Earlier this week the Biden administration took aim at cryptocurrency by announcing they’re preparing an executive order for release early next month outlining the U.S. government strategy on cryptocurrency.
Here’s a handy bullet point list:
The directive would place the White House in a central role overseeing efforts to set policies and regulate digital assets, Bloomberg reported.
- Federal agencies have already been studying or providing regulatory guidance around the digital asset sector for years.
- The Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission and Commodity Futures Trading Commission have issued guidance letters, informal statements and public rule-making efforts to direct how different aspects of the crypto industry should comply with federal law. But these efforts have not been coordinated in a single document or by one agency.
- Biden Administration senior officials have met multiple times to discuss the directive, which will be presented to the president in the next few weeks, according to Bloomberg.
This is naturally the next step in the arms race wherein regulators have finally caught up to the cryptocurrency space, and will enjoy some temporary supremacy until the crypto-space decides its had enough and unveils some new privacy-based technology. Some incorrectly believe this is already at hand – with decentralized finance. But there are a handful of misconceptions about DeFi that should probably be cleared up before we get into the case for privacy.
- DeFi is anonymous. It’s not.
- DeFi is decentralized. It’s not and probably will never be.
- DeFi is untouchable by government. It’s not.
Let’s unpack these first.
Decentralized finance isn’t anonymous because the blockchains governing it aren’t. I can think of two companies off hand—Bigg Digital Assets (BIGG.C) and DMG Bloc
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