The Biden Administration’s Proposed Crypto Regulations Would Kill Innovation

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The Biden administration's calls to regulate stablecoins would stifle innovation in cryptocurrencies.

NRPLUS MEMBER ARTICLE H elen Hodler and Sam Saver meet, fall in love, and start planning their future. Sam opens a savings account and gets 0.06 percent APY (interest rate). The more adventurous Hellen buys a stablecoin — a digital currency redeemable 1:1 with a U.S. dollar — and deposits (or “hodls”) it with an exchange. She gets 8.88 percent APY. Our well-heeled financial-policy setters Federal Reserve chairman Jerome Powell (net worth $55 million), Treasury secretary Janet Yellen (net worth $16 million), SEC chairman Gary Gensler (net worth $119 million) side-eye Helen.

A recent report on stablecoins by the President’s Working Group on Financial Markets outlines

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