During the 2020 presidential campaign, Joe Biden casually referred to the public having “record players” at home. We can forgive him for being a bit out of touch with today’s technology: The president is now 79 years old. Yet, reportedly, Biden nonetheless intends to attempt to regulate some of the most complicated and newfangled technology out there: cryptocurrency.

That’s right: The Biden administration is planning regulations on Bitcoin and other decentralized, nongovernmental digital cryptocurrencies. Per Bloomberg, it intends to do so in the name of “national security.”