{"id":12614,"date":"2022-06-04T15:16:50","date_gmt":"2022-06-04T15:16:50","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/cryptos-emergence-as-a-geopolitical-force-by-coinbase\/"},"modified":"2022-06-04T15:16:50","modified_gmt":"2022-06-04T15:16:50","slug":"cryptos-emergence-as-a-geopolitical-force-by-coinbase","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/cryptos-emergence-as-a-geopolitical-force-by-coinbase\/","title":{"rendered":"Crypto\u2019s emergence as a geopolitical force | by Coinbase"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin in The Coinbase Blog on Medium )<\/b><br \/>\n<\/p>\n<div>\n<p><h2 id=\"fe55\" class=\"pw-subtitle-paragraph kf jh ji bn b kg kh ki kj kk kl km kn ko kp kq kr ks kt ku kv kw co\"><em class=\"kx\">Examining crypto\u2019s usage in Ukraine, sanctions, and the Biden Executive Order<\/em><\/h2>\n<\/p>\n<figure class=\"kz la lb lc gz ld gn go paragraph-image\">\n<div role=\"button\" tabindex=\"0\" class=\"le lf dq lg cf lh\">\n<div class=\"gn go ky\"><\/div>\n<\/div>\n<\/figure>\n<p id=\"9a11\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\"><a class=\"au mg\" href=\"https:\/\/blog.coinbase.com\/aroundtheblock\/home\" rel=\"noopener ugc nofollow\" target=\"_blank\"><em class=\"mh\">Around the Block<\/em><\/a><em class=\"mh\"> from Coinbase Ventures sheds light on key trends in crypto. Written by <\/em><a class=\"au mg\" href=\"https:\/\/twitter.com\/Cdempsey44\" rel=\"noopener ugc nofollow\" target=\"_blank\"><strong class=\"lm jj\"><em class=\"mh\">Connor Dempsey<\/em><\/strong><\/a><\/p>\n<\/div>\n<div>\n<p id=\"f954\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">There\u2019s a gravitational shift taking place within our industry. Since Russia\u2019s shocking invasion of Ukraine, crypto has been:<\/p>\n<ul class=\"\">\n<li id=\"4f9a\" class=\"mp mq ji lm b ln lo lq lr lt mr lx ms mb mt mf mu mv mw mx gc\">used to <a class=\"au mg\" href=\"https:\/\/www.youtube.com\/watch?v=SUmN3N3geVI\" rel=\"noopener ugc nofollow\" target=\"_blank\">crowdfund tens of millions<\/a> for the Ukrainian defense<\/li>\n<li id=\"ba46\" class=\"mp mq ji lm b ln my lq mz lt na lx nb mb nc mf mu mv mw mx gc\">incorrectly speculated as a viable avenue for the Russian government to evade sanctions<\/li>\n<li id=\"1fc0\" class=\"mp mq ji lm b ln my lq mz lt na lx nb mb nc mf mu mv mw mx gc\">the focus of a historic Executive Order put forward by the Biden administration<\/li>\n<\/ul>\n<p id=\"20c2\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">At this point, one thing is clear: this technology is a major emerging force in the geopolitical landscape. In this edition of Around The Block, we examine crypto in a geopolitical context, along with the difficult questions the world is asking.<\/p>\n<h2 id=\"6bac\" class=\"nd ne ji bn nf ng nh ni nj nk nl nm nn lt no np nq lx nr ns nt mb nu nv nw nx gc\"><strong class=\"ba\">An email address for money<\/strong><\/h2>\n<p id=\"6aed\" class=\"pw-post-body-paragraph lk ll ji lm b ln ny kj lp lq nz km ls lt oa lv lw lx ob lz ma mb oc md me mf jb gc\">In the aftermath of Russia\u2019s attack on Ukraine, crypto\u2019s power for coordinating economic activity was put on full display once the official Ukrainian twitter account tweeted out a plea for aid, accompanied with two long strings of letters and digits.