The Fight between crypto and governments is just getting started, according to Erik Voorhees, CEO of ShapeShift.
Voorhees made the comments in an interview with Cointelegraph, in which he discussed the recent regulatory pressure that the crypto industry has been facing.
Voorhees said that the US government is still trying to figure out how to deal with cryptocurrencies, and that the recent crackdown is an opportunistic reaction to last year’s blowups of fraudulent crypto companies.
He also said that the crypto industry needs to prepare for increasing government pressure as it ramps up its challenge to state monopoly over money.
The fight between crypto and governments
The fight between cryptocurrencies and governments is a complex one, with a number of factors at play.
On the one hand, governments are concerned about the potential for cryptocurrencies to be used for illegal activities, such as money laundering and terrorism financing. They are also concerned about the potential for cryptocurrencies to undermine their control over the financial system.
On the other hand, crypto enthusiasts argue that cryptocurrencies offer a number of benefits, such as financial inclusion, privacy, and security. They also argue that cryptocurrencies are a threat to government corruption and abuse of power.
The recent regulatory pressure
The recent regulatory pressure on the crypto industry has been significant. In the US, the Securities and Exchange Commission (SEC) has taken a number of actions against crypto companies, including charging them with fraud and launching investigations into their activities.
The Commodity Futures Trading Commission (CFTC) has also been active in regulating the crypto industry, and has issued a number of guidance documents on the matter.
In addition, the Biden administration has been working on a number of initiatives to regulate the crypto industry, including a proposed executive order that would direct the government to study and develop policies on cryptocurrencies.
The ShapeShift CEO’s perspective
Voorhees, the CEO of ShapeShift, believes that the recent regulatory pressure is just the beginning. He said that the crypto industry needs to prepare for increasing government pressure as it ramps up its challenge to state monopoly over money.
Voorhees also said that the crypto industry needs to do more to educate governments about cryptocurrencies and their benefits. He said that the crypto industry needs to “show governments that we are a force for good, and that we are here to stay.”
The future of the fight
The future of the fight between cryptocurrencies and governments is uncertain. However, it is clear that the fight is just getting started.
Governments are likely to continue to increase their regulatory pressure on the crypto industry. However, the crypto industry is also likely to continue to grow and innovate.
It is possible that the two sides will eventually reach a compromise. However, it is also possible that the fight will escalate, and that governments will attempt to ban or severely restrict cryptocurrencies.
What can the crypto industry do?
The crypto industry can do a number of things to prepare for increasing government pressure.
First, the crypto industry needs to do more to educate governments about cryptocurrencies and their benefits. The crypto industry needs to show governments that cryptocurrencies are a force for good, and that they are here to stay.
Second, the crypto industry needs to develop self-regulatory mechanisms. This will help to show governments that the crypto industry is serious about taking responsibility for its own activities.
Third, the crypto industry needs to be prepared to engage in legal battles with governments. This is likely to be necessary, as governments attempt to increase their regulatory control over the crypto industry.
The fight between cryptocurrencies and governments is just getting started. The crypto industry needs to be prepared for increasing government pressure, and needs to take steps to educate governments and develop self-regulatory mechanisms.