athie Wood of ARK Invest has asserted that the Biden Administration's sudden crackdown on the cryptocurrency industry will have ramifications at the polls.
During a recent interview with economist Arthur Laffer, Wood stated that there is little doubt that the actions of the White House are being closely scrutinized by the roughly 50 million Americans who own Bitcoin and other cryptocurrencies.
According to Wood, the language used in a recent economic report and the actions were taken by the administration indicate that President Biden is wary of cryptocurrencies and does not appear to support American businesses operating in the industry.
During a recent interview, Wood commented on the President's annual economic report, which she believes went after digital assets in a significant way, suggesting that the administration sees no role for them. She believes that this negative stance could be perceived as a threat to the industry.
She also expressed the opinion that the issue of cryptocurrencies may become a national election topic, particularly among younger voters. In addition to this, President Biden's 2023 crackdown on crypto includes the SEC confronting US-based crypto firms Genesis, Kraken, and Coinbase.
As per Wood, the administration has also closed down Silvergate and Signature Bank, both of which were known for being crypto-friendly. According to former Congressman Barney Frank, the shutdown of Signature Bank was intended to send a message regarding crypto.
Wood also mentioned that the SEC's rumored plan to sue US-based crypto exchange Coinbase could ultimately bring clarity to the industry. She believes that this lawsuit could potentially take the issue of whether Americans should be allowed to freely hold and trade cryptocurrencies all the way to the Supreme Court.
Wood stated that Coinbase received a Wells Notice from the SEC, which gives them an idea of how the SEC plans to approach the situation. However, Coinbase has been readying itself for this eventuality. Wood believes that this matter will end up in court and ultimately in Congress. Coinbase is prepared to take the issue all the way to the Supreme Court, but in the meantime, Wood thinks it will become a national election issue.
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