But despite its calls for regulation, the president’s order is disappointing in its underlying message. It suggests that the benefits of crypto somehow make incurring its risks worthwhile — this message is why the crypto industry has celebrated the order and may explain why the price of Bitcoin surged after it was issued.
President Biden states that “[t]he rise in digital assets creates an opportunity to reinforce American leadership in the global financial system and at the technological frontier.” But is a crypto financial system one that we want? What do we risk by putting a stamp of approval on it?
‘Enforcement 40’ for 2020
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