I noticed something fascinating while rereading the criticisms of Biden's crypto policy. For years, the administration preferred coercive actions over building a real regulatory framework. Result? Legitimate businesses fled, American innovation stalled, and paradoxically, scammers like SBF had free rein to thrive.

What really strikes me is the incoherence. Instead of establishing clear rules, this era’s crypto policy was based on crackdown measures. And meanwhile, malicious actors were operating quietly.

But the most problematic part? Operation Choke Point 2.0. Banks simply cut ties with legal crypto businesses without any real legal basis. Individuals and small businesses that depended on crypto because of flaws in the traditional banking system found themselves blocked. Cut off from the financial system without proper procedure.

Critics point out that the Biden administration missed a historic opportunity. Instead of steering regulation of digital assets, it created an openly hostile environment. The consequences? Consumers suffered, innovation was stifled, and the United States fell behind other countries that were taking a clearer and more progressive approach.

This is a textbook case of what happens when you choose repression instead of smart regulation.