Team Biden sees digital currency as a threat it can’t control. Here’s what it means for your investments

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Give Biden administration bureaucrats and power brokers credit for something: They recognize a looming threat to their comfortable status quo when they see one. Accordingly, they have launched a multi-agency effort coordinated by the Securities and Exchange Commission to purge digital asset companies from the American economy.

With Republicans now in control of the House, that sets up a March 9 showdown, when the House Financial Services Committee’s Digital Assets Subcommittee convenes a hearing called “Coincidence or Coordinated? The Administration’s Attack on the Digital Asset Ecosystem.”

The traditional centralized monetary system, as we know it in the United States, is tightly regulated by the federal government, which controls all facets of the system, including printing and minting physical currency and coordinating transactions with financial institutions. Adjustments to how the system operates can be made by unelected government bureaucrats, potentially with little-to-no public notice.

Under the decentralized mode of digital assets, no central authority is required. Bitcoin, for example, uses open-source software that allows the code to be maintained by a consensus of its users. Modifications and improvements can be made if a sufficient number of users agree – and this is a crucially important difference – with a centralized system, any changes

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