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Give Biden administration bureaucrats and power brokers credit for something: They recognize a looming threat to their comfortable status quo when they see one. Accordingly, they have launched a multi-agency effort coordinated by the Securities and Exchange Commission to purge digital asset companies from the American economy.
With Republicans now in control of the House, that sets up a March 9 showdown, when the House Financial Services Committee’s Digital Assets Subcommittee convenes a hearing called “Coincidence or Coordinated? The Administration’s Attack on the Digital Asset Ecosystem.”
The traditional centralized monetary system, as we know it in the United States, is tightly regulated by the federal government, which controls all facets of the system, including printing and minting physical currency and coordinating transactions with financial institutions. Adjustments to how the system operates can be made by unelected…
