Regulation by hostility: the real legacy of Biden-era crypto policy
The article argues that the Biden administration's crypto policy was not reasoned regulation but a hostile approach that stifled innovation and harmed consumers.Summary
The article criticizes the Biden administration’s approach to cryptocurrency, arguing it wasn’t a reasoned regulatory framework but rather “regulation by hostility.” It refutes claims by former Biden economic advisors that the decline in Bitcoin’s price validates their policies, pointing to the rise of FTX under their watch and the administration’s strategy of enforcement without clear rules. This approach, the author contends, drove legitimate companies offshore while allowing bad actors to thrive. The piece also highlights “Operation Choke Point 2.0,” where banks debanked crypto businesses, and dismisses the administration’s negative view of crypto’s utility, particularly in remittances. It further argues that major tech firms *are* actively building on blockchain technology and that the administration’s selective concern over bailouts and political donations is hypocritical. Ultimately, the article asserts the Biden administration missed an opportunity to lead in digital asset regulation, instead weaponizing the banking system against the industry.
(Source：CoinDesk)