Legacy Suite Says Biden Executive Order on Crypto Could Provide Blueprint for Industry’s Growth

Legacy Suite Says Biden Executive Order on Crypto Could Provide Blueprint for Industry’s Growth

President of digital asset management solution developer sees potential for policies to spur greater consumer and business adoption of cryptocurrencies and government investment in infrastructure.

President Biden recently signed an executive order establishing a national policy on digital assets, including cryptocurrencies. The order creates an opportunity for policies that, if designed properly, could promote wider adoption of cryptocurrencies by consumers or businesses, according to Gordon Bell, President of Legacy Suite, developers of a comprehensive digital asset management solution including a crypto wallet and monitoring. 

The executive order, signed March 9, recognizes the tremendous scope of digital assets, including cryptocurrencies. The market capitalization of cryptocurrencies is more than $1 trillion, and about 16% of Americans – approximately 40 million people – have invested in, traded, or used cryptocurrencies. 

Bell, a Harvard-educated financial analyst with three decades of experience in investment banking and portfolio management, sees the Biden Administration’s action as a potential boon for the digital asset field.  

“While government regulation can often hinder a business, in this case, we believe a supportive regulatory environment can play a significant role in inspiring the mass adoption of cryptocurrency, by providing a clear legal framework for its use and reducing its perceived risks,” Bell said.  

The executive order addresses multiple issues, several of them essential to the growth of digital assets. They include: 

  • Developing policies to protect consumers, investors and businesses.
  • Supporting technological advances and responsible development of digital assets, while prioritizing privacy and security and reducing climate impacts.
  • Promoting equitable access to safe and affordable financial services, with an approach to digital asset innovation that aids communities lacking access to financial services.

Bell cited the example of the regulation of security token issuances, or any issuances, as a means of providing investor protection and benefiting the crypto sector as a whole.  

“Taken as a whole, government regulations can help establish a sense of legitimacy and trust in the cryptocurrency market, providing a level of certainty and stability that is crucial for consumer acceptance,” he said. 

Bell hopes to see the executive order lead to measures designed to prevent fraud, protect consumers, and ensure that exchanges and other cryptocurrency-related businesses comply with anti-money laundering and know-your-customer regulations. 

However, Bell said the Biden policies should go beyond measures that inspire consumer confidence, to providing direct support to the cryptocurrency sector.

One powerful step would be government investment in blockchain technology, the underlying technology behind cryptocurrencies. “That would demonstrate a commitment to innovation and support the development of a robust and secure digital infrastructure,” Bell said. “In turn, that would encourage the private sector to develop more use cases for blockchain and cryptocurrencies, which can ultimately spur wider adoption.” 

Finally, government tax policies also can play a strong role in promoting widespread adoption of digital assets, Bell said. He suggested tax incentives, such as exemptions for certain types of cryptocurrency transactions from taxes, or tax breaks for businesses that use digital assets for payments, as tools to encourage transactions in digital assets. 

“Clearly, the Biden Administration recognizes the enormous potential benefits of digital assets, but also the potential risks to consumers from rapid growth with no oversight,” Bell said. “Having one unifying framework for the government’s cryptocurrency policies can inspire confidence in the market and facilitate the transition to a more decentralized, digital economy.”  

To learn more, visit legacysuite.com. 

About Legacy Suite 

Legacy Suite is a complete end-to-end solution providing first-class digital estate planning support, including wallet monitoring and crypto wallet. Legacy Suite is a secure solution for crypto self-custody and password management, which allows you to hold your own keys, set up directives, assign executors, and have peace of mind knowing that your digital assets will safely transfer to your next of kin. 

Contact Information:

Madeleine Moench

[email protected]

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Legacy Suite Says Biden Executive Order on Crypto Could Provide Blueprint for Industry’s Growth

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ProVeg Applauds States’ Actions to Promote Plant-Based Diets

ProVeg Applauds States’ Actions to Promote Plant-Based Diets

State procurement of climate-friendly food is vital to help reduce carbon emissions

Food awareness organization, ProVeg International, today welcomed actions taken by states across the US to promote plant-based diets and help tackle climate change. 

From New York to Illinois to California, state-level policies and legislation are being introduced to promote healthier diets, ensure greater inclusivity and reduce carbon emissions.

“We really welcome the action taken by certain states to push through measures that will shift consumption to more healthy, climate-friendly food,” Lana Weidgenant, ProVeg US policy and campaigns manager, said. “But we really want to see more states take this type of action to help the country meet climate change head-on at the dinner table.”

Plant-based foods emit half the amount of greenhouse gasses than animal-based foods, so measures that promote plant-based diets play a significant role in tackling climate change.

Examples of state-level action

In Illinois, the state amended the School Breakfast and Lunch Program Act to require schools, from August 2023, to provide a plant-based lunch to students when requested.

In California, the state legislature’s 2022-2023 budget provides $100 million to support, among other things, schools in procuring plant-based meals. In 2018, California already approved SB1138, which requires certain state-operated facilities to offer plant-based meals.

In New York, the state passed an Act in 2019 requiring hospitals and nursing homes to offer patients a plant-based food option. In 2022, New York City public schools introduced Plant-Powered Fridays to offer a plant-based dish on Fridays. 

In Connecticut last week, State Representative Mary Mushinsky sought to introduce language into House Bill 6397 to reduce greenhouse gas emissions from food and drink procured by the state by 25% by 2030. Sadly, the language was not adopted.

Federal level action

Action is also being taken at federal level to promote plant-based diets. The ADD SOY Act introduced into Congress last month requires children to have the option of drinking fortified soy milk in school. Fortified soy milk was recognized in the 2020 US Dietary Guidelines as being nutritionally equivalent to cow’s milk.

The bill seeks to support students with lactose intolerance, which is particularly prevalent among the Black, Latino, Native American and Asian-American population. In addition to this, an USDA report in 2019 calculated that the value of unopened, discarded milk came to $300 million annually.

“The ADD SOY Act is a great example of legislation that is inclusive, climate-friendly, helps prevent food waste, and saves tax dollars,” Weidgenant said. “We’re really hopeful that this piece of legislation passes and want to see more bills like this enter Congress,” she added. 

Opposition to plant-based diets

Meanwhile, the Dairy Pride Act was reintroduced into Congress last month seeking to stop plant-based food and drink from being labeled with conventional dairy names, such as “milk”. Also, the CURD Act was introduced only days ago, proposing bans related to cheese labeling.

Contact Information:

Peter Rixon

International PR Manager

[email protected]

Original Source:

ProVeg Applauds States’ Actions to Promote Plant-Based Diets

The post ProVeg Applauds States’ Actions to Promote Plant-Based Diets first appeared on Social Gov.

The Dissolution of Political Parties in Burma

The Dissolution of Political Parties in Burma

We strongly condemn the Burma military regime-controlled Union Election Commission’s decision to abolish 40 political parties, including the National League for Democracy (NLD). The people voted overwhelmingly to re-elect the NLD and other parties in November 2020 national elections. The military regime’s decision to dissolve the political parties shows its continued contempt for the popular […]

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