Of course, this was totally predictable. If the Hunter Biden Hedge Fund can not steal from an investment, it must be Russian, illegal, or a precious metal. And since the Biden Crime Family (BCF) can not seem to legally invest in anything, it’s time to attack the one investment they do not understand.
Then again, Senile Joe doesn’t understand the self-check out in a WaWa so there’s that also.
There have been hints for years that an administration would find some way to attack a small market (in relation to equities and government bonds) and of course, pick on the smallest average American investor to either scare them out of the markets or just seize their money and make them prove that they were innocent. Not of any crime, just innocent of not trying to cheat the IRS or US government out of any money that they feel entitled to.
All that has been missing is confirmation and Bloomberg then Barron’s did so this week:
White House Wants Crypto Rules as a Matter of National Security
Excerpt from the Barron’s article:
The Biden administration is preparing to release an executive action that will task federal agencies with regulating digital assets such as Bitcoin and other cryptocurrencies as a matter of national security, a person familiar with the White House’s plan tells Barron’s.
The national security memorandum, expected to come in the next few weeks, would task parts of the government with analyzing digital assets and assembling a regulatory framework that covers cryptos, stablecoins, and NFTs, or non-fungible tokens, this person said.
“This is designed to look holistically at digital assets and develop a set of policies that give coherency to what the government is trying to do in this space,” the person said.
Sounds reasonable, right? Of course it does. Then digging into the article a little further, this gem appears:
The White House National Security Council would also be involved, the person said, since crypto has economic implications for national security.
Ah yes, the old “national security” clause. Why is this important?
Let’s assume Joe Blow is sitting at home with $10,000 in various cryptocurrencies. He’s also been flagged because he’s just holding it, has friends in Eastern Europe and China he chats with online, plays online games and talks to people, and gasp, may even own a “gun.” Oh, My, God. He’s a national security threat!
Thus one day bored IRS/FBI/DHS/Treasury Department bureaucrat decides to boost his/hers/non-binary standing by freezing 50 bank and credit accounts of 50 Joe Blows, essentially freezing him out from cashing in on his crypto profits. Now the Joes have a problem. His investment could appreciate or depreciate while his accounts are frozen but by golly if he made a lot of money because he got into the game early, anyone of the three letter agencies declare Joe Blow #32 a potential national security AND terrorist threat. You know, like the January 6th grandmothers whose only crime was to sit on a park bench just outside of the Capitol building.
#32 is in deep trouble. The three letter agencies show up with a Bearcat armored car, 20 three letter SWAT members, and a warrant to seize phones, computers, and any safes, plus that box of unopened Cherry Pop Tarts on the kitchen counter. Now they have Joe Blow #32’s key code to his crypto accounts and access to private information be it personal or investment related.
The good news is he can get it all back. The bad news is the Department of Justice rarely loses a case. Good luck proving one’s “innocence” in this Stasi environment.
Thus once the Crypto regulations appear, the true intent will become known. This is not about “national security” or any other such nonsense. This is about squeezing the little guy out of the market and forcing them to pay capital gains taxes or register with a three letter agency to continue playing the market. And when that happens, those markets will crash and burn.
It is all by design, all to intimidate the little guy once again. Just like they did with precious metals in the 1930’s.