Biden Administration Shows Clear Malice Towards Crypto: Signature Bank Closure
• The Biden administration has exhibited its hostility towards crypto with the closure of Signature Bank.
• Former Congressman Barney Frank believes this was done to send a message to other banks by making an example out of Signature Bank.
• Biden has taken steps such as his infrastructure bill and using Obama-era programs to make it difficult for crypto companies to access the traditional financial sector.
The Biden Administration’s Malicious Agenda
The Biden administration has shown further malice towards cryptocurrency traders through their closure of Signature Bank. Live Bitcoin News reported on this act and former congressman Barney Frank, who served in politics for more than 30 years and later became director of the bank, gave insight into the situation. He believes that this closure sends a message to centralized institutions: „Stay away from crypto, or we’ll make your lives miserable“. Furthermore, he noted that despite high withdrawal rates seen at the time of closure, the company was already in federal hands beforehand.
Biden’s Anti-Crypto Actions
President Biden has made it clear since day one that he is not a fan of cryptocurrencies. This attitude is reflected in his legislation such as his infrastructure bill signed into law in 2021 which seeks to increase taxes collected from those with crypto portfolios come April 15th 2024. Additionally, he also used an Obama-era program so that crypto companies could not gain access to loans or other services offered by standard financial spaces.
Barney Frank’s Insight
Former congressman Barney Frank provided insight into how he perceived the government’s seizure of Signature Bank as a way to send a message to other institutions regarding their involvement with cryptocurrencies. He stated that these actions were wrong and that Signature had been investing heavily in cryptos prior to its shutdown by regulators.
The attempts made by President Biden and his associates are clear indications of their anti-crypto stance; whether it be through increasing taxes or preventing certain entities from accessing certain services offered in traditional financial spaces. As such, while it remains uncertain if Barney Frank’s words are true, they certainly seem plausible given what we know about this current administration’s attitude towards cryptocurrency traders and investors alike.
Biden’s agenda appears maliciously targeted against those involved with cryptocurrencies through various measures such as taxation and restrictions on access to services offered within traditional financial sectors across America; all measures which can have serious implications on those involved with cryptos both now and in future years ahead.