President Joe Biden signed an executive order to ensure government oversight of cryptocurrency and to ensure that it is “equitable” for groups categorized as historically marginalized.
Does anything escape government control in this administration? Biden signed an executive order today so that the United States regime can “address any regulatory gaps” and mitigate “National Security Risks” for the United States. “We must take strong steps to reduce the risks that digital assets could pose to consumers, investors, and business protections; financial stability and financial system integrity; combating and preventing crime and illicit finance; national security; the ability to exercise human rights; financial inclusion and equity; and climate change and pollution,” the March 9 executive order said. One sentence of the order should be read with geopolitical relations in mind:
“The United States must continue to work with international partners on standards for the development and appropriate interoperability of digital payment architectures and [central bank digital currencies] to reduce payment inefficiencies and ensure that any new funds transfer and payment systems are consistent with United States values and legal requirements.”
“United States values” is a loaded term when said by the Biden administration. One eyebrow-raising goal was to “mitigate the illicit finance and national security risks posed by misuse of digital assets.” The order claims digital assets can pose major illicit finance risks, including “terrorism and proliferation financing.”
This is relevant because Biden’s Department of Homeland Security is treating so-called “misinformation” that questions liberal narratives as a potential terror threat.
The order also notes bad actors can use digital assets to sidestep sanctions set forth by the U.S. and other countries.
Breitbart observed that the crypto crackdown has geopolitically interesting timing: “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.” But the article noted that two sources “familiar” with the order said it had been in the works long before the war.
U.S. Treasury Secretary Janet Yellen in a statement praised the order, saying it will “address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”
Similar to the agenda the White House announced, the statement included a racially charged pledge: “Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security."
The Federal reserve has also been mulling over launching its own digital currency. Federal Reserve Governor Lael Brainard explained in an interview that the Federal Reserve is “conducting research and experimentation related to distributed ledger technologies and their potential use case for digital currencies, including the potential for a CBDC (central bank digital currency).”
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