Joe Biden's crypto framework falls flat | Crypto

Joe Biden’s crypto framework falls flat

-The Biden administration’s new framework for regulating the cryptocurrency industry is focused primarily on preventing negative events, such as financial crime, and fails to facilitate positive events, such as the wealth-building opportunities that crypto offers to Americans excluded from the traditional banking system.

-The government’s focus on prosecuting money launderers and Ponzi scheme operators across jurisdictions is a healthy way of shaking out bad actors who are in crypto for criminal or self-interested purposes.

-However, an effective set of laws related to crypto that prevent illicit activity and promote peer-to-peer financial transactions would work wonders for crypto’s public image. The Biden framework, which is more reactive than proactive, doesn’t achieve that.

-The White House’s proposed framework is a clear attack on proof-of-work by implying they will set environmental standards for mining, and is also pushing FedNow over crypto.

-The government should institute new programs that integrate blockchain technology into areas most in need of disruption, such as healthcare and big business, even if we can’t quite agree on how to address currencies.

Joe Biden's crypto framework falls flat

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