The Biden administration wants to issue an executive order to regulate cryptocurrency. Why does the president want to restrict crypto so suddenly?
History of crypto
When Biden was a senator, he was dealt with encryption regulations dated back in 90s and the bill was restricted export of encryption technology concerns about national security and there was a crypto war between those cypherpunks and the government about whether or not citizens should have the ability to encrypted information and free exchange on the internet.
After 30 years of crypto war
Encryption communication is common on the internet and cryptocurrency has been invented to carry value through encryption technology and freely exchange on the internet.
Security concerns were not the concern
The bad guys will have not able to dominate the most valuable cryptocurrency because of the 51% attack theory that no one will spend more their energy to dominate fewer profits.
What executive order for?
The government branches are not working together because the definition of cryptocurrency is ambiguity and crypto is its own asset class that the government does not want to recognize. It is best to have a team temporarily lay out the foundation of regulations to manage cryptocurrency and its future.
Why do we need regulations of crypto?
The government is out of tools to regulate crypto. Its branches will take a long time to even define what cryptocurrency is. Regulations can slow down the progress of crypto so that the government can catch up with the technology.
Regulations will not stop crypto
Even there will have regulations, it will not prevent crypto to evolve become its own types of trading tools and they will advance further to achieve autonomously and prevent the government shut them down.
In conclusion
The executive order is just another way the government wants control of crypto. The technology will continue to advance that regulations will need to speed up to work. However, regulations development will be slow to lose track of technology advancement.