But rather than banning cypto Joe Biden administration gave it some real recognition that is worth celebrating. Instead of becoming a problem to Bitcoin, Joe Biden became a solution, as he has ordered federal agencies to dig into many of the problems that crypto created as it became more mainstream, including its role in money laundering and terrorist groups.
This executive order signals that at the very least, Biden thinks crypto is a serious and important part of the US economy that have some potential. Hence, he mandated the US financial regulators to update and expand their scope to address cryptocurrency by studying crypto.
This executive order signals that at the very least, Biden thinks crypto is a serious and important part of the US economy that have some potential. Hence, he mandated the US financial regulators to update and expand their scope to address cryptocurrency by studying crypto.
Remember when the U.S. government said they were invading Iraq because they wanted to keep Americans safe from terrorism and WMD's? Or when they began mass surveillance warrantless and without due process, all under the name of safety post 9/11? No, you should not trust that the U.S. government acts in good faith when they tell you that they're just keeping you safe. It's an easy sell to someone that hasn't been involved in these matters, simply convincing them that the measures the government is taking is done with the citizen in mind. Hardly ever is the case, usually is just a power grab.
The executive order essentially paves the way to overregulation and high taxation. It shouldn't come as any surprise that this executive order aligns so closely with abysmal inflation reports coming out of the U.S., the most recent indicating a 40 year high.
