The interweb is buzzing with speculation that President Biden will sign an executive order sometime this week to provide guidance to multiple federal agencies regarding possible regulatory changes for cryptocurrencies. The order has been in the works since 2021.
Now, the fun starts. We’ve got a bunch of politicians who can jump on the myth that cryptocurrency transactions are more secret than cash transactions. (They are not.) Every crypto transaction is posted to a public ledger. (That’s how crypto works.) Are there “secret” wallets? Yes, just like there are “secret” bank accounts. Is it easier to launder money with crypto? It depends on who is doing the laundry.
All of this raises one big question: Can crypto (or any information technology) be regulated? If yes, what’s the right way to regulate it? If no, what should be done about it?
Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.