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Edited by Shri333 at 22-12-2023 05:30 AM
On November 22nd, Binance reached a historic settlement with U.S. regulatory authorities for $4.3 billion. The substantial fine and CZ's departure may appear as a regulatory victory suppressing the crypto industry, but cryptocurrency investor Ryan Sean Adams believes, ""You can't kill crypto; you only make it stronger.""
When people like me say, ""U.S. regulatory agencies want to kill cryptocurrency,"" it's not entirely accurate. Let me explain.
How did the U.S. treat Binance?
They did not kill Binance. They allowed it to continue existing; they allowed the founder to retain ownership. Although a $4 billion fine was imposed, for a major company like Binance, it's just a minor setback.
There's subtlety in this. They are not trying to kill cryptocurrency; they are trying to control it. Lawsuits, fines, arrests—everything is to show cryptocurrencies who's in charge.
""You must comply with regulations.""
""But we haven't received clear regulations.""
""You will comply with regulations.""
No specific guidelines—just one demand: obedience. They want cryptocurrencies to submit under their control.
From their perspective, cryptocurrency is an alien life form they cannot comprehend. It operates peer-to-peer, from the bottom up, does things they cannot do, uses a language they don't understand, and comes from a distant universe called ""the internet.""
So, how do they react to this invasive species? Not by killing it; that would be unwise.
First, observe. They've been doing that for the first decade, and they've completed their observations. Now it's time for control. Regulatory bodies worldwide are probing and testing, attempting to find the influence and control points of cryptocurrencies.
They believe they found one in centralized exchanges, so they are leveraging it, picking winners, and striking the industry. Fines, uncertainty, carrots, and sticks—all part of the plan.
Kiss the ring, pay the fine, cooperate—these weapons work in their familiar universe, and they are having an impact on exchanges. It's not killing; it's control.
So, cryptocurrencies will continue to live, gearing up for another battle. It spreads, but now under the supervision of adults, under control.
They should have killed it when they had the chance.
And that's what they don't understand and what cryptocurrencies want.
Cryptocurrencies only need time. Time to seed private keys into enough hands. Time to weave themselves into the fabric of the economy. Time to build strong friends and allies, some even within regulatory bodies.
They can't kill it. When they try to control it, they only make it stronger.
Cryptocurrencies are winning. |
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Post time 27-11-2023 12:57:04
