{"id":495730,"date":"2022-09-25T00:35:30","date_gmt":"2022-09-24T21:35:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bidens-anemic-crypto-framework-offered-us-nothing-new\/"},"modified":"2022-09-25T00:35:30","modified_gmt":"2022-09-24T21:35:30","slug":"bidens-anemic-crypto-framework-offered-us-nothing-new","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bidens-anemic-crypto-framework-offered-us-nothing-new\/","title":{"rendered":"# Biden&#8217;s anemic crypto framework offered us nothing new"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2a7a8a25225\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2a7a8a25225\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bidens-anemic-crypto-framework-offered-us-nothing-new\/#%E2%80%9D_Bidens_anemic_crypto_framework_offered_us_nothing_new_%E2%80%9C\" >&#8221; Biden&#8217;s anemic crypto framework offered us nothing new &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bidens_anemic_crypto_framework_offered_us_nothing_new_%E2%80%9C\"><\/span>&#8221; Biden&#8217;s anemic crypto framework offered us nothing new &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvY2FlNTQxY2UtN2Q4ZS00ZmVmLTlhYmItNzQxM2RjMDIzNWZkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ebd806f>The long-awaited cryptocurrency regulation framework released by President Joe Biden\u2019s Treasury Department this month attempted to outline a plan for managing the burgeoning crypto industry. Unfortunately, the department\u2019s assessment failed to embody more substance than a mere mission statement.<\/p>\n<p>While Biden\u2019s administration <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be taking a \u201cwhole-of-government approach\u201d toward overseeing the decentralized finance (DeFi) sector and its ripple effects on the traditional economy, they are focused predominantly on defending against negative events \u2014 such as financial crime \u2014 and failing to facilitate positive events, such as the wealth-building opportunities that crypto offers to Americans excluded from the traditional big-banking system.<\/p>\n<p>The new framework was a follow-up to Biden\u2019s executive order in March, titled, \u201cEnsuring Responsible Development of Digital Asset.\u201d Officials focused predominantly on prosecuting money launderers and Ponzi schemers across jurisdictions. That may come as no surprise, considering it was developed as crypto dominoes fell over the summer months. Those included the collapse of Terraform Labs, which led to an Interpol arrest warrant for its founder, Do Kwon; the Celsius Network\u2019s bankruptcy; and the collapse of crypto prices.<\/p>\n<p>Nonetheless, these events served the healthy purpose of shaking out bad actors who were in crypto for criminal or self-interested purposes. An effective set of laws related to crypto that prevent illicit activity and promote peer-to-peer financial transactions would work wonders for crypto\u2019s public image. The Biden framework, which is more reactive than proactive, doesn\u2019t achieve that.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Biden is hiring 87,000 new IRS agents \u2014 and they\u2019re coming for you<\/em><\/strong><\/p>\n<p>As a nation, we don\u2019t agree on much these days. We mostly want the United States to remain a global economic superpower, but we differ on how to do it. Stablecoins and other cryptocurrencies dismantle the power of federal currencies and allow individuals to accrue wealth independently, which is exactly why the federal government doesn\u2019t like them.<\/p>\n<p>The Biden framework literature suggests digital currency is key to securing America\u2019s future as an economic leader. But if it grants power over crypto to the same authorities who wield power over traditional finance, the status quo isn\u2019t going to change. Instead of establishing the U.S. dollar\u2019s \u201cdigital twin,\u201d the government would be better off finding a way to coexist with alternative currencies.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The White House&#8217;s proposed framework is a fucking disgrace. <\/p>\n<p>&#8211; Clear attack on proof-of-work by implying they will set environmental standards for mining.<br \/>&#8211; Pushing FedNow over crypto<br \/>&#8211; Framing everything as a potential scam or threat<br \/>&#8211; Harping on volatility and consumer risk<\/p>\n<p>\u2014 The Wolf Of All Streets (@scottmelker) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/scottmelker\/status\/1570761113347977219?ref_src=twsrc%5Etfw\">September 16, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nIt\u2019s time to move beyond the enforcement of existing regulations and to institute new programs that integrate blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> into areas most in need of disruption, such as healthcare and big business, even if we can\u2019t quite agree on how to address currencies.<\/p>\n<p>For example, keeping medical records on a blockchain \u2014 like Estonia\u2019s highly advanced e-health system already does \u2014 would streamline and secure each person\u2019s health data from birth through death, with each doctor or pharmacist along the way accessing an accurate history to make the best decision. Collecting anonymized, uncorrupted medical data is going to lead to better research, better treatments and more cost-effective health care. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Cryptocurrency is picking up as an instrument of tyranny<\/em><\/strong><\/p>\n<p>Similarly, putting property and business records on a blockchain would lead to more accountability for big, opaque corporations that make bold claims of charity and sustainability. Such transparency would allow consumers to make more informed decisions about who they buy from \u2014 and bank with.<\/p>\n<p>The federal government should also nurture blockchain technology by investing in large-scale blockchain projects and incentivizing companies that use it to better serve the public. <\/p>\n<p>Going forward, let\u2019s hope both federal and state governments will cooperate to write real crypto industry legislation, not just to mitigate its damage, but to foster its potential. Cryptocurrencies and other digital assets have the capacity to bring wealth-building opportunities to huge swaths of unbanked Americans, break up monopolies, and hold wealthy Goliaths accountable for their business dealings to a degree never seen before. The Biden framework is a lukewarm beginning, but we have a long way to go. <\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Guy Gotslak<\/strong> is the president and founder of the CryptoIRA platform My Digital Money (MDM). He holds a degree in computer <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">science<\/a> &amp; engineering from UCLA and an MBA from Northwestern University.<\/div>\n<\/div>\n<p><em>This article is for <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/biden-s-anemic-crypto-framework-isn-t-what-we-need\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Biden&#8217;s anemic crypto framework offered us nothing new &#8220; The long-awaited cryptocurrency regulation framework released by President Joe Biden\u2019s Treasury Department this month attempted to outline a plan for managing the burgeoning crypto industry. Unfortunately, the department\u2019s assessment failed to embody more substance than a mere mission statement. While Biden\u2019s administration appears to be&#8230;<\/p>\n","protected":false},"author":1,"featured_media":495731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvY2FlNTQxY2UtN2Q4ZS00ZmVmLTlhYmItNzQxM2RjMDIzNWZkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,74863,96343,71511,55229,70934,67874,8575],"class_list":["post-495730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-cryptocurrencies","tag-regulative","tag-government","tag-law","tag-regulation","tag-united-states","tag-usa"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/495730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=495730"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/495730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/495731"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=495730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=495730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=495730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}