The Day the US Endorsed Cryptofinance (April 2022)

Foreword: METI Advisory wrote this report for SEBA Bank AG. The White House Executive Order on Ensuring Responsible Development of Digital Assets, issued on 9 March 2022, provides the US and global crypto industry with the long-awaited and well welcomed regulatory certainty. The US will promote a sustainable approach to crypto that ultimately aims to strengthen its leadership role in the global financial system. The US stakeholders involved in crypto in the US can now plan and operate based on a clear, top-down, federal regulatory direction - despite the details that are yet to be specified. This Order resolves the uncertain and volatile regulatory policy stance that has characterized the US crypto market to date. This continued uncertainty and policy vagueness has limited the overall adoption and growth of crypto industry in the US and created a gap to the clear stance taken by the major international standard setters and political bodies over time. Switzerland’s first-mover advantage and relative advantage of jurisdictions such as Singapore and, to a lesser extent, the EU are, of course, not compromised. Global cryptofinance will be incentivized by the regulatory policy clarity that has emerged in the US - the largest capital market globally.