{"id":11668,"date":"2023-04-25T08:13:45","date_gmt":"2023-04-25T08:13:45","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=11668"},"modified":"2023-04-25T08:13:46","modified_gmt":"2023-04-25T08:13:46","slug":"crypto-is-dead-in-america-tech-billionaire-chamath-palihapitiya","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11668","title":{"rendered":"\u2018Crypto is dead in America\u2019: Tech billionaire Chamath Palihapitiya"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Regulators in the United States have choked out the cryptocurrency sector to the point of death, according to Bitcoin (BTC) bull and billionaire tech investor Chamath Palihapitiya.<\/p>\n<p>\u201cCrypto is dead in America,\u201d he boldly claimed in an April 22 episode of the <em>All-In<\/em> podcast. <\/p>\n<p>Palihapitiya\u2019s comment came in response to the news that cryptocurrency exchange Coinbase is now considering a move offshore. He pointed the finger at Gary Gensler, the chair of the U.S. Securities Exchange Commission:<\/p>\n<p>\u201cCrypto is dead in America. I mean now you have Gensler even blaming the banking crisis on crypto \u2014 so the United States authorities have firmly pointed their guns at crypto.\u201d<\/p>\n<p>While Palihapitiya said that the U.S. likely views crypto as a threat to its \u201cestablishment,\u201d the tech investor did however attribute some fault to the sector:<\/p>\n<p>\u201cIn fairness to the regulators, [the crypto sector] did push the boundaries more than any other sector of the startup economy.\u201d <\/p>\n<p>He rounded out his analysis by concluding that the good actors are now \u201cpaying the price\u201d for the bad work done by FTX and other firms that have impacted the reputation of the industry.<\/p>\n<p>\u201cThe bill has come due for them,\u201d he added.<\/p>\n<p>David Sacks, one of the show\u2019s co-hosts, said the U.S. may be trying to choke out crypto because it may eat into the dominance of the U.S. dollar:<\/p>\n<p>\u201cI think it\u2019s probably not a coincidence that you\u2019re seeing all these concerns about de-dollarization at the same time they&#8217;re cracking down on crypto.\u201d<\/p>\n<p>But the overall impact will be a net negative one, implied Sacks, who is of the view that pushing crypto companies offshore will be \u201cterrible for American innovation.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Coinbase CEO on its Wells notice: SEC is like soccer referees in a game of pickleball<\/em><\/strong><\/p>\n<p>Other commentators have described the issue at hand as \u201cOperation Choke Point 2.0\u201d \u2014 an alleged orchestrated effort by regulators to discourage banks from holding crypto or providing services to crypto companies.<\/p>\n<p>Palihapitiya was baffled by the notion that Coinbase\u00a0 \u2014 a digital asset trading platform that he says had \u201cplayed by the rules, stood in line\u201d and \u201ctried to do the right things\u201d \u2014 was no closer to receiving regulatory clarity than the now-bankrupt FTX.<\/p>\n<p>\u201cHow is that even possible,\u201d Palihapitiya asked. Sacks answered that former FTX CEO Sam Bankman-Fried \u201chad skills in gaming the system.\u201d<\/p>\n<p>In March, the SEC issued Coinbase a Wells notice \u2014 which typically implies the regulator plans on pursuing legal action against the firm for potential violations of U.S. securities laws.<\/p>\n<p>If a lawsuit is filed, Coinbase CEO Brian Armstrong says that the exchange\u00a0will be ready to litigate. <\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Unstablecoins: Depegging, bank runs and other risks loom<\/em><\/strong><\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/crypto-is-dead-in-america-tech-billionaire-chamath-palihapitiya\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Regulators in the United States have choked out the cryptocurrency sector to the point of death, according to Bitcoin (BTC) bull and billionaire tech investor Chamath Palihapitiya. \u201cCrypto is dead in America,\u201d he boldly claimed in an April 22 episode of the All-In podcast. Palihapitiya\u2019s comment came in response to the news that cryptocurrency exchange [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11668","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11668"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11668\/revisions"}],"predecessor-version":[{"id":11670,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11668\/revisions\/11670"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11669"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}