In it, he compares bitcoin to the internet, and warns that the US is falling behind Europe and others in being permissive toward innovation:
When the internet was being developed, an effort and initiative by the Clinton administration to ensure that the fledgling idea would not be overly regulated was put in place — the 1997 Framework for Global Electronic Commerce. The point: to ensure laws and regulation would not negatively impact innovation. Current CFTC Commissioner Chris Giancarlo recently (and rightly) called for such protection for digital currency. President Obama should heed the call.
To make matters more complicated, many regulations in the U.S. are actually state-level guidelines as they relate to what are termed "money transmitters." Without some proactive step(s), such as a self-regulatory organization (SRO) and/or word from on high by the president, the U.S. could lose out on what are potentially enormous economic benefits.
His final paragraph is unambiguous in its support for paving the way for bitcoin and cryptocurrency in general:
There is a huge opportunity that can be tapped into if U.S. government officials and industry thought-leaders establish an appropriate balance between basic consumer protection regulation and an openness which not only permits, but fosters and promotes, innovation. We did it with the internet — and we need to do it now with virtual currencies like bitcoin.