Chamath Palihapitiya, a Canadian-American venture capitalist who said that Bitcoin had replaced gold two years ago and foreshadowed that the digital currency would soon climb to $200,000, has a much more conservative opinion of cryptocurrencies nowadays.
Chamath said in the All-In-Podcast that “Crypto is dead in America.” The tech investor blamed the crypto demise primarily on regulators who are aggressively working as the bad actor against the crypto industry. Gary Gensler, the Securities and Exchange Commission chair, said crypto trading platforms should strictly follow U.S. security rules and regulations.
Recently while answering the question, lawmaker Gary directly associated the collapse of Silicon Valley with the crypto industry. Chamath said, “You had Gary, who is blaming the banking crisis on the crypto sector,” he added, “The U.S. authorities firmly pointed their guns at crypto.”
The SEC has tightened its regulatory approach on the crypto industry, hitting companies and projects the regulator alleges were selling unregistered securities. It is important to note that in most legal battles, the SEC blames crypto companies for selling unregistered securities.
A Seattle-based crypto exchange reportedly faces potential action from the U.S. Securities and Exchange Commission despite preparing to shut down its operations there. The SEC told David Maria, the General Counsel of Bittrex, that the agency sued the exchange over alleged violations of investor-protection laws.
David said Bittrex consulted enlisting in the U.S. with the SEC. Still, the exchange discovered no possibility of following the rules of the SEC without essentially discontinuing all its revenue-generating operations in the country.
Last year, when the crypto market mirrored one of the most potent hits in the face of the Terra (LUNA) network collapse, the SEC chairman quoted it and forewarned that most other crypto tokens would also die.
According to CoinMarketCap, at the press time, Bitcoin was trading at $27,319.03 with a 24-hour trading volume of $15,827,735,166. BTC is the leader of all crypto, with a market dominance of over 46%. In the last 30 days, BTC highest traded at $31,005.61 and lowest traded at $26,606.69.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/04/25/crypto-is-dead-in-america-said-vc-chamath-palihapitiya/