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The Biden Administration is Coming for Crypto Freedom

August 5, 2021 By E.J. Smith

By Lukasz Stefanski @ Shutterstock.com

The Biden administration, led by SEC Chairman Gary Gensler, and cheered on by progressives in the Senate like Liz Warren, are beginning an assault of crypto-currency freedom. The Wall Street Journal’s Dave Michaels and Alexander Osipovich report:

Securities and Exchange Commission Chairman Gary Gensler this week declared war on what he called the Wild West of crypto trading, promising a vigorous attack on fraud and misconduct. But progress is likely to be more piecemeal and incremental than wholesale and sudden.

Mr. Gensler outlined his desire to regulate digital assets such as bitcoin and other crypto products to the same extent as stocks, bonds and commodity-related trading instruments. He told the Aspen Security Forum on Tuesday that his priorities include newer innovations such as stablecoins and decentralized finance, products that are beginning to draw more mainstream investors.

The impulse to regulate these markets is growing more evident around the globe. Japan’s top financial regulator said Wednesday that plans to combat money laundering would also include digital currencies.

Mr. Gensler’s mission faces several obstacles, including the cryptocurrency industry’s historical resistance to following SEC rules. Because so many crypto developers have bypassed the SEC’s front door, the agency has tried to rein them in through enforcement, a slow process that requires investigating a particular product and either suing the team behind it or convincing them to settle and adopt the SEC’s requirements.

“There is going to be a more aggressive enforcement posture, and I think that is one way to bring order to chaos,” said Lee Schneider, a securities lawyer who has worked at several broker-dealers and cryptocurrency firms. “That is one way, but perhaps not the most effective or the most evenly distributed way.”

Action Line: “Aggressive enforcement” is probably not what most speculators in crypto-currency were in search of when buying their first coins. A rapid change in the popularity of cryptocurrencies could instigate the cryptocosm, and change the internet forever.

Originally posted on Your Survival Guy. 

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E.J. Smith
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris.

Please get in touch with E.J. at ejsmith@youngresearch.com

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