This is a extremely misleading propaganda article and I'm disappointed with Axiom, who usually only posts twisted stuff utilizing quotes from others. This was the worst and most dishonest one I have very seen from Axiom.

The FBI explicitly said more than a decade ago that “it is a violation of federal law for individuals … to create private coin or currency systems to compete with the official coinage and currency of the United States.”

No, that's not exactly what they said. That is what the prosecutor said, when convicting 'National Organization for the Repeal of the Federal Reserve and Internal Revenue Code' of making and distributing coins resembling US currency.

Congress is given some powers to regulate currencies to protect the public, not protect the US Dollar. Nothing really says you can't compete with the US Dollar, just that you must accept it and that Congress can limit other forms of currencies or contracts.

While the Supreme Court may appear to have given Congress this interpreted authority to prevent all other currencies, all cases dipping into that area are from the 1800's, and mostly the former side of it. It was geared at discouraging (not banning), states from issuing their own currencies. States doing so was a mess and hurt the public, to people from out of state, it was like time shares, where you buy points and no one has a clue who controls the supply

This article wrongly postulates that cryptocurrencies are illegal and always were; this is not at all true.

A lot of rich and powerful people were convinced that blockchain technology would prove to be just as revolutionary as the internet, and that it would be ludicrous for crypto to be illegal in the country that's home to Silicon Valley and most technological breakthroughs of recent decades.

That is a ridiculous gaslighting of crypto's collective motivation. Crypto was started and grew from lots of normal people, not rich and powerful corporations and bankers. It was largely to help the unbanked, the oppressed, and people massively overcharged by dozens of layers of middle-men, to simply exchange wealth.

This article, like an good authoritarian propagandist, insists that every thing is illegal until made legal by the Queen. That is not the case and cryptocurrency use is protected in several contexts by the Constitution.

Coinbase went public with close cooperation from the SEC/FED and monetary legal authorities, as was Silvergate, who was regulated by the Federal Reserve its self. Those are NOT "calculated economic decision," but sanctioned, carefully approved, and legal business. This isn't because they are crypto currency companies, it is because they are lenders and trading exchanges.

The implosion of FTX showed that banks are risky to the public. FTX really had nothing fundamentally to do with crypto currency, in regards to their failure. They were a bank, that lent money, and was regulated by the SEC/FED, but still had common bank and political fraud problems, as did multiple banks with no association with crypto.

Yes, the Biden administration is methodically attacking crypto. It has stuffed appointed positions with champions meant to destroy crypto. The SEC is struggling though. They've had to bend and break rules in ways that won't last, to try to snuff out as many established crypto companies as they can.

They are currently getting ready to let the public know in a year or two, their decades long plan to sell them out with a totalitarian world currency system. The US has already pledged to electronically share all citizen identification, employment wages, savings, debts, and retirement info with 40+ other countries, in the multi-country partnership plan they've been working on behind closed doors and without public input. While they've not hidden this plan, they've very much avoid and prevented it from being well known. Of course it is said to prevent money laundering and support their financial sanctions, which will be really important when they seriously the war escalates more.

They must be tight on time, because the SEC has declared the most insane and unrealistic interpretation of laws, that you'd never find in a free country. It currently deems every grocery store clerk a broker and every website that excepts payment, a money exchange-er requiring KYC. Not only that, but the software developers and anyone who supported or participated are on the hook as well. The guy who mowed the law might get popped by the SEC for supporting the place who ran some crypto charity.

The SEC has explained this multiple times, in a willfully deceptive way, while everyone asked them to clarify. This is why they say there is nothing to clarify. What, you don't know how an evil totalitarian communist might corruptly interpret the existing law? They have just claimed to choose not to enforce it all the way.....yet

Read how the SEC says they aren't addressing person to person crypto transactions, then they explain several insane interpretations, making it clear they think even that is money exchanging worthy of KYC requirements. Then you reread the person to person part and realize, they didn't say that was okay, they just said they weren't addressing it and you could put at the end "....yet."

A law that makes everything illegal, but isn't enforced is the most dangerous thing possible. When they can selectively enforce a against who they want, when they want, in violation of Constitutional equal-protection rights, what they have is a powerful and common tool to fascists and dictators.