Why They Hate Crypto – Bankless

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Dear nation without a bank,

The White House declared crypto a NATIONAL SECURITY ISSUE this week.

Here we go again.

Is Congress the ultimate Karen?

If you’re like me, you don’t spend all your waking hours trying to figure out how the US government then tries to kill crypto.

You care deeply.

You want a reasonable crypto policy.

You want to defend crypto against incumbents who want to strangle this liberating technology and cage us all in their tilted and broken systems.

Three things that happened this week…

The White House says it wants crypto rules as a matter of national security, so it’s releasing a memo within the next two weeks. When they use the term NATIONAL SECURITY, you know it’s not good.

Language has been introduced into the COMPETES Act that would give the Treasury a blank check to ban crypto on exchanges. This sounds bad and some crypto advocates are pleading with us to call our reps to have it removed.

The SEC is sneakily attacking DeFi. They are trying to expand the definition of “securities exchange” to include AMM and DeFi protocols, possibly also wallets and block explorers while only giving 30 days to comment so they can do so to pass.

It’s exhausting to follow.

What do I think of these problems?

On the crypto rules of the white house, we will see.

On the COMPLETES act, I’m with Jake Chervinsky “don’t lose any sleep”.

On the SEC sneak attack, it’s hard to know the intent. We know Gary Gensler wants power over crypto and his actions tell us he’s more keen on protecting incumbents than retail. In his dissent, Heister Peirce says it’s an “irresponsible abdication” to give the public only 30 days to comment. Yes, she succeeded. 30 days is a joke – I guess we rush to comment and then wait for the next attack? Gaslight a lot?

One has the impression of fighting against a hydra with infinite heads that bends over the destruction of Web3 in America. Why do they hate crypto so much?

Why not stray from the crypto path like they did with the early days of the internet?

I used to ask these questions more but now…

I think we should expect that

This has all happened before, several times in fact.

Turns out, crypto isn’t special.

The conflict between the incumbents pooling the powers of nation states in an effort to stifle disruptive new information networks is not an exception, it’s the rule.

I’m reading a book called The Master Switch recommended to me by Brian Armstrong. The book chronicles the rise and fall of the telephone, radio, television and cable news networks.

Each of them fit a similar pattern – the centralized network tried to delay new decentralized technology through laws, regulators, presidents, congresses and corporate raids. In some cases, they were able to set back the advancement of new technology by years – FM radio, for example, was suppressed for decades by the Radio Corporation of America with major help from the FCC.

Edwin Armstrong invented FM radio, a clearly superior alternative to AM radio in 1939. This technology was suppressed by FCC and corporate interests and did not become mainstream until the 1970s.

But either way, disruptive technology wins out in the end.

The pendulum swings from centralization to decentralization and then back again…again and again, back and forth.

Crypto is the next turning point

The next spin on the wheel is crypto.

The centralized banking networks have had their day, it is time for capital to be free again. Centralized tech companies have had their moment, it’s time for creators to take ownership of their input again.

They can delay it. They can postpone it. But they can’t stop it.

And any attempt to do so only harms their citizens and delays the inevitable.

To miss out on crypto is to miss out on an economic opportunity, the best jobs, the export of the US dollar through stablecoins, and national leadership in capital markets. These are the foundations of national security.

I guess they were right about one thing.

Crypto is a matter of national security.

And by not supporting it, they make their nation less secure.

Here’s what’s planned for next week:

Have a 🤖 weekend.

-RSA

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Recap of the week of January 24, 2022🎙️ WEEKLY PODCAST EPISODE

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Execute all the good market opportunities you saw on Market Monday

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Write for Bankless

No financial or tax advice. This newsletter is strictly educational and does not constitute investment advice or a solicitation to buy or sell assets or to make financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time to time, I may add links in this newsletter to products that I use. I may receive a commission if you make a purchase through one of these links. Additionally, Bankless writers hold crypto assets. See our investment information here.

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