Biden Mulls New Regulations On Crypto Via Executive Order; May Hire ‘Crypto Czar’


Zero Hedge: As the Biden Admin and SEC push to regulate stablecoins (amid intensifying speculation that tether, one of the most popular stablecoins, is a giant Ponzi scheme) and other aspects of the crypto market, while the DoJ launches new initiatives to combat any crypto-related crime, the White House is reportedly weighing whether to use an executive order to set up a new federal regulatory framework for the fast-growing market.

It’s also reportedly exploring the possibility of appointing a crypto czar.

According to Bloomberg, the draft directive from the White House “is part of an effort… to craft a sweeping strategy for digital tokens, which have become a growing concern for regulators as they’ve become wildly popular with average Americans.”

The Biden administration is weighing an executive order on cryptocurrencies as part of an effort to set up a government-wide approach to the white-hot asset class, according to people familiar with the matter. Read More …

Opinion: Perfect. I’m guessing Joe Biden, like most people of his generation, is clueless about cryptocurrencies. The coming executive order is likely coming from Biden’s Treasury Secretary, Janet Yellen, who wants to tax cryptocurrency transactions at a whopping 80%.

And Yellen’s disdain is in sync with Fed Chairman Jay Powell:

“You wouldn’t need stablecoins; you wouldn’t need cryptocurrencies if you had a digital U.S. currency, said Fed Chief Jerome Powell. “I think that’s one of the stronger arguments in its favor.” Powell told the House Financial Services Committee that the digital dollar project is moving forward.

Bingo. Bitcoin and the rest of the 7,000 stable coins have an expiration date. I’m guessing that at some point speculators will drive the coin price much, much higher, and that will be the excuse Powell/Yellen/Biden will use to regulate them out of existence. Want proof? Facebook Libra’s massive global reach threatened the central bankers, and it is no more.

“The prophecy of Revelation 13:16-17 will be fulfilled:

He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.

…and when it is, no other form of commerce will be allowed.

“They shall cast their silver in the streets, and their gold shall be removed: their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumbling block of their iniquity.” Ezekiel 7:19