<\/p>\n<figure class=\"kz la lb lc gz ld gn go paragraph-image\">\n<div role=\"button\" tabindex=\"0\" class=\"le lf dq lg cf lh\">\n<div class=\"gn go od\"><img alt=\"\" class=\"cf li lj\" src=\"https:\/\/miro.medium.com\/max\/1400\/0*vJVjx_bzWx43iYe6\" width=\"700\" height=\"485\" loading=\"lazy\" role=\"presentation\"\/><\/div>\n<\/div>\n<\/figure>\n<p id=\"38d8\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">These long strings of characters were the Bitcoin and Ethereum addresses of the Ukrainian government, and the tweet represents the first time a nation state has ever sought aid directly in crypto. At a time when the Ukrainian government and banking sites were being <a class=\"au mg\" href=\"https:\/\/www.cnbc.com\/2022\/02\/23\/cyberattack-hits-ukrainian-banks-and-government-websites.html\" rel=\"noopener ugc nofollow\" target=\"_blank\">flooded with DDoS (denial of service) attacks<\/a>, and crowdfunding platforms were <a class=\"au mg\" href=\"https:\/\/blog.patreon.com\/on-the-removal-of-come-back-alive\" rel=\"noopener ugc nofollow\" target=\"_blank\">deplatforming<\/a> organizations raising aid for Ukraine, the utility of permissionless, borderless networks for sending money was vividly illustrated.<\/p>\n<p id=\"0932\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">At this time of writing, the Ukrainian government has collected over $50M in Bitcoin, ETH, ERC-20 stablecoins, and in other assets like DOT, DAI, and even Dogecoin.<\/p>\n<figure class=\"kz la lb lc gz ld gn go paragraph-image\">\n<div role=\"button\" tabindex=\"0\" class=\"le lf dq lg cf lh\">\n<div class=\"gn go oe\"><img alt=\"\" class=\"cf li lj\" src=\"https:\/\/miro.medium.com\/max\/1400\/1*Odx755kGofHDkNPBTGR72g.png\" width=\"700\" height=\"475\" loading=\"lazy\" role=\"presentation\"\/><\/div>\n<\/div>\n<\/figure>\n<p id=\"d6b1\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">The Ukrainian government has said that it has been using the funds to buy military supplies including bullet-proof vests, drones, gasoline, and night vision goggles. What\u2019s more interesting is that <a class=\"au mg\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-04\/ukraine-spends-15-million-of-crypto-donations-on-military-gear?sref=NpFHg3Ue\" rel=\"noopener ugc nofollow\" target=\"_blank\">40% of suppliers<\/a> have accepted payment in crypto.<\/p>\n<p id=\"ef09\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">Many have pointed out the oddity of private citizens from around the world essentially crowdfunding a war effort. Yet another sign of just how unprecedented all of this is.<\/p>\n<h2 id=\"ae2c\" class=\"nd ne ji bn nf ng nh ni nj nk nl nm nn lt no np nq lx nr ns nt mb nu nv nw nx gc\"><strong class=\"ba\">NFTs enter the fold<\/strong><\/h2>\n<p id=\"6b21\" class=\"pw-post-body-paragraph lk ll ji lm b ln ny kj lp lq nz km ls lt oa lv lw lx ob lz ma mb oc md me mf jb gc\">Fungible crypto assets weren\u2019t the only donations to pour into the Ukrainian government\u2019s crypto wallet. <a class=\"au mg\" rel=\"noopener ugc nofollow\" target=\"_blank\" href=\"https:\/\/blog.coinbase.com\/the-coinbase-ventures-guide-to-nfts-db1ad58b4e0d\">NFT<\/a> enthusiasts also answered the call, donating <a class=\"au mg\" href=\"https:\/\/rainbow.me\/0x165CD37b4C644C2921454429E7F9358d18A45e14\" rel=\"noopener ugc nofollow\" target=\"_blank\">over 200<\/a> pieces of digital art work and even ENS addresses. Most notably, a rare CryptoPunk worth an estimated $200,000 was donated.<\/p>\n<figure class=\"kz la lb lc gz ld gn go paragraph-image\">\n<div class=\"gn go of\"><img alt=\"\" class=\"cf li lj\" src=\"https:\/\/miro.medium.com\/max\/672\/0*Bw5h3LOrO-tNcvxt\" width=\"336\" height=\"336\" loading=\"lazy\" role=\"presentation\"\/><\/div>\n<\/figure>\n<p id=\"803d\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">What\u2019s interesting is that since the ownership provenance of the CryptoPunk will forever be associated with the defense of Ukraine, this added historical significance could raise its value over the long term.<\/p>\n<p id=\"dfe0\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">The NFT aid didn\u2019t stop there, as they were also combined with another crypto primitive to support the defense of Ukraine: <a class=\"au mg\" rel=\"noopener ugc nofollow\" target=\"_blank\" href=\"https:\/\/blog.coinbase.com\/daos-social-networks-that-can-rewire-the-world-128b73732547\">DAOs<\/a>.