Crypto-clamped! Biden bites the alternative currency with the new executive

President Joe Biden has signed an executive order to ensure the official oversight of cryptocurrency and to ensure that it is “justified” for historically marginalized groups.

Can anything avoid government control in this administration? Biden today signed an executive order calling on the U.S. government to “address any regulatory gaps” and reduce “national security risks” for the United States. “We must take strong action to reduce the risks that digital assets can pose to the safety of consumers, investors and businesses; Financial stability and integrity of the financial system; Fight and prevent crime and illicit money; National security; The ability to exercise human rights; Financial inclusion and equity; And climate change and pollution, ”the March 9 executive order said. One sentence of the order should bear in mind the geopolitical relationship:

“The United States must continue to work with international partners on the development of digital payment architectures and appropriate interoperability standards, and [central bank digital currencies] Any new funding transfer and funding measures to reduce and ensure the inefficiency of payments are consistent with US values ​​and legal requirements. ”

“United States standard” is a loaded term when the Biden administration says. An eyebrow-raising goal was to “mitigate illicit money and national security risks caused by the misuse of digital resources.” The order claims that digital assets could create major illicit financial risks, including “financing terrorism and expansion.”

This is pertinent because Biden’s Department of Homeland Security is using so-called “misinformation” which calls into question the liberal narrative as a potential terrorist threat.

The order further states that bad actors may use digital resources to circumvent restrictions imposed by the United States and other countries.

Brittbart observes that the crypto crackdown has a geopolitically interesting time: “The move comes as administration officials have expressed concern about the use of cryptocurrencies in recent weeks to avoid the effects of sanctions in response to Russia’s invasion of Ukraine.” But the article noted that two sources “familiar” with the order said it had been operating long before the war.
U.S. Treasury Secretary Janet Yellen praised the order in a statement, saying it would “address illicit money risks, protect consumers and investors and prevent threats to the financial system and the wider economy.”

Similar to the agenda announced by the White House, the statement included a racially charged pledge: “The Treasury will work to promote a fair, inclusive and efficient financial system, based on our ongoing work to combat illicit money, and to reduce risk.” For. Financial stability and national security. “

The Federal Reserve is also considering introducing its own digital currency. Federal Reserve Governor Lyle Brainard explained in an interview that the Federal Reserve is “conducting research and testing on distributed laser technology and their potential use for digital currencies, including the potential for a CBDC (central bank digital currency).”

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