Biden's Crypto Crackdown
President Biden issued an executive order on Wednesday aimed at regulating cryptocurrencies.
It is not very specific, but it still has crypto enthusiasts concerned. The order defines six “key priorities:” “protecting U.S. interests, protecting global financial stability, preventing illicit uses, promoting ‘responsible innovation,’ financial inclusion and U.S. leadership,” according to Coindesk.
Crypto, by definition, protects no government interests or national leadership. It cannot be what it is and do that. So…we wait for clarification on exactly what the government means.
Keep in mind that the U.S. has the strictest tax laws in the world. It is only one of 2 countries to tax citizens, whether they live or have lived in the country or not. The other country is Eritrea and that tax is a flat 2%. The United States does not let a single dollar slide if it can help it. Make no mistake: crypto regulation is not about “stability.” It is about control.
Bitcoin prices surged by 9% on this news as many see it as a legitimizing step for their beloved currency. However, this morning Bitcoin is down 7% so maybe not everyone is on board with the US getting its hands on crypto.