Crypto now dead in America as US government targets budding industry, says billionaire Chamath Palihapitaya
Billionaire venture capitalist Chamath Palihapitiya believes that regulators are effectively kicking crypto out of the US.
In a new All-In Podcast episode, Palihapitiya says regulators, including US Securities Exchange and Commission (SEC) Chairman Gary Gensler, are ready to come after the nascent industry.
According to the billionaire investor, crypto now represents such a threat to the government and the current financial system that regulators are doing everything they can to drive the digital asset space out of the country.
“Crypto is dead in America. You got Gensler to blame the banking crisis on crypto. So the US government has definitely turned its guns on crypto…
I just think they were probably the ones that were the most threatening to the establishment, and they were the ones that, in fairness to the regulators, pushed the boundaries more than any other sector of the startup economy. So now they are paying the price for it. The bill is due for them.”
Palihapitiya also blasts the SEC for giving Coinbase a hard time, even as the crypto exchange tries to follow the rules. The venture capitalist highlights that the bankrupt crypto exchange FTX was the closest to getting the nod from the highest supervisory body.
“Coinbase played by the rules, stood in line, tried to do the right things. It seems that every step of the way, everything from board composition, to management composition, to how they try to interact with the regulators, they were still probably the furthest away from getting a license. The one that came closest was the one that was the most fraudulent, which is FTX. How is that even possible?”
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