Opinion: Crypto Traders Need to Realize the Government is not on Their Side

Crypto fans need to understand something once and for all: the government is not here to help you, and it is clearly incapable of accomplishing anything major within a reasonable period.

Crypto Players, It’s Time to Wake Up!

This warning applies to all parties and corners of the present political system, whether it’s democratic, republican, or independent. There are so many committees and so many organizations and so many general players taking up space in the political arena, and yet so few of them seem to finish or achieve anything of significance to the point that it’s almost humorous.

For example, FTX collapsed seven months ago. It was November of 2022 that the company fell into a heaping pile of bankruptcy and fraud. Since then, there have been ongoing calls for digital currency regulation and clarity when it comes to present laws. Any reasonable person should have been working on these aspects the day the collapse occurred. We are now in June, and virtually nothing has been changed or recorded to the present rule books.

Despite the ongoing calls, despite people continuing to trade, and protections still (supposedly) not being in place, we cannot say that Congress or any member of America’s political system has done anything lasting or important. Instead, they are once again concerned with prosecuting Donald Trump for the umpteenth time and wasting everyone’s resources on phony indictments and garbage that is going to make no difference in the nation’s future.

If this should teach crypto fans anything, it’s that the American political system – as it presently stands – is practically useless. There really shouldn’t be any more calls for regulation or calls for political players to get involved in important matters such as where crypto goes from here. What traders and investors need to concern themselves with is keeping their assets and their practices safe and watching out for themselves and each other.

So Little Done Thus Far

It’s been months upon months of criticism from each side for each side. It’s been months of infighting and foolish arguments and childish games that have ultimately led the U.S. into a serious state of decay that will likely take years to recuperate from. The economy is tanking, inflation is again reaching a new high, and the ringleader of this circus – Joe Biden – is completely incapacitated both mentally and physically, and what’s scary is that nobody wants to talk about it.

And even if this wasn’t the case, even if Congress and other political players were proving themselves entirely capable, calls for regulation in crypto may be a bit overwrought given the industry was designed to push all regulators and prying eyes out of the picture in the first place. If crypto fans want to remain tough and resilient, they will place more focus on themselves and less on government step-ins.

Tags: Congress, crypto, government, regulation