Biden’s Blockchain Lockdown – Money and Markets

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Posted by | Feb 22, 2022 |
3 minute, 51 second read
Cryptos took a hit on Friday when news started circulating that the Biden administration is cracking down on cryptos amid rumors of Fed/SEC regulation.
Control is an illusion.
While we like to believe that we have control over things, the truth is that we usually control very little.
Here’s what I mean…
When driving a car, you feel like you’re in control of the 2,000-pound machine. And while technically you’re right because you DO control over the speed and direction that the car goes, that control can be taken away from you at a moment’s notice. 
You could have a blowout, the universal joint in the drive shaft could go, you could throw a fan belt, or you could get hit by another driver while doing 70 on the highway. You could even hit a bump and bounce right off the road.
Your control is an illusion, but we cling to that illusion because, without it, most humans wouldn’t be able to function. 
That’s why we usually look for control in every aspect of our lives.
The very idea goes against the laws of nature and the universe, where chaos and chance reign supreme, but still we try. 
Oh, don’t get me wrong, there is order to the universe, but there’s no control.
The two terms are mutually exclusive.
Order is different from control, and we see everyday examples of that in the cryptocurrency world. 
While there really are no regulations or policies that keep things under “control,” there is nevertheless an order to the way things work. No one entity needs to establish control for the cryptoverse to function…
But holy CRAP do politicians still want to control it. 
There are rumors swirling that President Joe Biden will be issuing an executive order next week that will direct agencies across the governmental spectrum to start studying cryptocurrencies, developing an idea for a central bank digital currency (CBDC), and looking into the creation of a government-wide strategy to regulate digital assets.
In other words, Biden wants to get these dang-nabbed cryptocurrencies under control. 
Too many people are making way too much money by trading these digital coins, and by God, if the government doesn’t get its piece, then nobody will get any. 
According to one official familiar with the matter, the expected order will commission a study of a CBDC and ask a range of agencies – including the Departments of Treasury, State, Justice, and Homeland Security – to develop a report on the future of money and payment systems. 
Also, according to Yahoo! Finance, “The Director of the Office of Science and Tech policy will do a technical evaluation of what might be needed to support a CBDC system.”
You see? 
Control.
But we have to ask…why now?
With everything that is happening–especially with Russia knocking on Ukraine’s door–it’s weird that the Biden administration is choosing NOW to enact a sweeping regulation on crypto.
Even the FBI is getting in on the act by forming a new crypto unit. 
You’d think we’d have more pressing matters at hand…
But the order is coming, and it will all be wrapped in the guise that it’s happening to protect consumers, investors, and businesses. 
So, the Treasury, along with the SEC, the Commodities Futures and Trading Commission, and federal banking agencies, will be in charge of figuring out what that protection looks like and then reporting to the president on how to protect against potential risks.
But it’s also important to realize that this isn’t just the US government, either.
Apparently, part of the order will be for the US to coordinate with other countries around the world to standardize rules for crypto. 
This is a planet-wide movement, and yet this is the first we’re hearing about it. 
So, if you’re wondering why your cryptowallet looks a little lighter today, you can thank Grandpa Joe and his merry band of regulators for it. 
This isn’t what the market needed after the January we had…
But what are you gonna do? 
Politicians are going to politic.
They forget what their job is most of the time. 
But I’ll stop there. I reported on the political world for three years…
No need to rehash old stuff. 
Look for the executive order next week…and all the wonderful developments it will entail. 
“At the end of the day, you can’t control the results; you can only control your effort level and your focus.” – Ben Zobrist
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