Biden’s New Plan to Deal With Crypto Is More of the Same

The White House cites reports by executive agencies promoting the need to create “commonsense efficiency standards for cryptocurrency mining.” The treasury department notes how some of the most major mining operations have become significantly concentrated companies, adding that there are significant security risks if bad actors can attack mining pools with an over-50% control of the blockchain network. At the same time, none of the reports give a hint at any real regulation or legislation to combat the power of crypto miners.


So really, the question is what even changes with this new framework other than emphasizing existing laws. It may lead to a greater push to combat the crypto scene that’s inundated with scams. It sometimes feels like every day there’s a new story of crypto users or platforms being ripped off by bad actors or hacks, which hasn’t changed even with the greater attention paid to the crypto sphere by federal law enforcement.