• The Biden administration is showing further malice towards crypto via the closure of Signature Bank.
• Former congressman Barney Frank believes that the closure was meant to send a message to other banks not to get involved with crypto.
• Biden has been doing all he can to make it difficult for crypto traders and investors, such as introducing infrastructure bills that increase taxes on crypto investments and using Obama-era programs to keep crypto companies out of the standard financial sector.
Biden Administration Targets Crypto
The Biden administration has shown blatant hostility towards cryptocurrency, most recently evidenced by their closing of Signature Bank. Former congressman Barney Frank believes this is an attempt to send a message out to other banks warning them against getting involved with cryptocurrency.
In 2021, President Biden signed an infrastructure bill into law which contained hidden provisions designed to make life more difficult for those who invest in cryptocurrency. Starting in 2024, April 15th will see increased taxes on these investments.
Biden has also been utilizing Obama-era programs which prevent any cryptocurrency company from accessing the standard financial sector. This means they are unable to apply for loans, open bank accounts or take part in services/products offered by traditional finance organizations.
Barney Frank’s Opinion
Barney Frank believes that seizing Signature Bank was a mistake and that despite many withdrawals happening at the time of its closure, it had already been under government control prior to this event. He argues that this action was simply meant as another way for the government to discourage banks from investing in cryptocurrency.
It appears clear from his actions so far that President Biden does not think highly of cryptocurrency and wants investors/traders to have difficulty when dealing with it. From hidden provisions in infrastructure bills increasing taxes on investments, to utilizing Obama-era programs blocking access from traditional finance organizations – it’s obvious he won’t be letting up anytime soon when it comes targeting crypto assets.