"The fixation with regulating (...) Bitcoin is driven by the Biden administration’s centralized (...) approach to government which views innovations beyond its ability to control with contempt. (This) isn’t dissimilar to (...) the Chinese Communist Party which (...) banned (digital assets) in 2021."

"The decentralized nature of digital assets can only be viewed as a threat to those who favor expanding the size and role of government because digital assets act as free-market safeguards against abuses within centralized monetary systems. For example, the Biden administration cranked government currency printing presses into overdrive, enabling more government spending and sending America’s economy tumbling into an era of hyper-inflation. That scenario would be much less possible under a transparent, decentralized system. The situation isn’t too dissimilar to that of the Chinese Communist Party which, having concluded it couldn’t control digital assets outright, banned them in 2021. Another key differentiating feature in many digital assets is that they’re resistant to "financial censorship," a term that refers to the suppression of certain spending, canceling transactions or freezing monetary assets. Typically, financial censorship would be done by the government, but increasingly, we’re seeing this done by banks and payment card companies at the direction of government regulators." an excerpt from an article by David McIntosh, President of Club for Growth and a former Congressman from Indiana submitted by /u/pcvcolin [link] [comments]