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Politics

Biden Takes a Bite Out of Bitcoin Claiming Use as Russian 'Lifeboat'

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We should have always known that the government was going to come for our cryptocurrency, as they’ve managed to get their greedy little paws on just about every citizen-driven financial asset that we’ve ever had the opportunity to hold.

Bitcoin and other such cryptocurrencies hit the mainstream in a big way over the course of the last few years, particularly as the pandemic strained wallets and big-time Hollywood stars signed on to make cringe-inducing Super Bowl commercials about it.

But now, under the dubious auspices of cryptocurrencies being some sort of economic lifeboat for Russia, US President Joe Biden is set to sign an executive order on the matter.

President Biden is expected to sign an executive order on cryptocurrency this week that will mark the first step toward regulating how digital currency is traded.

The move comes as administration officials have raised concerns in recent weeks about Russia’s use of cryptocurrency to evade the impact of crushing sanctions in response to its invasion of Ukraine. The sanctions have sent the ruble to historic lows and have closed the country’s stock market.

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Two people familiar with the process said the executive order on cryptocurrency was expected to be issued this week and it had been in the works long before the war. Both people spoke on condition of anonymity to preview the order.

So, what exactly is Sleepy Joe trying to accomplish?

The order is expected to describe what government agencies, including the Treasury Department, need to do to develop policies and regulations on digital currencies. It is expected to include a request for the State Department to ensure that American cryptocurrency laws are aligned with those of US allies and will ask the Financial Stability Oversight Council — which monitors the stability of the US financial system — to study illicit finance concerns.

Somehow, the President and his team feel as though Americans struggling to rebound from 2 years of pandemic living and the start of World War III need to have their pockets examined more thoroughly.

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About the Author:
As a lifelong advocate for the dream promised us in the Constitution, Andrew West has spent his years authoring lush prose editorial dirges regarding America's fall from grace and her path back to prosperity. When West isn't railing against the offensive whims of the mainstream media or the ideological cruelty that is so rampant in the US, he spends his time seeking adventurous new food and fermented beverages, with the occasional round of golf peppered in.




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