The United States which has always been the world’s second leading country in technology after Japan is about to step down to lose its race as a leader in cryptocurrency innovation and technology.
Over the past years, the US has been keen on regulating the industry, and while that is not a problem, the regulators have portrayed to be against the industry more than been interested in regulating it.
Could this be the downfall of the US in the race to lead the crypto revolution? A prominent lawyer suggests it could be.
US Sabotaging Its Crypto Revolution Leadership Race?
The industry has been facing a lot of ups and downs, a weakness that the US regulators have been leveraging to crack down on the industry. The recent fallout of crypto-friendly major banks has been the latest incident the regulators are using to target the industry.
With Silvergate being the first major bank to face a fallout, Silicon Valley which happened to be the second was immediately shut down by US regulators. While this has impacted the market negatively, John Deaton, a US lawyer, suggests the US might just be sabotaging its race to lead the crypto revolution.
According to Deaton, the US government’s continuous attempt to suppress the sector could lead to the country’s downfall from being part of the leaders of the space. The lawyer expressed this while reacting to the breaking news that crypto-friendly Signature bank has been shut down by the US government.
The crypto lawyer added that the industry is here to stay and it is not going anywhere. Deaton further suggested that it is now that the dollar is gradually losing its dominance that is when the US should be more interested in leading the world.
Deaton noted in the tweet:
Crypto isn’t going away except away from the United States. At the same time, the U.S. Government attempts to snuff out Crypto, USD dominance is weakening and soon the money printer will be back on. This is when the U.S. should be rushing to assure it leads the [world].
Signature Bank Shuttered By US Government
Meanwhile, two days after the US government shut down Silicon Valley Bank operations leaving billions of dollars in deposits unclaimed, the US regulator shuttered Signature Bank, another crypto-friendly bank on Sunday. As reported by Bitcoinist, this move was taken in an effort to avoid the spread of the banking meltdown.
While there has been an assurance of no loss of funds by the US Treasury Department and other bank authorities, the market was initially startled and declined until Sunday night when a rebound was initiated.
So far, the global crypto market is in an upward trend up by nearly 7% in the last 24 hours with a value sitting above $1 trillion after a plummet below it late last week.
Featured image from Unsplash, Chart from TradingView