DeFi Pays $100M Fine - InvestingChannel

DeFi Pays $100M Fine

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Biden Pulls a Punch

Joe Biden and Janet Yellen disagree.

President Biden was ready to roll out his cryptocurrency policy.

Treasury Secretary Yellen persuaded him to put it on hold.

The order aimed to set a strategy across the government for digital assets.

Yellen doesn’t want the plan out there, especially any mention of a central bank-issued digital dollar.

She and her team want more room and time to work and develop plans.

Yellen pointed to outcomes like the one highlighted in our main story below as progress.

We agree with Biden.

The executive order wasn’t anything binding other than to force agencies to prioritize working on the issue and report out in the second half of 2022.

At a time when you have legislators crafting one-off legislation and a scattershot approach by regulators, it seems selfish to not allow the White House to deliver a framework strategy.

We need this. Crypto companies want this. Biden needs to give direction.

We cannot continue down this free for all path that is making billionaires and money launderers all in the same breath.

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