In a sharp rebuke of the American cryptocurrency industry, The Economist has accused the sector of abandoning its founding ideals in favor of political favoritism and profit-seeking.
Once championed as a decentralized force for financial empowerment, crypto is now being portrayed by the publication as a compromised tool serving entrenched interests.
According to the piece, the U.S. crypto landscape has veered away from its roots in trustless, borderless innovation and into the arms of political influence—particularly that of Donald Trump’s orbit. Rather than disrupting power structures, the report argues, the industry has allowed itself to be co-opted by them.
The Economist contends that top players in the space are now heavily engaged in lobbying and backdoor politics to shape favorable regulation, casting doubt on their commitment to decentralization.
Campaign contributions, policy alignment, and personal connections with political elites are described as evidence of the industry’s shift toward crony capitalism.
While the publication acknowledged the underlying promise of blockchain technology, it issued a stark warning: if crypto continues down this path, it risks becoming just another opaque, insider-driven corner of finance—exactly the kind of system it once sought to overthrow.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/the-economist-blasts-u-s-crypto-scene-calls-it-politically-corrupted/