At the moment, the US is actively opposing cryptocurrencies. Biden has stated that U.S. government authorities must step up enforcement in the digital asset market and find regulatory gaps for cryptocurrencies. The SEC has also been very strict in how it deals with the cryptocurrency industry and has filed litigation against numerous crypto companies.
Many proponents of crypto are making historical parallels as a result of this. Here are John Deaton’s comments.
Stuart Alderoty’s recent tweet
Stuart Alderoty, general counsel at Ripple, compared the resistance to cryptocurrencies in the US to the boycott of snowboarding in the 1980s.
The lawyer did this in a tweet yesterday, releasing a 1985 CBC news clip that demonstrated the hostility ski hill owners had for the new sport.
The activity, which entails using a board to slide down a slope, got its start in the United States in the 1960s. Although it is similar to skiing, snowboarding encountered opposition from skiers who said that snowboarders lacked control and constituted a threat to other people on the hill, as shown in the news footage.
James K Filan replies
Notably, pro-XRP lawyer James K. Filan shared Alderoty’s tweet that compared a ski patrol officer in the video to Gary Gensler, chair of the U.S. Securities and Exchange Commission. In the video, the patrol officer said that snowboarders were “uncooperative” and hazardous, saying that there could be no future compromise and that the growth of the new activity would only result in greater conflict.
SEC’s recent acts have garnered a lot of criticism
The U.S. Securities and Exchange Commission announced on Thursday that cryptocurrency exchange Kraken had agreed to end its U.S. cryptocurrency staking service and pay $30 million in fines to resolve charges that it had failed to register the program. This decision may cause issues for platforms that provide comparable services.
The SEC Chairman, Gary Gensler has also received criticism for the SEC’s failure to avoid the FTX crisis and for directing its attention in unnecessary places.
Community reaction
This comparison has been seen in the light of humor by the crypto community. Some have shared GIFs of laughing at the comparison made by Stuart Alderoty.
Source: https://coinpedia.org/news/why-is-the-usa-opposing-crypto-stuart-alderoty-parallels-to-80s-snowboarding-resistance/