Billionaire venture capitalist Chamath Palihapitiya believes that regulators are effectively kicking crypto out of the United States.
In a new All-In Podcast episode, Palihapitiya says that regulators, including U.S. Securities Exchange and Commission (SEC) Chair Gary Gensler, are dead set on coming 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 had Gensler even blaming the banking crisis on crypto. So the United States authorities have firmly pointed their guns at crypto…
I just think that they were probably the ones that were the most threatening to the establishment, and they were the ones that, in fairness to the regulators, did push the boundaries more than any other sector of the startup economy. So now, they’re paying the price for that. The bill has come due for them.”
Palihapitiya also blasts the SEC for giving Coinbase a hard time, even though the crypto exchange is trying to play by the rules. The venture capitalist highlights that bankrupt crypto exchange FTX was the closest to getting the nod from the top regulatory body.
“Coinbase played by the rules, stood in line, tried to do the right things. It seems that every step along the way, everything from board composition, to executive composition, to how they try to interact with the regulators, yet they were probably the furthest away from getting a license. The one that came the closest was the one that was the most fraudulent, which is FTX. How is that even possible?”
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