Biden's anemic crypto framework offered nothing new
The cryptocurrency industry needs substantial proposals that aim to do more than just mitigate potential harm. The Biden administration cadre failed to recognize the benefits of crypto.
Opinion
The long-awaited cryptocurrency regulatory framework released by President Joe Biden's Treasury Department this month attempted to outline a blueprint for managing the burgeoning crypto industry. Unfortunately, the departmental evaluation failed to embody more substance than a simple mission statement.
While the Biden administration appears to be taking a “whole-of-government approach” to overseeing the decentralized finance (DeFi) industry and its ripple effects on the mainstream economy, it is primarily focused on defending against events. negatives - such as crime - and not facilitating positive events, such as the wealth-building opportunities that crypto offers Americans excluded from the traditional big banking system.
The new framework followed Biden's executive order in March, titled "Ensure Responsible Development of Digital Assets." Officials have primarily focused on prosecuting money launderers and Ponzi schemers in all jurisdictions. This may come as no surprise, given that it was developed as the crypto dominoes were falling in the summer months. These included the collapse of Terraform Labs, which led to an Interpol arrest warrant for its founder, Do Kwon; the bankruptcy of Celsius Network; and the collapse of crypto prices.
Nevertheless, these events served the healthy purpose of shaking off bad actors who were in crypto for criminal or self-serving purposes. An effective set of crypto-related laws that prevent illicit activities and promote peer-to-peer financial transactions would do wonders for the public image of crypto. The Biden framework, which is more reactive than proactive, fails to do so.
Related:
The cryptocurrency industry needs substantial proposals that aim to do more than just mitigate potential harm. The Biden administration cadre failed to recognize the benefits of crypto.
Opinion
The long-awaited cryptocurrency regulatory framework released by President Joe Biden's Treasury Department this month attempted to outline a blueprint for managing the burgeoning crypto industry. Unfortunately, the departmental evaluation failed to embody more substance than a simple mission statement.
While the Biden administration appears to be taking a “whole-of-government approach” to overseeing the decentralized finance (DeFi) industry and its ripple effects on the mainstream economy, it is primarily focused on defending against events. negatives - such as crime - and not facilitating positive events, such as the wealth-building opportunities that crypto offers Americans excluded from the traditional big banking system.
The new framework followed Biden's executive order in March, titled "Ensure Responsible Development of Digital Assets." Officials have primarily focused on prosecuting money launderers and Ponzi schemers in all jurisdictions. This may come as no surprise, given that it was developed as the crypto dominoes were falling in the summer months. These included the collapse of Terraform Labs, which led to an Interpol arrest warrant for its founder, Do Kwon; the bankruptcy of Celsius Network; and the collapse of crypto prices.
Nevertheless, these events served the healthy purpose of shaking off bad actors who were in crypto for criminal or self-serving purposes. An effective set of crypto-related laws that prevent illicit activities and promote peer-to-peer financial transactions would do wonders for the public image of crypto. The Biden framework, which is more reactive than proactive, fails to do so.
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