Dan Gallagher, Robinhood’s chief legal officer, recently told Cheddar that the cryptocurrency industry “desperately” needs clarity.

Gallagher, a former commissioner at the U.S. Securities and Exchange Commission, also warned against overregulating the industry because it could stifle innovation.

He believes crypto is driving “huge” changes to the global financial infrastructure. Therefore, it needs a ‘sense’ regulatory regime.

Echoing prominent members of the cryptocurrency industry, Gallagher praised the White House executive order, saying it clearly shows crypto is here to stay.

The U.S. crypto regulatory plan aims to draw a fine line between promoting innovation and protecting investors. However, some point out that the report lacks clarity.

Gallagher said the United States must be a global leader in cryptocurrency innovation.

Earlier today, Novogratz also praised the Biden administration for legitimizing the cryptocurrency industry with EO.

Speaking of a digital dollar, he believes that the introduction of a central bank digital currency by the US Federal Reserve could speed up the settlement cycle for securities transactions.

Robinhood recently expanded its beta program for cryptocurrency wallets to a quarter of a million customers.

As reported by U.Today, Gallagher described the new feature as a “big event” for the company in early February. The company began rolling out cryptocurrency wallets in early 2022 for the first group of customers on its massive waiting list.

Despite the fact that Robinhood’s crypto revenue share fell in the fourth quarter of the previous year due to falling crypto prices, digital assets remain at the heart of the app’s business.