<\/p>\n<h2 id=\"ff77\" class=\"nd ne ji bn nf ng nh ni nj nk nl nm nn lt no np nq lx nr ns nt mb nu nv nw nx gc\"><strong class=\"ba\">UkraineDAO<\/strong><\/h2>\n<p id=\"97ca\" class=\"pw-post-body-paragraph lk ll ji lm b ln ny kj lp lq nz km ls lt oa lv lw lx ob lz ma mb oc md me mf jb gc\"><a class=\"au mg\" rel=\"noopener ugc nofollow\" target=\"_blank\" href=\"https:\/\/blog.coinbase.com\/daos-social-networks-that-can-rewire-the-world-128b73732547\">Decentralized autonomous organizations<\/a> were cast into the limelight last year after ConstitutionDAO crowdsourced $40M in under a week in a bid to buy one of the original copies of the US Constitution. While the bid ultimately failed, it underscored the power that these <a class=\"au mg\" href=\"https:\/\/www.youtube.com\/watch?v=iKBn7uxLyug&amp;t=79s\" rel=\"noopener ugc nofollow\" target=\"_blank\">software enabled organizations<\/a> have for coordinating economic activity at the speed of the internet.<\/p>\n<p id=\"d074\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">After a Ukrainian NGO (non-government organization) supporting the war effort called <a class=\"au mg\" href=\"https:\/\/www.comebackalive.in.ua\/\" rel=\"noopener ugc nofollow\" target=\"_blank\">Come Back Alive<\/a> was <a class=\"au mg\" href=\"https:\/\/blog.patreon.com\/on-the-removal-of-come-back-alive\" rel=\"noopener ugc nofollow\" target=\"_blank\">de-platformed<\/a> from crowdfunding platform Patreon for supporting military activity, they also <a class=\"au mg\" href=\"https:\/\/twitter.com\/BackAndAlive\/status\/1499422738024386569?s=20&amp;t=x51Es5BIMvMf_HJsFKVnHw\" rel=\"noopener ugc nofollow\" target=\"_blank\">turned to crypto<\/a>. Shortly thereafter, <a class=\"au mg\" href=\"https:\/\/www.ukrainedao.love\/\" rel=\"noopener ugc nofollow\" target=\"_blank\">UkraineDAO<\/a> was created to help support this NGO.<\/p>\n<p id=\"a72d\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">The DAO minted a 1:1 NFT of the Ukrainian flag and put it up on <a class=\"au mg\" href=\"https:\/\/www.partybid.app\/\" rel=\"noopener ugc nofollow\" target=\"_blank\">PartyBid<\/a>, which allows groups to pool funds to buy NFTs. In essence, the DAO created its own NFT, crowdsourced as much money as they could to buy it from themselves and then donated the proceeds to Come Back Alive. All told, they raised $6.7M. They also distributed commemorative \u201cvalueless\u201d tokens called LOVE to those who donated.<\/p>\n<figure class=\"kz la lb lc gz ld gn go paragraph-image\">\n<div class=\"gn go og\"><img alt=\"\" class=\"cf li lj\" src=\"https:\/\/miro.medium.com\/max\/1224\/0*x6gqyT5Sc-4wJDVR\" width=\"612\" height=\"408\" loading=\"lazy\" role=\"presentation\"\/><\/div>\n<\/figure>\n<h2 id=\"a9d5\" class=\"nd ne ji bn nf ng nh ni nj nk nl nm nn lt no np nq lx nr ns nt mb nu nv nw nx gc\"><strong class=\"ba\">Crypto on the main stage<\/strong><\/h2>\n<p id=\"f029\" class=\"pw-post-body-paragraph lk ll ji lm b ln ny kj lp lq nz km ls lt oa lv lw lx ob lz ma mb oc md me mf jb gc\">Between the Ukrainian government and various NGOs, over $80M and counting in aid has been raised. While in the grand scheme of things this amount is a nominal sum not likely to turn the tides of war, it\u2019s also far from insignificant. The sum represents over 20% of the $350M pledged by the Biden administration and is a powerful display of the promise that decentralized, borderless money holds.