Technology is the future, but the Biden administration is afraid 

President Biden recently vetoed bipartisan legislation that would have allowed financial institutions to hold customers’ cryptocurrency. It is disconcerting to see him veto legislation specifically crafted to foster financial innovation and safeguard consumer choice.  By disallowing banks from securing digital assets, the veto will impede the development of new financial technologies and reinforce the dominance of traditional financial systems that many view as outdated and excessively regulated. This action could stifle innovation in the financial sector and limit the potential benefits of decentralized currencies, which offer users more privacy and freedom.  Ever since British textile workers destroyed machines in cotton and wool mills in the early 1800s, fearing they would threaten their jobs, technological change has been marveled at by many and feared by some.   Known as the Luddites, members of this movement effectively sought to end human progress and advancement. Today, it isn’t bands of workers armed with clubs seeking to destroy technology, but often it is government bureaucrats and policymakers who take destructive actions to preserve the status quo, seemingly out of fear of the unknown.  Cryptocurrency, sometimes referred to as “freedom currency,” operates without a central network controlled by a single entity, which makes it challenging for the government to regulate transactions. That appears to be why the president and his administration oppose promoting its use in the financial system.  Biden appears to be more comfortable with exploring developing a Central Digital Currency (CDC), which the government would run. However, a CDC would have the opposite effect…Technology is the future, but the Biden administration is afraid