Hopefully this is not a precursor to over reach and over regulation on the part of Biden’s administration, as that could have negative ramifications for the entire global crypto market, not just that originating out of the US.
I would support regulation that bans any illicit finance, ket alone crypto-based.
I imagine 99.9% of users would agree with you. Stemming illegal activity is obviously in the interest of all market participants not dealing in that activity, but there needs to be a balance of sensible regulation that doesn’t limit innovation and overly burdens market participation. Having advisors that understand tech and blockchain/encryption/etc and not just policy will help move this regulation in the right direction.
But fiat currencies like the US Dollar and euro are still being used for money laundering. I don’t see that changing dramatically.
Well, I also agree with Janet Yellen. It’s true that in the beginning the trading values of cryptocurrencies can suppress but in the long-term, regulations will stabilize the market and make it a safer investment. This will also crack down on fraud and there will be more investments.