The True Legacy of Biden-Era Crypto Policy: Regulation Through Hostility

The decline of bitcoin's price from its 2025 peak has been cited by former Biden economic advisers as evidence of the effectiveness of the administration's crypto policy. However, this argument has been criticized for being based on selective memory and a lack of understanding of the actual impact of the policy. The Biden administration's approach to crypto regulation was characterized by aggressive enforcement rather than clear rules, which had a devastating effect on legitimate businesses and consumers. The administration's strategy allowed bad actors to thrive, while driving compliant companies out of business or offshore. One of the most troubling episodes of the Biden era was 'Operation Choke Point 2.0', where banks systematically debanked lawful crypto businesses without due process or legislative authority. The authors of the op-ed have also been criticized for dismissing the potential of crypto and blockchain technology, despite its ability to provide fast and low-cost cross-border remittances and its growing adoption by major financial institutions. The op-ed's focus on short-term price movements has been labeled as analytically unserious, and its claims about the lack of use of blockchain technology by major tech firms have been proven wrong. The Biden administration's approach to crypto regulation has been accused of being overly hostile and ineffective, and its decision to weaponize the banking system against the industry has been criticized as a lose-lose-lose for innovation, consumer protection, and the US crypto ecosystem.