounded the alarm on the "seemingly disorganized" effort.
"The executive order is kind of a mixed bag," Crypto Republic head Andrew Durgee told FOX Business’ Maria Bartiromo on Tuesday. "There's a number of good things and kind of bad things associated."
"But it is seemingly disorganized order from our opinion," he continued.
While Biden outlined a government approach to addressing the risks and benefits of cryptocurrencies, Durgee argued on "Mornings with Maria" that having too many agencies involved can create more regulatory confusion.
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"There's dozens of agencies involved in the executive order… and that's a lot of cooks in the kitchen at one time," Durgee said. "And that makes things very difficult to determine what are the right steps, the right moves."
Biden, in March, signed an executive order on government oversight of crypto. (Ting Shen/Bloomberg via Getty Images / Getty Images)
Durgee further explained how the Biden administration is in the crypto "fact-finding" stage.
"The reality is crypto touches a lot of things," he noted. "So they're trying to understand what are the positive or negative impacts for all of these different departments."
Durgee believes stablecoins, such as bitcoin and ethereum, could pose a challenge to traditional currencies.
"Stablecoins are going to be something that I think are going to be in the crossfire for a while as people really try to determine: Where do they sit? And in particular, what are the tax positions associated with stablecoins that are pegged to the U.S. dollar?"
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Republic Crypto head Andrew Durgee discusses the impact of major retailers accepting cryptocurrencies as a form of payment.
Bitcoin joined many of the major cryptocurrencies trading lower Monday as crypto executives and lobbyists in the U.S. – in the absence of federal regulations – are working with state lawmakers across the country to craft favorable legislation, a report said Monday.
"Understanding what the effect of the stablecoins are going to be on sovereign nations and their own capital markets is going to be really important," the Crypto Republic head added.
FOX Business Staff contributed to this report.