Let's be honest here the amount of hacks, scams and just bad business in the crypto market is a fraction of what currently goes on in the fiat world. However FTX spired the right amount of drama that the SEC and government including the DOJ decided they needed to flex and crack down on crypto even though crypto isn't the issue at all! Let me be crystal clear about this, the issue is not with crypto it's with downright crap people and others not doing their own research and just jumping on board on things that are too good to be true.
Sadly that's why we indeed have to have regulations because a vast majority of people and wealth can't do it themselves for some reason.
The crypto markets have none the less rebounded and for the most part held steady at a much higher rate. From $16,000 bitcoin to a $22,000 bitcoin or better yet a 800 billion dollar market cap to now holding over 1 trillion market cap it's clear that crypto doesn't care that much about these regulations. Nor should it...
Why?
Crypto is world wide and there's no reason why these companies can't move out of the US and start conducting business again. It's the easiest method when compared to trying to build a decentralized platform.
For me personally if the government ever told me I couldn't use of have crypto I'd say F them and most likely double down. The government has no right to allow something for years and then say you can't use it. Here's the other side of that as well. When enough people battle it out vs their government they often finally comply with their citizens otherwise risk major damage and that's the way it should be! Your government works for you not the other way around which has started to become common place for some mad reason since 2001.
We have all seen what a wonderful job the government does in control....
It's clear this bull dog attacking from worthless sectors of the government such as the SEC are not providing investors security and if anything simply driving away future business to other countries how are more clear cut and accepting of crypto but at least they have base line rules.
All the US has managed to do is allow for some of the largest cases of massive fraud to go about for two years or longer right under their nose while legitimate companies doing it right are now getting punished for it for no reason. This bulldog attack method is quickly going to set the US as a non attractive place to deal in crypto and digital currency and drive away vast amounts of wealth and businesses to the point the USA will fall even further behind. This falling behind will become devastating to the USA in terms of its future.
What made the USA such a powerhouse of the 90s was the early adoption of major business like Amazon, Ebay, Facebook and Google However we see there was no clear guidelines there which are now coming out and haunting some people in terms of how much data was collected. None the less creating an environment where these large companies could thrive helped the USA have solid business footprints around the world and crypto is that next evolution no matter how much they want to keep attacking it. They need to quickly do a 180, put clear regulations is place and allow people to do with their money what they want to instead of wasting so much tax dollars in these pointless battles that do nothing but hurt investors and growth of business. Otherwise I'm sorry to say the USA is going to continue to slip behind in terms of geopolitical power.
