Regulation by hostility: the real legacy of Biden-era crypto policy

What Happened

Former Biden economic advisers Ryan Cummings and Jared Bernstein credited their administration's cryptocurrency approach in a February 26 New York Times opinion piece. Critics argue the Biden administration used regulation-by-enforcement rather than establishing clear rules, harming legitimate companies while bad actors thrived. The strategy led to debanking of lawful crypto businesses and stifled American innovation. Supporters of cryptocurrency note its practical uses in cross-border remittances and blockchain applications adopted by major financial institutions.

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