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It looks like the Biden administration is finally getting around to figuring out what to do about the wild west of crypto. On one hand, they want to make sure investors are protected and the financial system is stable. On the other, they see the potential benefits that crypto offers, like financial inclusion for the unbanked. But here's the thing, the crypto community is split on what role, if any, the government should play.

The crypto industry faces legal challenges, including those faced by Coinbase. In a recent case, a lawsuit accused Coinbase of selling unregistered securities and failing to register as a broker-dealer, but it was dismissed. Despite this, Coinbase continues to face class-action cases and scrutiny from the SEC, which has taken action against other firms. Coinbase is also facing more legal challenges and the industry is still navigating complex regulations, making it difficult for companies to provide a secure platform for users.

The Biden administration's plans to regulate cryptocurrencies focus on financial stability and investor protection. However, they also recognize the potential benefits of cryptocurrencies, like financial inclusion. There is debate in the crypto community over the impact of government intervention, which could stifle innovation or provide security and legitimacy. Stablecoins and CBDCs are two new developments in the crypto world, with varying approaches by governments. Tether, the third largest cryptocurrency, has sparked concerns over its liquidity and solvency due to past deceptive practices and recent reports of lending its own tokens.