It's worth noting that crypto lobbying groups also spent a lot to support Democrats too.[0]
As usual this heavily leans towards one party and the situation would be 'less bad' with the other party but as usual the problem is money in politics and Citizens United. At least watching the collapse of your state from abroad provides entertaining reading.
Given Washington D.C. is the wealthiest city in the U.S., with a per capita GDP of $264,000, and voted 92.4% for the Democratic candidate in the last presidential election, having an industry that will lobby for less government control over the private sector, and by extension private citizens, seems like a good thing.
Arguably the most important person in D.C., Elizabeth Warren, was described by Politico in 2021 as the kingmaker in the Biden administration.
So what did Warren's allies in the Biden administration do when they were in power?
• subjected Americans, through the ban on Tornado Cash, to having all of their onchain activity monitored, without a warrant
• Operation Chokepoint 2.0, where they illegally deployed regulatory agencies to coerce banks to close the bank accounts of U.S. citizens who participated in the crypto industry
What does this "industry" make? The only products I read about are scams, theft from exchanges, payments for criminal dealings, etc.
There's lot's of moaning about "freedom from financial oppression" but also wild screams of jubilation when one of the "financial oppressors" starts trading or indexing crypto. Which one is it?
> So what did Warren's allies in the Biden administration do when they were in power?... etc
I don't really follow the legislative mess around crypto because nobody in power has defined what crypto is - without that, it's bound to be a mess. The question is, was the Biden admin too soft or too hard on crypto? I don't think you'll like the science-backed answer.
It's worth noting that crypto lobbying groups also spent a lot to support Democrats too.[0]
As usual this heavily leans towards one party and the situation would be 'less bad' with the other party but as usual the problem is money in politics and Citizens United. At least watching the collapse of your state from abroad provides entertaining reading.
[0]: https://apnews.com/article/democrats-crypto-genius-act-stabl...
Given Washington D.C. is the wealthiest city in the U.S., with a per capita GDP of $264,000, and voted 92.4% for the Democratic candidate in the last presidential election, having an industry that will lobby for less government control over the private sector, and by extension private citizens, seems like a good thing.
Arguably the most important person in D.C., Elizabeth Warren, was described by Politico in 2021 as the kingmaker in the Biden administration.
So what did Warren's allies in the Biden administration do when they were in power?
• through the SEC and IRS, they designated DeFi code publishers as "financial brokerages," severely curtailing the right to publish open source code, and imposing impossible regulations on projects that are not custodying any funds and are not running any application code (source: https://sec.gov/files/rules/proposed/2023/34-97309.pdf and https://thedefiant.io/news/research-and-opinion/the-proposed...)
• sought to imprison open source developers (source: https://decrypt.co/303290/paradigm-eff-tornado-cashs-roman-s...)
• subjected Americans, through the ban on Tornado Cash, to having all of their onchain activity monitored, without a warrant
• Operation Chokepoint 2.0, where they illegally deployed regulatory agencies to coerce banks to close the bank accounts of U.S. citizens who participated in the crypto industry
> "crypto industry"
What does this "industry" make? The only products I read about are scams, theft from exchanges, payments for criminal dealings, etc.
There's lot's of moaning about "freedom from financial oppression" but also wild screams of jubilation when one of the "financial oppressors" starts trading or indexing crypto. Which one is it?
> So what did Warren's allies in the Biden administration do when they were in power?... etc
I don't really follow the legislative mess around crypto because nobody in power has defined what crypto is - without that, it's bound to be a mess. The question is, was the Biden admin too soft or too hard on crypto? I don't think you'll like the science-backed answer.
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