<\/p>\n<figure class=\"kz la lb lc gz ld gn go paragraph-image\">\n<div role=\"button\" tabindex=\"0\" class=\"le lf dq lg cf lh\">\n<div class=\"gn go oe\"><img alt=\"\" class=\"cf li lj\" src=\"https:\/\/miro.medium.com\/max\/1400\/1*XWk_PtkQZ84KvG8C6PekvQ.png\" width=\"700\" height=\"475\" loading=\"lazy\" role=\"presentation\"\/><\/div>\n<\/div>\n<\/figure>\n<p id=\"beff\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\"><a class=\"au mg\" href=\"https:\/\/aml.slowmist.com\/cases\/ukraine_crypto_donations_statistics_2022\/\" rel=\"noopener ugc nofollow\" target=\"_blank\">Slowmist<\/a>, where we\u2019re pulling this data, also noted that when you factor in other organizations and cryptocurrencies they\u2019re not tracking, the full figure is likely <a class=\"au mg\" href=\"https:\/\/twitter.com\/SlowMist_Team\/status\/1502216230723547136?s=20&amp;t=2h_M2zu8oPIMK9g0a2RxMw\" rel=\"noopener ugc nofollow\" target=\"_blank\">over $100M<\/a>. The Giving Block, for example, raised over $2.3M in crypto donations for <a class=\"au mg\" href=\"https:\/\/thegivingblock.com\/campaigns\/ukraine-emergency-response-fund\/\" rel=\"noopener ugc nofollow\" target=\"_blank\">over 20 non-profits<\/a> supporting Ukrainian relief.<\/p>\n<p id=\"7522\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">Beyond support of the Ukrainian government and organizations, crypto has also proven useful for individual Ukrainians affected by the crisis. One Ukrainian who fled to Kazakhstan reported that he lost access to his savings and that his credit cards were no longer functioning, leaving crypto as his only financial life raft: yet another example of the utility of permissionless finance.<\/p>\n<figure class=\"kz la lb lc gz ld gn go paragraph-image\">\n<div role=\"button\" tabindex=\"0\" class=\"le lf dq lg cf lh\">\n<div class=\"gn go oh\"><img alt=\"\" class=\"cf li lj\" src=\"https:\/\/miro.medium.com\/max\/1400\/0*vEIW65u8Z9C_Xw6A\" width=\"700\" height=\"406\" loading=\"lazy\" role=\"presentation\"\/><\/div>\n<\/div>\n<\/figure>\n<p id=\"f31b\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">At their core, Bitcoin, Ethereum, and the like are neutral technologies that anyone with an internet connection can use. While we celebrate the use of these neutral technologies to help a nation defend itself against a foreign invader and as a lifeline for refugees, it also begs the question: what about their use by those on the other side of the conflict? Principally, the Russian government.<\/p>\n<h2 id=\"5ff5\" class=\"nd ne ji bn nf ng nh ni nj nk nl nm nn lt no np nq lx nr ns nt mb nu nv nw nx gc\"><strong class=\"ba\">The burning question<\/strong><\/h2>\n<p id=\"5f28\" class=\"pw-post-body-paragraph lk ll ji lm b ln ny kj lp lq nz km ls lt oa lv lw lx ob lz ma mb oc md me mf jb gc\">Western governments responded to Russian aggression with unprecedented sanctions against the Russian government. This coincided with widespread <a class=\"au mg\" href=\"https:\/\/twitter.com\/SenWarren\/status\/1498376453280391178?s=20&amp;t=c8OSgiu41GIGPSf7oe0xng\" rel=\"noopener ugc nofollow\" target=\"_blank\">narratives<\/a> surrounding the potential for cryptocurrencies to be used to circumvent those very sanctions.<\/p>\n<figure class=\"kz la lb lc gz ld gn go paragraph-image\">\n<div role=\"button\" tabindex=\"0\" class=\"le lf dq lg cf lh\">\n<div class=\"gn go oi\"><img alt=\"\" class=\"cf li lj\" src=\"https:\/\/miro.medium.com\/max\/1400\/0*sFNoxkkyWklceqfy\" width=\"700\" height=\"791\" loading=\"lazy\" role=\"presentation\"\/><\/div>\n<\/div>\n<\/figure>\n<p id=\"de9d\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">Before we examine the fact or fiction behind these claims, it helps to understand what these sanctions entail.