The Biden administration’s position on cryptocurrency
Frequently, voters discouraged by Washington’s inefficacy believe that their vote—and national politics in general—doesn’t count. That notion is incorrect in this instance. Regardless of how much the existing conditions may frustrate us, the reality is that elections provide the most significant opportunity to alter direction and realign our country’s policies. Regarding cryptocurrency, this year’s vote could significantly influence its future. This November, it is vital for Americans to raise their voices and send their representatives to Washington with a clear directive: secure a future for cryptocurrency in America.
This piece is a guest contribution by Senator Bill Hagerty. The views expressed are solely those of the author and do not necessarily represent those of BTC Inc or Bitcoin Magazine.
Republican efforts towards crypto regulation
Source: bitcoinmagazine.com
This autumn, the destiny of cryptocurrency in America is at stake as our country determines who will control the Executive and Legislative branches. The divergence between the Democratic and Republican viewpoints on cryptocurrency is pronounced. The Biden Administration has consistently showcased its antagonism toward cryptocurrency by neglecting to establish a fundamental regulatory framework for the sector, while concurrently initiating enforcement actions against companies for purportedly breaching vague regulations. This mix of legal ambiguity and aggressive enforcement has driven numerous crypto innovators to their limits, forcing them to relocate their operations abroad.
Conversely, Republicans have undertaken actionable measures to establish productive crypto policies that reflect the party’s enduring dedication to the principles of innovation, free enterprise, and individual liberties. House Republicans have advanced promising legislation aimed at providing regulatory clarity for crypto market structure and for U.S.-Dollar-denominated private stablecoins. Republicans across both legislative chambers have collaborated to challenge Biden’s most outrageous policies, tackle issues surrounding illicit finance, encourage innovation in stablecoins from the private sector, and obstruct the creation of a central bank digital currency. Republican dominance in Congress and the White House would allow the GOP to broaden and execute these initiatives, ultimately delivering sensible regulatory guidelines for crypto and terminating Biden’s burdensome enforcement-based regime.
At the same time, Democrats have implemented drastic actions to hinder the integration of cryptocurrency into the conventional financial system. Biden’s regulators have compelled crypto-related banks like Signature Bank into receivership while enforcing policies unfriendly to crypto, such as the SEC’s Staff Accounting Bulletin (SAB) 121, which renders it prohibitively costly for financial institutions to retain customers’ cryptocurrency assets. Collectively, the Biden Administration’s track record indicates what an additional four years of Democratic control could entail: heightened political oppression of the sector on a scale comparable to Obama’s Operation Chokepoint.
If Republicans fail to prevent Democrats from attempting to undermine cryptocurrency in America, the repercussions could be severe. An additional four years of animosity will drive even more crypto innovators overseas. Leading U.S. exchanges have already begun establishing operations in other nations, seeking licenses in international jurisdictions while closing their U.S. branches. In recent times, lawmakers in Washington have recognized how permitting another essential industry—semiconductors—to relocate offshore has compromised our nation’s competitive advantage and geopolitical influence. It would be imprudent to permit cryptocurrency—this era’s new groundbreaking technology—to follow a similar trajectory. Republicans comprehend that retaining innovation domestically is crucial for our global competitiveness and the generation of wealth and jobs for Americans.
