US attempts to “kill crypto” are illegal and unlikely to succeed because “crypto is global,” Steven Boykey Sidley, a South African professor and author, has argued. According to Sidley, many companies and innovators that were previously based in the US have fled the country and set up bases in countries with more “comfortable” regulatory environments.
The US agenda against cryptocurrencies
Steven Boykey Sidley, a South African professor of practice at JBS, University of Johannesburg, accused US regulators and departments of orchestrating what he described as coordinated and “possibly illegal” efforts to “murder crypto.” Sidley insisted that there are no moral or legal grounds to justify attempts to remove BTCparticularly when the world is in the midst of a banking crisis brought on by bank failures in the US.
In its opinion piece Published by the Daily Maverick, Sidley points to the US Federal Reserve’s “opaque and non-explanatory” reasons for refusing to grant Custodia Bank a national banking license as an example of how US authorities are treating to put an end to cryptocurrencies. According to the professor, the bank and its founder Caitlin Long committed to reducing risks and increasing depositors’ confidence “that their deposits on crypto exchanges were backed 1:1.”
Sidley claims in the op-ed that the US Federal Reserve’s abrupt and inexplicable withdrawal from its Custody commitments suggests that the US has a sinister agenda against cryptocurrencies.
coordinated attacks
Meanwhile, Sidley also highlighted how US regulators have apparently coordinated their actions against crypto entities.
“Interestingly coincident in time, it sometimes happens within hours of a seemingly unrelated announcement from some different corner of the government. Keep in mind that some of the bodies are supposed to be completely independent – they are designed not to collaborate for excellent reasons to avoid conflict,” Sidley said in the opinion piece.
Despite what he sees as illegal acts by US regulators, Sidley, co-author of the book Beyond Bitcoin: Decentralized Finance and the End of Banks, insisted that powerful opponents like US Senator Elizabeth Warren are unlikely to get away with it. yours, because “cryptocurrency is global.” He said that many companies, developers and innovators that were previously based in the United States have already moved to places like Dubai, Hong Kong, Singapore and Switzerland, where the regulatory environment is more “comfortable.”
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