<\/p>\n<h2 id=\"af97\" class=\"nd ne ji bn nf ng nh ni nj nk nl nm nn lt no np nq lx nr ns nt mb nu nv nw nx gc\"><strong class=\"ba\">Russian sanctions<\/strong><\/h2>\n<p id=\"091b\" class=\"pw-post-body-paragraph lk ll ji lm b ln ny kj lp lq nz km ls lt oa lv lw lx ob lz ma mb oc md me mf jb gc\">Since Russia invaded Ukraine, governments around the world, including the U.S., have imposed sanctions targeting the Central Bank of Russia, major Russian commercial banks and companies, Vladimir Putin, Russian elites, among others. In aggregate, these sanctions cut targeted individuals and entities off from international banking and in many instances, freezes their assets.<\/p>\n<p id=\"ea16\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">Among the most substantial sanctions imposed was kicking major Russian banks out of SWIFT, which is the financial network used by over 11,000 banks and institutions to move trillions of dollars across borders. This severely limits Russia\u2019s ability to receive payments for oil and gas: their main export. For context, when Iranian banks were banned from SWIFT in 2012, and sanctions were imposed on Iranian oil purchasers, Iran lost nearly half of its oil export revenue and 30% of its foreign trade.<\/p>\n<p id=\"8024\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">The most drastic sanction is from the US, UK, and EU banning transactions with the Russian Central Bank. The Russian Central Bank holds roughly $630B in the form of the world\u2019s major reserve currencies \u2014 the dollar, euro, pound, yuan \u2014 as well as 2,300 tons of gold. With this sanction, Russia suddenly has no one to sell its reserves to, rendering its entire stockpile useless.<\/p>\n<h2 id=\"153e\" class=\"nd ne ji bn nf ng nh ni nj nk nl nm nn lt no np nq lx nr ns nt mb nu nv nw nx gc\"><strong class=\"ba\">Is crypto their answer?<\/strong><\/h2>\n<p id=\"dd61\" class=\"pw-post-body-paragraph lk ll ji lm b ln ny kj lp lq nz km ls lt oa lv lw lx ob lz ma mb oc md me mf jb gc\">We\u2019ve seen public speculation on how crypto could be used to evade those sanctions. However, that speculation has been unfounded as the crypto market is simply not large enough to help Russia meaningfully circumvent them.<\/p>\n<p id=\"b998\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">Consider the Russian Central Bank\u2019s $630B in immobilized assets. That\u2019s 80% of Bitcoin\u2019s market cap and larger than the rest of the crypto market put together. Converting that much fiat into crypto would take 5\u201310x the total daily traded volume of all digital assets, so the liquidity just isn\u2019t there.<\/p>\n<p id=\"46b3\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">Additionally, as our Chief Legal Officer previously <a class=\"au mg\" rel=\"noopener ugc nofollow\" target=\"_blank\" href=\"https:\/\/blog.coinbase.com\/using-crypto-tech-to-promote-sanctions-compliance-8a17b1dabd68\">pointed out<\/a>, trying to obscure large transactions using open and transparent crypto technology would be far more difficult than other established methods (e.g., using fiat, art, gold, or other assets).<\/p>\n<h2 id=\"256f\" class=\"nd ne ji bn nf ng nh ni nj nk nl nm nn lt no np nq lx nr ns nt mb nu nv nw nx gc\"><strong class=\"ba\">The Biden Executive Order<\/strong><\/h2>\n<p id=\"95ab\" class=\"pw-post-body-paragraph lk ll ji lm b ln ny kj lp lq nz km ls lt oa lv lw lx ob lz ma mb oc md me mf jb gc\">As crypto played a significant role in the defense of Ukraine, it was also cast into the fore of the American political system. Late last week, the Biden Administration published its long awaited Executive Order on digital asset regulation.