President Biden signed the rumored far-reaching executive order on cryptocurrency regulation, taxation, and government crypto research. From stablecoins to fraud prevention, the mild-mannered order seems to have pleased everyone involved in crypto for now.
https://www.notebookcheck.net/President-Biden-s-crypto-executive-order-pleases-the-industry-but-fails-to-prop-Bitcoin.607513.0.html
CBDC good, crypto bad
I don't know what is the situation in the US, but in many countries, regulation is necessary. If the law doesn't recognize cryptocurrencies, there can't be any specific provisions for them which can have serious tax implications. Something many people are completely clueless about. It might be called currency but that doesn't mean you can treat it like ordinary money. Where I live, they are just plain old generic intangible assets. Which does impact how you tax them (e.g. I should tax any profit made at every single transaction and I can't deduct losses; it's more like artwork than money in the way you tax it). It's a trap. Authorities have all the time in the world and interest on owed tax just keeps growing.
Fiat is dying and the new fight is around who gets to control the new world's currencies. I'd rather it not be the globalists.