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The Fight Between Crypto and Governments Just Getting Started
The crypto industry has been experiencing unprecedented regulatory pressure in recent times. The United States government, in particular, has been cracking down on crypto in response to the blowups of fraudulent crypto companies that occurred last year. However, according to ShapeShift CEO Erik Voorhees, the fight between the American government and the crypto industry has just started. He believes that the crypto industry needs to prepare for increasing government pressure as it ramps up its challenge to the State monopoly over money.
Government Crackdown on Crypto
The US government has been ramping up its regulatory efforts against the crypto industry. In recent months, it has taken various measures to regulate the sector, including cracking down on crypto exchanges and imposing stricter Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. The government is also planning to introduce new legislation to regulate the crypto industry further.
According to Voorhees, the government’s crackdown is just an opportunistic reaction to last year’s blowups of fraudulent crypto companies. He believes that U.S. authorities still do not see crypto as an existential threat to the fiat system. However, the government’s attitude towards crypto could change as the…
