- President Joe Biden’s administration, at times, appears critical of crypto.
- The administration recently reiterated plans for a 30% tax on crypto mining.
- However, the administration’s standardization strategy indicates that the government is optimistic about its underlying technology.
President Joe Biden’s administration does not appear too keen on crypto. Recent regulatory clampdowns have led industry leaders to speculate that the government will choke out the industry.
On Tuesday, May 2, the White House reiterated plans to impose a 30% tax on crypto mining, further driving the narrative of hostile government sentiment. Despite the perceived negative crypto sentiment, the Biden administration is bullish on crypto’s underlying technology.
Biden Administration Taps DLT To Disrupt Economic Sectors
On Thursday, May 4, the Biden Administration released its “National Standards Strategy for Critical and Emerging Technology,” outlining areas where it planned to focus standard development efforts to maintain its global edge and competitiveness.
The strategy has turned heads as it lists distributed ledger technology (DLT) and digital identity infrastructure among the technologies the U.S. government plans to lead.
DLT refers to a system that allows databases to be viewed, updated, and verified by each node in the network. DLTs do not have a central administrator hence lacking a single point of failure. Blockchain is among the most popular types of DLT.
According to the document, DLT and digital identity infrastructure “increasingly affect a range of key economic sectors.”
Some areas where the government plans to apply DLT include automated and connected infrastructure, supply chain, cybersecurity, and privacy.
As part of its strategy, the Biden administration plans to fund research and development, encourage private participation and educate the workforce about DLT and the other outlined technologies.
On the Flipside
- The Biden administration appears to be clamping down on the crypto industry.
Why You Should Care
The Biden administration’s standardization strategy reveals that the government is bullish on the potential of the underlying cryptocurrency technology.
To learn more about Biden’s proposed tax on crypto mining, read this:
Bitcoin Community Slams Biden Administration’s Proposed 30% Mining Tax
U.S. presidential candidates push against central bank digital currencies; find out more:
DeSantis & Kennedy Jr. United in Opposition to CBDCs
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- Source: https://dailycoin.com/u-s-government-bullish-on-dlt-reveals-standardization-plans/
