As Banks Fall, Crypto Gains More Popularity

Bitcoin, Ethereum, and many other mainstream forms of crypto are gaining a lot of traction and additional popularity as the banking crisis grows.

Crypto Is Getting a Lot of Respect

Not long ago, one of the banks to join the ongoing list of financial failures was First Republic. The organization’s assets were doled out by government officials to JPMorgan Chase, a monetary giant that also played a similar role in the Great Recession banking crisis of 2008 and 2009.

The fact remains that the world of standard finance is getting quite shaky under Biden and his incompetent, democrat cronies, and there are many people who no longer feel as confident in standard banks as they once did. They’re turning to bitcoin and crypto to keep their financials safe and sound, and this is an attitude that appears to be growing every day.

Elliot Han – the head of crypto, blockchain, and digital asset investment at Cantor Fitzgerald – commented in a recent interview:

We’re seeing a lot more maturity. Now, have the floodgates opened? No, I don’t think so, but I think you see a lot more that has come into the [space]. You’re seeing a lot more experimentation.

He also pointed to the idea that crypto regulation is getting closer and closer. The calls for regulation have been growing intensely over the past several months given the crash of FTX, one of the world’s largest and most popular digital currency exchanges. Bradley Duke – co-chief executive at ETC Group – commented:

While a well-conceived regulatory framework for crypto will improve investor confidence and encourage enterprise and job creation, the opposite – a lack of a framework for crypto – creates uncertainty and the retraction of the sector as we are seeing in the U.S. today.

Right now, crypto regulation – while important – is non-existent, and taking on more of a bullying form through organizations like the Securities and Exchange Commission (SEC). The agency has long been criticized for its ways of enforcing its will upon crypto companies rather than trying to reason with them or work things out with the industry. Rather, it’s made a habit of going after all major crypto firms and trying to force them into conditions that the SEC – and only the SEC – sees fit.

The SEC is a Bully

Among the companies the agency has targeted are Coinbase and Kraken. The former received a Wells notice from the agency informing it that it would likely face charges in the coming future, while Kraken was made to part with a $30 million penalty fee and cease all its crypto staking activities and services.

Coinbase took serious issue with the notice in that representatives claim to have met with SEC heads roughly 30 times over a nine-year period to ensure the company was fully compliant.

Tags: banks, crypto, SEC