We’ve entered a new standard of regulation-by-retribution. You can argue that the crackdown against Kraken, Coinbase, Paxos, Binance and others was driven significantly by a desire to punish Sam Bankman-Fried. Opinion by mikejcasey
Virtually no one in this industry would try to diminish Bankman-Fried’s extensive wrongdoings and most now want tighter regulation. What’s so galling is the capricious and utterly disproportionate reaction generated by that malfeasance.; it seems we’ve entered a newly nutty standard of regulation-by-retribution.
There’s the growing view that digital asset and blockchain innovation — now, in the age of artificial intelligence, more important than ever — will. And there’s the especially counterproductive concept that if the U.S. wanted to keep the tech away from bad guys in rogue states, it is making that more, not less, likely.
You see, whether this a “war against crypto” or just a deliberate bruising, crypto business people are seeing the slew of criminal and civil charges as a message that, in the absence of clear legislative guidance defining what activity is or isn’t within bounds, it’s now too risky to keep operating in the U.S.
But on the other hand, it’s sad to know that human fallibility leaves our governing institutions prone to absurd moments like these, as if we’re permanently subject to the self-absorbed decision-making of people like Vice President Selina Meyer, Julia Louis-Dreyfus’s comically flawed lead character in Veep.
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