President Joe Biden signed an executive order on Wednesday, in the works for months now, to launch a crossagency federal government effort to regulate cryptocurrency. For context, cryptocurrency is decentralized, digital, nongovernmental money — Bitcoin is the most famous type of crypto.
This emerging industry is newfangled and complicated, which is exactly why Biden and detached bureaucrats shouldn’t be trying to regulate it.
Think about it: Biden was born in 1942. He’s nearly 80 years old. Even the sharpest octogenarian (which, um, he is not) typically struggles to understand new technology, be it an iPhone or even email. But our elderly president is supposed to regulate blockchain technology competently?
One can only imagine the dysfunction that could entail. There is a multitrillion-dollar global industry at stake here, with millions of livelihoods, investments, and assets at risk.
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