US Govt on War-footing Against Crypto Market

American entrepreneur and programmer, who’s also a pioneer in artificial intelligence (AI) due to the creation of ChatGPT, Sam Altman, put forward his perspective on the US government and crypto industry. He expressed concerns about the government’s way of treating crypto during a conversation with popular YouTuber Joe Rogan in a recent podcast. Altman considered the situation like waging a “war.”

During the podcast, Altman brought up his disappointment with the government in the United States. He thinks what the government has done recently was nothing “but the war on crypto.”

The government wants to control it and that is what makes it “quite sad,” he added.

Citing his creation of Worldcoin, an iris-scan based identity payment project, he stated that he learned more about the burgeoning asset class industry through it. Altman mirrored Rogan’s excitement about Bitcoin and the decentralized system.

However, he found the idea of a global currency’s existence that does not fall under the control of any government “super logical.” He thinks it’s a crucial step forward for the “tech tree.”

Sam Altman Thinks Crypto Regulations are Needed But…

In the aftermath of the collapse of cryptocurrency firms like FTX, Altman expressed his stance on the regulatory environment. He clarified that he isn’t anti-regulation and acknowledges the necessity of regulations in the cryptocurrency space. However, he raised a crucial point that despite the existence of various regulatory measures, they didn’t prevent the problems and failures that occurred.

The observation underscores the ongoing challenges in crafting effective regulations that can safeguard the interests of investors and maintain the stability of the cryptocurrency market, particularly in the face of rapid innovation and evolving risks.

Sam Altman raises a thought-provoking perspective regarding the transition to a technologically enabled world. While this shift can foster innovation and transparency, he highlights a significant concern about the potential expansion of the surveillance state. In a digitally interconnected world where even cryptocurrency transactions can be tracked, he expresses skepticism about the implications for privacy and surveillance.

The shift from physical cash to digital payments, even with cryptocurrencies like Bitcoin, can potentially lead to greater scrutiny of financial transactions, posing challenges to individual privacy and personal liberties. This issue underscores the ongoing debate about the balance between technological advancement and the protection of civil liberties.

Sam Altman’s Worldcoin Subject to Privacy Concerns

Worldcoin has encountered criticism from both the cryptocurrency community and regulatory authorities since its launch in July. One of the major points of contention has been its use of eyeball-scanning Orbs for ID verification in exchange for its cryptocurrency, WLD.

While Worldcoin claims it doesn’t store the data once the iris scan is complete, concerns about privacy led to Kenya suspending Worldcoin’s operations and Argentina initiating an investigation into the project in August. These actions reflect the ongoing debate over privacy and data security in the context of cryptocurrency and digital identity verification systems.