On March 9, President Joseph Biden signed an executive order on ensuring responsible development of digital assets. While it was widely praised by the crypto community, the replacement of the word “innovation” with “development” created some perplexity among the industry. Speaking with Protocol, partner Michael Philipp commented, “’Innovation’ is often a word used by industry to say we should promote technological innovation. It's a public-policy good.” He added, “'Development' is maybe a more neutral term but in many ways acknowledges that the thing being developed is worthwhile and has merits.”