It’s easy to say that regulators in the US have made a major breach in the country’s crypto industry. A number of companies are considering exiting and some are already doing so. According to a major venture capitalist, the outcome of this exit is still unknown.
“Crypto Is Dead in America”
You can hear former Facebook CEO and current venture capitalist Samad Palihapitiya every week on the All-In Podcast. Apart from artificial intelligence, the US elections and the first launch of SpaceX’s starship, cryptocurrencies have also been a topic of conversation lately.
previous This week, Coinbase was granted permission to offer services in Bermuda, marking the start of a transition The largest crypto exchange in the US. The stock market is unwilling to rule out any possibility of future plans, not even an outright move abroad.
Balihabitiya has a harsh opinion about the situation in America. “Crypto is dead America,” he declares.[Gary] Gensler blamed the crypto industry for causing the banking crisis. US authorities have launched an attack on crypto.
Tech investor David Sachs spoke. He thinks it’s no coincidence that crypto is being targeted as there are growing fears that the dollar will cease to be a reserve currency in the future. He called Coinbase the gold standard for crypto, to which Balihabidia responded that the “most decent” exchange (Coinbase) didn’t license derivatives, while the “most fraudulent exchange” (FTX) came closest.
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— Is Crypto Dead in America?
— The All-In Podcast (@theallinpod) April 21, 2023
Are regulators not critical enough of crypto?
However, he encourages regulators. They have long allowed the crypto industry to do its thing without setting hard limits according to the investor, and now they are paying the price. Many companies have gone bankrupt, affecting many investors. With better regulation, FTX’s bankruptcy would never have happened, a member of the European Parliament said late last year.
Investment firm Bernstein thinks the SEC and other US regulators won’t kill crypto in the US. The Dutch Authority for Financial Markets (AFM) is also unhappy with the sector, but constructive regulation still seems to be the Netherlands’ regional plan.
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