When the crypto craze hit unmatched heights tech investor Chamath Palihapitiya had been bullish about Bitcoin. It is just two years since he said that bitcoin would replace gold as a standard and would reach $200,000. In a recent podcast, he said that the industry was dead in America and suggested that it was due to regulators. The crypto industry collapsed due to multiple bad players. The collapse of crypto exchange FTX had a cascading effect and regulators have stepped in to stem the alleged rot that has seeped through most of the crypto industry.
In the newest episode of the All-In podcast, Chamath Palihapitiya said, “Crypto is dead in America.” The venture capitalist has been a great advocate of Bitcoin and reportedly owns or owned millions of digital coins.
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The tech investor suggested regulators were responsible for its demise. However, regulators have been going after bad actors more aggressively after the massive collapse of FTX, followed by many other exchanges. There have been several lapses in the crypto industry and SEC chair Gensler has begun reining in crypto players.
Tech investor Palihapitiya said, “You had Gensler even blaming the banking crisis on crypto. The United States authorities have firmly pointed their guns at crypto.”
On the other hand, the SEC has gone after companies and projects that were allegedly selling unregistered securities.
In February the SEC put forth a series of rules that would change the way in which the crypto industry could custody assets of customers. In March, it sent a Wells notice to Coinbase. Mid-April, it charged Bittrex, a crypto trading platform as well its ex-CEO for operating an exchange that was not registered.
Brian Armstrong of Coinbase is planning to fight the charges in court while Bittrex said that its U.S. operations were winding down.
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Chamath Palihapitiya said that these crypt companies could be considered threatening to the establishment as they pushed the boundaries more than other startups. So, they were paying the price.
Some Republicans have also questioned Gensler. He said that the regulatory framework was clear and that it had been built up over 90 years. He also said that the exchanges had been “non-compliant” and that they had to “come into compliance.”
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