Opinion: From the International Monetary Fund to the World Economic forum, crypto is turning into a bigger target for global leaders.
The World Wide Web, as its name implies, is borderless, and so is crypto. The internet and cryptocurrency’s common ethos is wide-open communication and exchange, unimpeded by national boundaries. On the ground, however, as crypto has become a more significant player in the financial system, nations have begun to consider issues of sovereignty and regulation. While many countries have so far remained open to crypto, others have restricted its use or outright banned it.
On the other hand, crypto advocates point to the possibility that crypto itself is attempting to avoid a 2008-style meltdown by its very nature. It constitutes an alternate financial structure not dominated by major financial institutions that more urgently need to be checked by regulations. There is a definite tension between crypto’s underlying independent ethos and the nature of regulation.
Government concern actually first centered on fraud and the use of cryptocurrencies for illegal activities on the dark web, but existing laws cover such cases. Until Congress passes additional laws directly related to crypto, the SEC’s approach will continue to be what’s called “regulation by enforcement” of existing statutes.
Crypto and, by extension, blockchain are part of the much larger technologically-driven global movement known as the Fourth Industrial Revolution. Within this revolution, the world is undergoing a digital transformation, and digital currency simply makes sense as every aspect of our lives evolves from analog to digital.
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