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crypto's dead in America it is that in America crypto is that in America I mean now you have Chancellor you had ganster even blaming the banking crisis on crypto so they've the the United States authorities have firmly pointed their guns at crypto world's biggest bit coin Wales is emphatic that the US government is strangling cryptocurrencies in the United States this comes after coinbase CEO Brian Armstrong expressed his disappointment in the way the federal agencies that are supposed to regulate the cryptocurrency space in the country are not showing any commitment to making the guidelines clear to the players in the industry is there a government agenda if yes what is the U.S government aiming to achieve with hostility towards crypto but first subscribing to this channel would be one of the best things you can do as a crypto lover so hit that red button now let's listen to chamath and the podcast members tackle this issue SEC obviously Center Wells known as we talked about this before to Brian Armstrong of coinbase he said he's thinking about uh or considering relocating out of the U.S if the regulatory Clarity does not improve crypto's dead in America it is that in America crypto is that in America I mean now you have a Chancellor you had ganster even blaming the banking crisis on crypto so they've the the United States authorities have firmly pointed their guns at crypto is it a scapegoat or was it a around find out moment for crypto in your mind or a little bit of both I I don't know I just think that they were probably the ones that were the most threatening to The Establishment okay and they were the ones that In fairness to The Regulators did push the boundaries more than any other sector of the startup economy and yeah so now they're paying the price for them the bill has come due for them sax is it a around find out moment is it uh protecting the American dollar somewhere in between or incompetence on Regulators part the more I think about it the more I think it's probably not a coincidence that you're seeing all these concerns about D dollarization at the same time they're cracking down on crypto so look there were a bunch of crypto companies that might have done Shady things but I think we all agree that coinbase was not one of them coinbase was the gold standard in terms of doing everything right and they've just agreed asked over and over again for a regulatory framework they're just like tell us how to operate and we'll do it so I think jamatha is right that they're effectively Banning crypto in the United States they're going to drive all these companies overseas which is terrible for American innovation I don't know exactly where blockchain and crypto are going to go from here but I think that we should find that out in America you know we don't want that Innovation going offshoremath polyapatia in another interview has recently revealed that he moved his crypto assets to Singapore and Switzerland two countries that are more welcoming and supportive of crypto Innovation he also expects other companies to surpass the US in crypto adoption in the next few years but why did he do that and what does it mean for the U.S crypto industry one of the biggest challenges is regulation chamoth is not a fan of the SEC the U.S agency that oversees Securities and markets he thinks the SEC is too aggressive and hostile towards crypto companies and investors he said that quote the SEC has become a weapon of mass destruction for Innovation and that they are not our friends end quote likewise he also accused them of being captured by Wall Street interests and lobbyists he's not alone in this criticism many crypto companies have faced legal actions or threats from the SEC or state Regulators over their products or services for example coinbase Ripple block fi and circle are some of the prominent names that have been in trouble with the Regulators industry leaders and experts are calling for more clarity and collaboration from The Regulators Brian Armstrong the CEO of coinbase said that quote the SEC needs to step up and provide guidance for this industry and that they can't get their act together end quote Caitlyn long the founder and CEO of Avanti Bank a Wyoming based crypto Bank said that quote the U.S is shooting itself in the foot and that we're losing our leadership position end quote coinbase played by the rules stood in line tried to do the right things it seems that every step along the way right everything from board composition to Executive composition to how they try to interact with the Regulators yet they were probably the furthest away from getting a license the one that came the closest was the one that was the most fraudulent which is FDX yeah fascinating how is that even possible I mean because he he had skills in gaming the system yeah he's splashing cashy splashy cashy well he he ponied up large amounts of money because it wasn't his money so it was easy for him to make huge donations but he knew how to play the game to quote SPF he said this is the dumb game we woke westerners play we say the right Chevrolet so Everyone likes us that's the game he was playing which is my my whole concern about if we jump the gun on regulating AI too quickly it'll turn into another you know woke game that everyone's gonna play so here's uh here's how the world Works regulate yourself behave yourself act in the interest of consumers or get regulated or smashed and I think we've we've gone over this we talked about it in fact last week whether the movie industry crypto AI regulate yourself behave properly don't push the boundaries too far you can bend the rules but you don't want to break them I think the regulate yourself that you use the MPAA I don't think that's the right example I think if you're going to regulate yourself look at the tobacco industry they tried to regulate themselves but what they did was just lie to maximize profit in an area that was much less benign than movies and content Maybe you could have some lascivious content in a movie or a video game or an album but that was a lot less harmful than smoking which not just impacted the smoker but it turned out the secondhand smoker as well or the secondhand smoke so it touched everybody right you could be in a restaurant not smoke and yet have years of your life taken so I think that the self-regulation for areas that impact everybody independent of whether you participate in the system or not is where you have to look for good examples Jason and I'm not sure there are many good examples of separate allegations those kinds of systems another challenge is competition the US is not the only country that wants to be a leader in crypto many other countries are vying for a piece of the pie some of them are more friendly and clear about their regulations such as Singapore Switzerland Malta Estonia and Bermuda these countries have attracted many crypto companies and investors who want to avoid the uncertainty and the hassle of dealing with U.S regulators one of them is binance the world's largest crypto exchange by volume binance has faced increasing scrutiny and pressure from Regulators around the world such as the UK Japan Germany and Canada who have accused it of operating without proper licenses or oversight however binance has been able to avoid direct confrontation with the U.S Regulators by moving its headquarters to different jurisdictions and offering different services to different markets coinbase has been trying to lobby and influence U.S Regulators to create a more favorable environment for crypto Innovation Jesse Powell the CEO of Kraken another U.S based crypto exchange also said that quote binance is playing a very dangerous game and that they are going to get shut down end quote but it's not all doom and gloom there are also some opportunities for the US to catch up and regain its position as a leader in crypto one of them is legislation there are some lawmakers who are supportive of crypto and want to create laws that protect and promote it for example Patrick McHenry a republican lawmaker from North Carolina grilled Gary Gensler the chair of the SEC on his approach and authority over crypto during a recent Congressional hearing he said that quote we need smart policy made by Congress for this new asset class and that we need Clarity end quote one thing is sure the problem coming from U.S regulations would upset the crypto market so we had better brace for impact hey you can impact this video by giving it a thumbs up and subscribing to the channel adios and thanks for watching
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