May 28, 2023

Westside People

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Where the US government got it wrong is regulating cryptocurrencies

“If you’re not upset…you’re not paying attention…” I haven’t used that phrase since becoming President of the United States Separate children from their parentsBut it’s time to break it again.

As a former government employee, I believe there is a role for government in overseeing the cryptocurrency industry. However, recent regulatory announcements — including directives from the US Federal Reserve and its executive branch designed to crack down on cryptocurrency firms, a pending lawsuit against the largest and most trustworthy US exchange, Coinbase, and increasingly hostile rhetoric from Congress — are inappropriate.

Keiko Yoshino is the Executive Director of the Puerto Rico Blockchain Trading Association.

President Joe Biden’s Annual GalaEconomic report,” which was published on Monday, was not an accurate declaration of how his administration views cryptocurrency. Along with the Federal Deposit Insurance Corporation going after Signature Bank because it owns crypto assets, it is no less than an abuse of power.

In 2008, the US Treasury spent approx $245 billion To stabilize (also known as bailout) banking institutions. As a result, we printed money, which caused inflation and led to recession. I was one of thousands, during the Great Financial Crisis, who couldn’t find a job after graduation and came home before going to graduate school. This year looks to be more of the same. The Fed added last week 300 billion dollars to the balance sheet, bringing its total debt to $8.6 trillion.

Cryptocurrency was not only a product of that financial crisis, but it emerged as an alternative. Why do I use encryption? Because the dollar is inflated. a point. In Puerto Rico, eggs are currently $7.50 a dozen, and it’s only a matter of time until the price reaches $10. This alone should be reason enough to explore other forms of currency.

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There are dozens of other “why crypto” and multiply misleading reasons being marketed by banks and the government as to why they should be cut off from the current financial system.

But let’s just pretend there is an altcoin that is inflation-proof, can be securely stored on our phones and sent to anyone at any time without a fee. Wouldn’t that be something worth exploring? I think so.

Change is hard. But making the same mistakes again is even worse. We lived through the aftermath of putting our life savings in banks and it was wiped out in 2008. I’m not saying make crypto the official currency of tomorrow, but we shouldn’t go to war against it. We should not discourage banks from holding them or stop people from buying them if they wanted to. We should not stifle innovation.

Benjamin Franklin said, “Those who would give up essential liberty, to buy a little temporary safety, deserve neither liberty nor security.”

You don’t even have to own a cryptocurrency to be alarmed by the expected cyclical inflation we’re in again or the government trying to censor an industry. You just have to watch out.