Joe Biden's completed term as president marks a significant milestone in cryptocurrency history—from his long-standing interest in encryption regulation to stringent measures on digital currencies.
The S.266 Bill: Early Encryption Control
In 1991, Senator Biden introduced the Comprehensive Counter-Terrorism Act (S.266), which called for government access to encrypted electronic communications. This move faced resistance from privacy advocates and technologists. Although the bill did not pass, it set a precedent for state control over digital privacy.
Regulatory Approach Under Biden’s Presidency
Biden's administration focused on stringent regulatory measures for cryptocurrencies. In 2023, rigorous AML and KYC measures were introduced. The signing of the 2021 Infrastructure Investment and Jobs Act caused a stir in the crypto community due to expanded reporting requirements. Biden's stance is reflected in SEC and U.S. Treasury's stringent regulatory policies.
Biden’s Stance on DeFi and Decentralization
Biden faced contradictions in dealing with decentralized finance. His policy aimed to restrict activities that disrupt financial stability. The administration's approach has slowed DeFi's development in the U.S., forcing projects to adapt their strategies.
Biden's departure opens new opportunities for changes in U.S. crypto regulations. The stance of the new U.S. leader will play a key role in further market development, considering progress in global cryptocurrency policy.
