President Joe Biden signed a Executive Decree pushing federal agencies to propose new restrictions on cryptocurrencieswhile formally asking them to consider imposing a Chinese-style government-run surveillance crypto to replace the US dollar.
While pretending to talk about innovation and the ability of crypto to reach financially marginalized people, the command should “trigger a wave of lobbyingbanking and financial interests who want to cancel or co-opt crypto, or who want to use Biden’s surveillance tool for their own purposes.
The Heritage Foundation criticized Biden’s restrictions when he first issued the order, and now it appears he intends to continue.
The order sets out a series of goals for the Justice Department, Treasury, Federal Reserve, Department of Homeland Security and 19 other agencies to propose new restrictions, using an array of anti-crypto talking points ranging from money laundering to terrorism or the financing of war. to climate change.
There was no mention that the criminal use of money in traditional banks is 6 to 15 times higher than in crypto, nor the runaway inflation and 2008-style financial crashes caused by the very Federal Reserve and Wall Street oligarchy that crypto was created to stop.
Although this is the first time Biden has stated this, his administration is widely seen as hostile to digital assets.
The Securities and Exchange Commission has virtually declared war on crypto. After years of numerous requests by responsible applicants, not a single bitcoin exchange-traded fund has been approved, even regarding riskier commodity derivatives were happily given the green light.
Meanwhile, the SEC has even refused to issue guidance, effectively telling crypto companies to take a chance and pray that the commission does not decide to put them out of business or send them to jail.
Indeed, more than 86 starter pieces were designed to specifically exclude American investors, making the United States the most likely country to be excluded from crypto offerings, surpassing even North Korea, Iran, and Syria.
In contrast, the European Union – of all places – has been much more open to cryptohaving learned its lesson after regulating itself out of the tech industry and leaving it to the US and China.
More important than Biden crippling another domestic industry are the implications for our more and more in danger freedom of speech. Crypto’s decentralized architecture removes censors from the equation, whether censorship by governments or by bankers and financial intermediaries hoping to curry favor with regulators.
The dreaded dystopia has already become a reality in Canada, where Prime Minister Justin Trudeau order bank accounts belonging to supporters of the mandated anti-vaccine movement in Canada will be frozen, while fundraising platform GoFundMe has enthusiastically collaborated to shut down the “freedom convoyand seized over $9 million in donations.
Crypto was the only escape for Canadians, and Biden seems determined to order his agencies to stifle that exit here in America.
Finally, perhaps the most concerning part of Biden’s executive order is his adoption of a surveillance crypto, called the central bank digital coin. Such a tool would mean that the government could monitor and control every dollar you spend, while giving bureaucrats and politicians the power to order spending they like or ban spending they don’t.
The Chinese version has already threatened, for example, to restrict the use of citizens’ money to only things the government deems acceptable, and even to literally make their money expire if they don’t use it fast enough to swell the economy in time for the next election.
So far, the main political obstacle to central bank digital coins has been Wall Street. big chunk of bootyand now Biden’s executive order explicitly directs regulators to strike a deal, innocuously phrased as “now the centrality” of Wall Street’s financial giants.
Essentially, in this executive order, Biden handlers aim to unite their two key constituencies: activists who want greater government power and crony businesses who want to entrap and defraud the American people.
Biden is in scapegoat mode, blaming his failures on the critical industries Americans rely on—supply chains, energyand now financial tools that allow Americans to escape its double-digit inflation and a Chinese-style surveillance state.
To put an end to it, Congress must insist that it alone has the power to decide whether or not to destroy new Internet-scale industries that promote individual freedom and individual protection, and that it has sole authority to decide whether the US dollar is replaced by the “Made in China” state of surveillance.
These monumental political questions should not be left to this clumsy administration.
This piece originally appeared in The daily signal