Is there a war on crypto?
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There is growing discussion about whether the U.S. government is waging a "war on crypto." Several experts have weighed in on this topic recently:
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Congressman Tom Emmer views the government's actions as a deliberate attempt to undermine and control the crypto industry. He highlights the closure of crypto-friendly banks like Silvergate and Signature as part of this strategy, which he believes is driven by centralized bankers and government entities resistant to the decentralization ethos of crypto 1. Emmer argues that despite these efforts, there is significant pushback within the government and among citizens who support crypto values 2.
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Ryan Sean Adams and David Hoffman emphasize demographic changes, suggesting the younger generation involved in crypto will eventually influence policy in Congress, which could shift current governmental attitudes 3. They also draw analogies to past events, like the "crypto wars" of the 90s, where cryptography faced significant government opposition but ultimately prevailed due to legal and public support 4.
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Mike Selig compares the current situation to the 90s' "crypto wars" on encryption, where technology was initially treated with hostility but later gained acceptance. He points out that the lack of a regulatory framework is pushing the industry offshore, which could be detrimental to U.S. innovation in the long run 4.
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Sam Altman reflects on how technological transparency can reduce corruption but expresses concerns about the increasing surveillance capabilities of central bank digital currencies (CBDCs) and social credit systems. He views the regulatory pressures on crypto as part of a broader trend towards tighter control over digital innovations 5.
The consensus among these experts suggests a multifaceted "war on crypto," encompassing regulatory crackdowns, policy hostility, and broader societal impacts. The discussion highlights the tension between the decentralization aims of the crypto community and the control objectives of government institutions.
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