A closely followed crypto analyst and host of popular YouTube channel Coin Bureau says that the current political establishment in the US has set out to thwart the development of the digital asset space.
The pseudonymous analyst who goes by the name Guy tells his 2.1 million YouTube subscribers that the White House’s new framework for digital assets suggests that the current administration aims to “crush” the industry.
“To be blunt, it’s not good. It’s clear that the current administration wants to crush cryptocurrency… Logically then, it means that the success of the crypto policy recommendations laid out in the framework ultimately depends on what happens during the next election cycles in the United States.
It looks like pro-crypto politicians will gain ground in the upcoming midterms but at this point, it’s anyone’s guess as to what the outcome of the 2024 election will be. That’s going to be the more significant election since it’s around the time the next crypto bull run should come, take note.
If pro-crypto politicians do gain ground in the upcoming midterms, then I reckon most of these anti-crypto policies will never be pursued. Then again, so many of them are being undertaken by unelected officials that have been appointed by anti-crypto politicians.”
Guy also says that the creation of a central bank digital currency (CBDC) could be another thing that puts pressure on the crypto industry.
Last week, the U.S. Treasury Department recommended more research on the development of a possible U.S. CBDC in order to create a future payments system that promotes American values and fosters financial inclusion.
The agency said it would support the Federal Reserve by forming an inter-agency CBDC task force.
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