Biden crypto policy legacy faces scrutiny

A recent opinion piece criticizes the Biden administration's cryptocurrency policy, arguing it fostered a "regulation by hostility" approach. The author contends that instead of clear rules, the administration's reliance on enforcement actions drove compliant businesses offshore and stifled innovation. This strategy, the piece claims, allowed bad actors like Sam Bankman-Fried and FTX to thrive amidst regulatory confusion. Furthermore, the policy allegedly led to the "debanking" of lawful crypto businesses without due process, harming consumers and small businesses. The author refutes claims that crypto lacks practical use, highlighting its role in facilitating low-cost cross-border remittances and its adoption by major financial institutions.