Biden’s Latest Veto Stifle Advancement in Technology

(OurNationNews.com) President Joe Biden’s veto of bi-partisan crypto-currency legislation may prevent advancements in financial technology while clinging to overregulated, outdated systems.

That is the viewpoint of John Paglia, a professor of finance, who wrote an op-ed criticizing Biden’s veto. In President Biden’s veto statement, he called the legislation “republican-led” and said it prevents the Securities and Exchange Commission from enacting necessary guardrails to protect consumers and investors.

Paglia said that government bureaucrats seek to hinder technological advancements in order to maintain the status quo. Since cryptocurrency is decentralized, it is more difficult for the government to regulate transactions. The popularity of cryptocurrency is largely fueled by the desire to move away from a centralized currency system. Paglia said that Biden’s is more likely to pursue a Central Digital Currency (CDC) system that has the reverse effect in terms of government regulation and control.

Paglia said a CDC system will give extraordinary access to the federal government of private consumer financial data. This could enable the government to regulate transactions to an unprecedented degree and potentially put limits on how private citizens can spend their own money.

In his NYT op-ed, Paglia also addressed concerns that President Biden is intent on overregulating Artificial Intelligence (AI) and suppressing the development of useful technologies. Paglia points to the fact that Biden’s DOJ is investigating AI software that helps landlords price their units to remain competitive while still making a good market rate on their rental properties.

Paglia argues that the Biden administration’s attack on one particular piece of AI software could cause a “wave of litigation” against other AI models that have long been used in various industries to help set prices. Paglia said the biggest concern is that under Biden’s leadership, the U.S. could fall behind on technology in relation to the global market which can have multiple negative consequences. He said that Biden seems to be against cryptocurrency and AI for “fear of the unknown.”