Biden’s anemic crypto framework offered nothing new

The long-awaited cryptocurrency regulation framework released by President Joe Biden’s Treasury Department this month attempted to outline a plan for managing the burgeoning crypto industry. Unfortunately, the department’s assessment failed to embody more substance than a mere mission statement.

While Biden’s administration appears to be taking a “whole-of-government approach” toward overseeing the decentralized finance (DeFi) sector and its ripple effects on the traditional economy, they are focused predominantly on defending against negative events — such as financial crime — and failing to facilitate positive events, such as the wealth-building opportunities that crypto offers to Americans excluded from the traditional big-banking system.

Guy Gotslak is the president and founder of the CryptoIRA platform My Digital Money (MDM). He holds a degree in computer science & engineering from UCLA and an MBA from Northwestern (NASDAQ:) University.

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