It's a safe bet that 80-year-old President Biden—like his 76-year-old predecessor—has never bought Bitcoin, used a stablecoin, or tried out Web3. But that didn't stop Biden's underlings at the White House from issuing a blog post on Friday, decrying crypto as predatory and dangerous. The document reads like a diatribe and even has a whiff of moral panic—as if Biden had instructed the makers of Reefer Madness to turn their attention to digital currency.
Meanwhile, the post coincided with a questionable decision by the Federal Reserve to deny a key account to a Wyoming stablecoin bank and came two days after Biden's powerful ally, Sen. Elizabeth Warren (D-Mass.), praised Securities and Exchange Commission Chairman Gary Gensler for cleaning up a crypto mess allegedly created by former President Trump. The fact all of these events transpired in the same week suggests a coordinated effort by the White House.
