Nouriel Roubini: Biden to Crack Down on the ‘Cryptocurrency Cesspool’

An economics professor and cryptocurrency critic Nouriel Roubini again predicts Bitcoin’s death—this time at the hands of the new Biden administration.

@jchervinsky : you are delusional. Biden’s team, starting with Yellen who was my boss at CEA, will crack down on this criminal tax evading & AML-KYC-TFC-evading crypto/shitcoins cesspool much more than Mnuchin. Get a life as you have become a crypto hired gun cheerleader/enabler https://t.co/558ziHBUWg

— Nouriel Roubini (@Nouriel) December 24, 2020

“Joe Biden will go much further than Donald Trump and will fight tax evasion using shitcoins from the crypto cesspool,” said Roubini.

The crypto-skeptic’s tweet targeted lawyer Jake Chervinsky, who criticized the statement by the White House’s financial markets regulatory working group (PWG). It offers an assessment of the key regulatory aspects surrounding the use of dollar-backed stablecoins.

“Members of the PWG acknowledge that stablecoins used as payment systems can enhance efficiency and competition, reduce costs and contribute to broader financial inclusion,” the group’s statement said.

But Chervinsky drew attention to another part of the document, in which the PWG proposes identifying all participants in transactions.

“Frankly, there is no chance this will become a binding rule or law in the near future. It is simply another personal view of Treasury Secretary Mnuchin,” wrote the lawyer.

Earlier in November, Roubini called the use of the term “cryptocurrency” in relation to Bitcoin a misnomer.

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