The US Administration Should Be Taking Notes On Crypto
On Friday, the White House shared that the Biden administration is looking at implementing some wide-ranging oversight on crypto. This comes on the heels of the administration’s intention of regulating stablecoin issuers like banks. The proposed directive would charge federal agencies to study and offer recommendations on relevant areas of crypto.
Ed De Leon, CEO and Founder of Anatha, an ethos driven decentralized ecosystem, believes that this venture into the cryptosphere by the administration will create inefficiencies that harm the everyday investors that regulators intend to protect.
De Leon says:
“The current proposals to regulate crypto in the United States are designed to protect the bottom lines of the corporations in commercial banking that fund campaigns across the aisle.
Mark my words, they are unable to regulate the distributed autonomous organizations (DAOs) that make crypto possible. Instead, by policing end-users and app developers, they will hamper innovation and jeopardize the individual rights of crypto investors.This will have a negative impact on the overall economy and will do nothing more aside from open the door for more sensible governments to take advantage of the inefficiencies our lawmakers are seeking to create.”
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