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Crypto Is Dead in America
Bitcoin, the first-ever cryptocurrency, was created in 2009 as a decentralized digital currency that allows for peer-to-peer transactions without the need for intermediaries like banks. Over the years, it has gained massive popularity and now boasts a market capitalization of over $1 trillion. However, not everyone is convinced of its future prospects, and tech billionaire Chamath Palihapitiya is one of them. In a recent podcast episode, he declared that “crypto is dead in America,” citing regulatory pressure as the main reason. Let’s explore his views further in this article.
Regulatory Pressure Choking Out the Crypto Sector
Palihapitiya’s statement that crypto is dead in America is a bold one, but it’s not without merit. The cryptocurrency sector has faced significant regulatory hurdles in recent years, with the SEC leading the charge. The agency has been cracking down on initial coin offerings (ICOs), which it views as securities offerings that should be subject to the same regulations as traditional securities. This has led to many ICOs shutting down or moving offshore to avoid regulatory scrutiny.
Furthermore, the SEC has also taken a hard stance on cryptocurrency exchanges, such as Coinbase, which is now considering a move offshore. The agency has demanded that exchanges register as national securities…
