One of the main selling points of Bitcoin is its ability to function outside of the banking system. A form of currency that can remain unregulated by governments and banks. Well, Biden's administration is working to do just that:
The cryptocurrency market is looking for a firm regulatory framework. Governments around the world are trying to figure out whether bitcoin is a currency, a tradable commodity, a security on par with stocks and options, or a brand new asset class of its own. Once they figure that one out, they'll have to ask the same questions about Ethereum, Tether, Ripple, and Cardano, and the list of major cryptocurrencies only grows longer over time. Settling the thorny issues of legality, taxation, and trading rules will take time, adding to the uncertainty and volatility of the global crypto market.
President Biden is putting together a team of financial leaders that should clarify the tricky cryptocurrency market in a hurry. Three of Biden's top-level financial staff picks have a proven understanding of how blockchain and cryptocurrency assets actually work.
Did you really think that the banking elites would simply roll over and die?
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