Biden's Crypto Guidelines: Bullish or Bearish?

Sleepy Joe’s policy guide is split into seven sections, the first of which is entitled, ‘Consumer and Investor Protection.’ Classic. And one can’t help but feel the long shadow of the Terra collapse cast across its pages. Of course, not everyone agrees that regulation is a good thing at all. For some, the Darwinian forces of a free market economy should be left to its own devices. For others, regulation is a necessary part of the maturation process, a mere bump on the road towards mass adoption. But whatever your position, most will agree that the true specter here isn’t regulation per se, but regulatoooors using ‘investor protection’ as a pretext to exert control, and yes, cash in those sweet sweet benjamins. After all, US citizens are welcome to piss away their savings at Caeser’s Palace or on sports betting, so if preventing bad decision-making was the heart of the issue, Draft Kings wouldn’t be a multi-billion dollar company. Nope, as ever, this comes down to taxes. And you best believe that if there’s money to be had, the government will take it. Anyway, the section arrives at some rather uninspired suggestions, for example, that the SEC and CFTC continue to ‘‘aggressively pursue enforcement actions against unlawful practices”, while encouraging “the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) to redouble their efforts to enforce against unfair, deceptive, or abusive practices.” Basically, to do their bloody jobs. That’s six months of work across 9 government agencies. And people wonder why the US is a declining empire…

Link to the Fact Sheet
https://www.whitehouse.gov/briefing-room/statements-releases/2022/09/16/fact-sheet-white-house-releases-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets/

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