US Regulators Are Killing Crypto Industry – Chamath Palihapitiya
Chamath Palihapitiya, a billionaire venture capitalist and outspoken advocate for cryptocurrency, has expressed his belief that regulators in the US are effectively pushing the digital asset space out of the country.
In a recent episode of the All-In Podcast, Palihapitiya accused regulators, including SEC Chair Gary Gensler, of targeting the crypto industry.
Palihapitiya argues that regulators view cryptocurrency as a significant threat to the current financial system and the government.
They are doing everything they can to remove the digital asset space from the US. He also claims that the SEC has given Coinbase a hard time, despite the crypto exchange’s attempts to comply with regulations.
In Palihapitiya’s opinion, the bankrupt crypto exchange FTX was the closest to receiving approval from the regulatory body, despite being the most fraudulent.
Palihapitiya suggests that regulators are punishing the cryptocurrency industry for pushing the boundaries more than any other sector of the startup economy.
He asserts that crypto represents a threat to the establishment and that regulators now pay the price for allowing the industry to develop without oversight. In Palihapitiya’s view, regulators are using the pretext of protecting investors from clamping down on crypto, but their real aim is to maintain the status quo.
Palihapitiya’s comments reflect a growing sense of unease in the crypto community about the regulatory landscape in the US. Many industry leaders fear that the US is falling behind other countries in terms of innovation and development in the crypto space.
They argue that a more permissive regulatory environment is needed to allow the industry to flourish and compete with other countries. However, regulators have expressed concerns about the risks posed by cryptocurrency, including fraud, money laundering, and market manipulation.