What's Stopping Authorities From Going Full Crackdown On This Internet Money?
A little strength here, a little weakness there, every system has it, but in the case of cryptocurrency, strength is more of a dominant trait. If we observe carefully, the authorities are a bit skeptical about taking any strict actions on cryptocurrency, there's only one truth that follows this, and that's the fact that they stand a chance of losing a lot in the process.
Crypto bans are only going to pose a threat to a nation's economy, considering the exposure it has already gotten, if we look at the Asian continent, the strict actions taken against crypto over there would cost them. A report outlines the rather inflow of cash to DeFi protocol regardless of crypto exchanges being set on flames in North Korea. This is obviously a temporary action taken by investors, the latter part of it would be disastrous for the nation. In the U.S, the sec are quite aware of the strength of the crypto industry, the work or labor force and investors they would risk to lose if they decide to crack down crypto aggressively. Letting crypto flow would mean they'd lose power, placing a ban on it would trigger migration, and that's not something the U.S government would want to see play out.
Institutions are already tired of the command economic system ( a.k.a centralized system). The U.S, if I'm not all memory wiped on my economics, runs on a capitalist system, but unlike its definition that's supposed to promote free markets, where private sectors can run programs and make profits therein, America still falls under the tree of regulations and control. Cryptocurrency is the capitalist program that's set up to fully enhance free market, due to that, it's actually difficult for the U.S authorities to impose a ban, so there are left with two choices, one is to find faults and keep spreading FUDs to scare off people and the second is to try and regulate it, just to keep being in power.
The first 9 mins of this video basically outlines a good enough point on what's going on in the crypto space. Before now, capitalism was such a jotted down joke that has never been fully shown through any system of economics. In the boom bust report, Christy I was presented with a question "why does the crypto space keep growing despite regulations Crackdowns" and her response was quite satisfying. She made a point why people shouldn't expect a profitable industry to stop growing just because regulations are setting in, this is one highly noticeable factor. Raging from the institution's sudden interests in digital assets, even major companies that were made to believe crypto was a bad investment option, turned around to offer its clients crypto services. Ben Swann also made a valid point, judging from Mark Zuckerberg's failure of moving into the crypto space with diem, his views noted Mark's intentions to dominate the space by waiting for government crypto Crackdowns just to place his project on a friendly podium…
He woefully failed, because the crypto space is the one and only true capitalist field, it's position makes the government's scrutinization efforts impose zero effects on the industry's strength, size and growth. It is undoubtedly bigger than they thought, and countries taking a strict approach to it would suffer a great deal, one is losing out on major future gains from this innovations and two would be losing a great deal of investors and workforce as mentioned before, because stricter crypto rules will trigger migrations of crypto enthusiasts to much friendlier locations.
Shits just a lot for regulations to handle…
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