Biden is Coming After Crypto Now, Will Sign Executive Order Seeking Regulation and Protections
I’ve been a crypto skeptic since the beginning. Aside from thinking the entire thing is a Ponzi scheme, I knew it was only a matter of time before the government stepped in. And low and behold, Biden’s White House is now stepping in, as he’s poised to sign an executive order that might just signal the death of crypto as we know it.
The White House published a fact sheet this morning, outlining in general terms the goals of the executive order and the government groups and activities it births. Among the goals are:
- Protect U.S. Consumers, Investors, and Businesses
- Protect U.S. and Global Financial Stability and Mitigate Systemic Risk
- Mitigate the Illicit Finance and National Security Risks Posed by the Illicit Use of Digital Assets
- Promote U.S. Leadership in Technology and Economic Competitiveness to Reinforce U.S. Leadership in the Global Financial System
- Promote Equitable Access to Safe and Affordable Financial Services
- Support Technological Advances and Ensure Responsible Development and Use of Digital Assets
- Explore a U.S. Central Bank Digital Currency (CBDC)
Absolutely none of this bodes well for crypto as it currently functions. The draw of cryptocurrencies is their decentralized nature. Governments do not control the value of a Bitcoin. That’s controlled by the faith and buy-in of those investing in Bitcoin, and the same works for all other digital currencies. The push for regulation and government protections in cryptocurrencies destroys that selling point.
Furthermore, the actions necessary to effectively police the illicit use of crypto is basically a government takeover of the entire system.
In a piece written over at CoinDesk quotes an administration official who decries the “insufficiency of international implementation of anti-money laundering networks and frameworks with digital assets,” identifying the issue in “the fact that cryptocurrencies were not designed with tools like identity screening or the ability to block transactions implemented.”
If this were all the government wanted to do, it would be enough to destroy the entire crypto industry. Imagine the U.S. government has the ability to freeze your crypto wallets because you’ve done something they don’t like.
“Well, our government wouldn’t do that!”
Really? I’m sure everyone in Canada felt the same way right up until their government did just that.
But the U.S. government is going even further, investigating and researching the benefits of issuing a digital currency from the central bank, the value for which would be linked to that of the U.S. dollar. This currency would also work within a “cross-border system” with other countries’ digital currencies, effectively creating a digital global system.
I’m not an investor in crypto nor do I plan to be, especially with this kind of overbearing government intrusion into the system. Since this plan was prematurely known in a leaked announcement from Treasury Secretary Janet Yellen, crypto markets have seen some gains, but if I were a betting man, I’d bet those markets start to sink the moment the government goes whole hog on their plans.
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