<\/p>\n<figure class=\"kz la lb lc gz ld gn go paragraph-image\">\n<div role=\"button\" tabindex=\"0\" class=\"le lf dq lg cf lh\">\n<div class=\"gn go oj\"><img alt=\"\" class=\"cf li lj\" src=\"https:\/\/miro.medium.com\/max\/1400\/0*__q037s73FM5jKGq\" width=\"700\" height=\"386\" loading=\"lazy\" role=\"presentation\"\/><\/div>\n<\/div>\n<\/figure>\n<p id=\"d168\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">The Executive Order simply directed federal agencies to study the benefits and risks of digital assets, as opposed to putting any immediate legislation into action. On one hand, many were pleasantly surprised with the optimistic tone of the EO, as it acknowledged crypto and Web3 technologies as critical for the future of U.S. national economic competitiveness. On the other, the report focused more on the potential risks of crypto rather than its societal benefits.<\/p>\n<p id=\"133c\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">The EO calls on a total of 23 federal government agencies, organizations, and White House Offices to assemble huge reports on the risks stemming from crypto. This outsized focus on risk, when compared to past EOs, has caused some people to worry that the Biden Administration doesn\u2019t fully recognize the power and potential of digital assets, even as that power is being plainly demonstrated on the world stage.<\/p>\n<p id=\"60e1\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">While the EO may have felt like a milestone, it is ultimately the start of a long road ahead. One in which the whole of the US government will finally seek to fully understand the importance of this technology. It is critical that the government fully explores not only the risks, but also the benefits that digital assets bring, with enough transparency to allow the public to weigh-in on a federal approach to regulation.<\/p>\n<p id=\"71d5\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\">Ultimately, this presents a tremendous opportunity for the industry to engage with regulators about how to best embrace the transformational nature of crypto and Web3 technologies.<\/p>\n<h2 id=\"c6ef\" class=\"nd ne ji bn nf ng nh ni nj nk nl nm nn lt no np nq lx nr ns nt mb nu nv nw nx gc\"><strong class=\"ba\">Closing thought<\/strong><\/h2>\n<p id=\"63a0\" class=\"pw-post-body-paragraph lk ll ji lm b ln ny kj lp lq nz km ls lt oa lv lw lx ob lz ma mb oc md me mf jb gc\">To sum it all up, regardless of how you feel about crypto\u2019s application in funding a war effort or the increased attention it\u2019s receiving from the most powerful government in the world, it\u2019s apparent that we\u2019ve entered uncharted territory: this next phase of crypto adoption will look drastically different from the last.<\/p>\n<p id=\"31fe\" class=\"pw-post-body-paragraph lk ll ji lm b ln lo kj lp lq lr km ls lt lu lv lw lx ly lz ma mb mc md me mf jb gc\"><strong class=\"lm jj\">ATB Podcast: Crypto\u2019s Role in the Ukraine Crisis with Elliptic\u2019s Dr. Tom Robinson<\/strong><\/p>\n<figure class=\"kz la lb lc gz ld\"\/><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/blog.coinbase.com\/cryptos-emergence-as-a-geopolitical-force-30f29d62e562?source=rss----c114225aeaf7--bitcoin\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin in The Coinbase Blog on Medium ) Examining crypto\u2019s usage in Ukraine, sanctions, and the Biden Executive Order Around the Block from Coinbase Ventures sheds light on key trends in crypto. Written by Connor Dempsey There\u2019s a gravitational shift taking place within our industry. Since Russia\u2019s shocking invasion of Ukraine, [&hellip;]<\/p>\n","protected":false},"author":20,"featured_media":12615,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/12614"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=12614"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/12614\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/12615"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=12614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=12614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=12614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}