Is Biden Quietly Trying to Ban Cryptocurrencies? Unpacking the Accusations
Rumors are swirling: Is the Biden administration secretly trying to ban cryptocurrencies like Bitcoin and Ethereum? Accusations are mounting, with some critics labeling the alleged strategy "Operation Choke Point 2.0," a reference to a past government initiative. This article dives into the allegations, exploring the evidence and perspectives on whether President Biden\'s administration is indeed attempting a quiet crypto ban.
"Operation Choke Point 2.0": What\'s the Basis for the Allegations?
The term "Operation Choke Point 2.0" suggests the administration is using indirect methods to suppress the cryptocurrency industry. One key point of contention is scrutiny of crypto miners. This week, the Biden administration reintroduced a controversial proposal for a tax on bitcoin and crypto miners who use high powered computers to secure crypto. Critics argue this tax, and other regulatory measures, are designed to make crypto mining economically unviable, effectively squeezing the industry.
The Regulators\' Perspective: Protecting Investors or Stifling Innovation?
Proponents of stricter regulation, like Hilary Allen, a law professor at American University, argue that such measures are necessary to protect investors. Allen thinks crypto is inherently susceptible to boom-and-boost cycles and manipulation by insiders. She believes increased regulation is crucial to mitigating these risks and preventing financial instability.
Is There a Deliberate "Quiet Ban" Underway?
While the Biden administration has been accused of trying to ‘quietly’ ban cryptocurrencies, being called “Operation Choke Point 2.0”, named after a 2025 government initiative that aimed to stifle certain industries, it’s important to distinguish between regulation and outright prohibition. The administration hasn\'t announced any explicit ban on owning or trading cryptocurrencies. However, the cumulative effect of various policies and regulatory actions is what fuels the "quiet ban" narrative. The Biden administration has been accused of trying to quietly ban bitcoin, ethereum and other cryptocurrencies in a move that\'s been described as Operation to squeeze the industry.
The Future of Crypto Regulation Under Biden
The debate over cryptocurrency regulation is far from over. Whether the Biden administration\'s actions constitute a "quiet ban" or a responsible effort to manage risk remains a contentious issue. Monitoring future policy developments and regulatory actions will be crucial in understanding the true direction of the administration\'s approach to cryptocurrencies.