Looming federal regulation will shatter dreams of crypto bros everywhere

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US Senator Warren Drafting Bill to Ensure Crypto Can’t Be Used to Evade Sanctions
US Senator Warren Drafting Bill to Ensure Crypto Can’t Be Used to Evade Sanctions

According to various publications this week, President Joe Biden is scheduled to issue an executive order directing multiple government departments to begin establishing policies and regulations on cryptocurrencies.

The faint shriek you hear in the distance is crypto dudes all across the world realizing their financial charade is about to crumble.

Why? Because, for the past decade or so, finance aficionados (and want to be aficionados) have promoted cryptocurrencies as assets that people may invest in if they desire to operate outside the ambit of federal control.

If you’re new to the game, these assets are bought and sold on a “blockchain,” which is essentially a digital record of transactions that employs a specific coding to make determining who sold or bought them difficult.

you’re thinking, “Gee, I can see why the government would hate something like that,” you’re on the right track. Crypto enthusiasts often speak of anonymity as an appealing feature for buyers and sellers. Many, for example, say it’s useful in countries with repressive governments, where purchasing things such as a newspaper or a Bible can lead to punishment.

And sure. Maybe. 

But we know for certain it’s very, very often used for criminal activity, or by seedy characters who may have nefarious reasons for hiding their money. And for that reason, it was always silly to believe it is — or will be — completely free of government oversight. For example, I reported on two white nationalists who allegedly received large sums of bitcoin from a French national as they pushed Donald Trump’s election fraud conspiracies ahead of the Jan. 6 insurrection.

Biden To Request Report On Potential Of Crypto

Biden is anticipated to request a study on the potential for cryptocurrency to be used for illegal financial transactions as part of his directive. (Reports of Biden’s order have not been confirmed by NBC News.)

The news will come at an unusual time for cryptocurrency. As Russia’s deadly invasion of Ukraine proceeds, US authorities have warned that cryptocurrencies might be used to help Russia dodge severe sanctions imposed by countries all over the world.

At the same time, just about every celebrity you can think of is jumping at the chance to sell unsuspecting customers on the worth of cryptocurrencies, from LeBron James to Reese Witherspoon to Larry David.

Conclusion

Whatever one’s purpose for participating in the crypto party, one thing is sure the government has noted the swell of popularity around it. And it wants in.

For more such crypto-based news, stay tuned!

Read More: Russia’s invasion into Ukraine resulted to bring a surge in Trading activities via Crypto Exchanges

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