Biden Administration’s Crypto Actions Will Have Election Consequences

Biden administration’s crypto actions to have important election consequences. Check out the latest reports about this below.

ARK Invest’s Cathie Wood says the Biden Administration’s abrupt escalation against the crypto industry will have consequences at the ballot box.

During a new interview with economist Arthur Laffer, Wood says there is no doubt that the approximately 50 million Americans who own Bitcoin and crypto assets are closely watching recent moves from the White House.

Wood says the administration’s actions and the language in a new economic report suggest President Biden fears crypto. More than that, it does not support American businesses involved in the industry.

“I don’t know if you saw the President’s annual economic report. It came out a couple of days ago and it went after crypto. Big time.”

She also said the following:

“They saw no role for [crypto]. Well, it has to be somewhat threatening [for the report to be so negative]…

I honestly think – and we’re seeing with young people especially – this is going to become a national election issue.”

In other news, JP Morgan is testing out biometric-based payments with some of its business customers in the US retail sector to make payments more convenient and secure, as well as to increase take-up of loyalty programmes, according to the latest reports coming from Computer Weekly.

The payments division is running the pilot with selected retail stores and will include the Formula 1 Grand Prix in Miami in May. If this turns out to be successful, there will be a wider roll-out of the technology in the US next year.

“After enrolling, customers will be able to pay for purchases through face or palm scans without the need for a card, phone or cash,” the latest reports note.