'The lawsuits this week have set up a high-stakes battle that will engage all three branches of the U.S. government in a competition for power and determine whether the crypto industry will decamp the U.S. for good,' says mikejcasey. Opinion.
The SEC Is Fighting the Last War
Then there’s the Supreme Court, which last month scaled back the Environmental Protection Agency’s power to enforce rules on landowners based on the Clean Water Act. What does this have to do with the SEC and crypto? Conservatives, who now control the court, see the EPA as just the first regulatory agency whose authority needs to be clipped. A more sweeping attack on executive agencies is coming, and the SEC is likely to be a target.
If the Gensler strategy of all-out attack wins, it could be the de facto death knell for crypto in the U.S. Developers will leave en masse to set up shop in Dubai, or Bermuda, or Singapore, or France, or in any number of jurisdictions that are proactively developing regulatory guardrails for crypto innovation to occur.
What’s needed – for all of our peace of mind – is for the crypto topic to transcend politics. It would be nice to think that this would happen organically because, after all, this is a technology – it should be apolitical. But, sadly, it’s going to be up to the crypto community to engineer. There should be a focus on education efforts, which show real use cases and demonstrate the benefits to humanity from this industry’s approach to decentralized value exchange and data-sharing.
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