US attempts to “assassinate crypto” are illegal and unlikely to succeed because “crypto is global,” argues South African professor and author Steven Boykey Sidley Sidley says that many formerly U.S.-based companies and innovators have fled the country, locating in countries with a more “comfortable” regulatory environment.
The U.S. Agenda Against Crypto
Steven Boykey Sidley, a South African-born professor of practice at the University of Johannesburg’s JBS, accused U.S. regulators and ministries of orchestrating a “possibly illegal” effort to “assassinate crypto.” Sidley said thattaking out BTCespecially at a time when we are in the midst of a banking crisis sparked by bank failures in the U.S.
and there is no moral or legal basis to justify such attempts to
In his own op-ed published in the Daily Maverick, Professor Sidley pointed to the “opaque and unexplained” reasons for the US Federal Reserve’s refusal to grant Custodia Bank a national banking license as an example of how US authorities try to kill crypto He noted that the U.S. Federal Reserve refused to grant Custodia Bank a national banking license for “opaque and unexplained” reasons. According to the professor, the bank and its founder, Caitlin Long, were committed to reducing risk and “increasing depositors’ confidence that their deposits in crypto exchanges were supported on a 1:1 basis.”
In an op-ed, Sidley argues that the US Federal Reserve’s sudden and inexplicable withdrawal from involvement with Custodia suggests that the US has sinister intentions toward cryptos.
On the other hand, Sidley also highlighted the seemingly coordinated actions of U.S. regulators against crypto entities.
“Curiously coincidental coincidences abound, sometimes occurring within hours of seemingly unrelated announcements from elsewhere in government. In his editorial, Sidley stated, “Keep in mind that some agencies are supposed to be completely independent and are designed not to cooperate for excellent reasons of conflict avoidance.”
Despite what he sees as illegal actions by U.S. regulators, Sidley, co-author of the book Beyond Bitcoin: Decentralised Finance and the End of Banks, said U.S. Senator Elizabeth Warren argues that strong opponents such as U.S. Senator Elizabeth Warren are not yet going to get their way because “crypto is global.” He argued that many companies, developers, and innovators once based in the U.S. have already moved to places like Dubai, Hong Kong, Singapore, and Switzerland, where the regulatory environment is more “comfortable.”
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