Investor Chamath Palihapitiya says cryptocurrencies are dead in the United States

He blamed the excessive pressure on the industry from regulators

25.04.2023 - 09:20

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3 min

What’s new? Bitcoin investor and supporter Chamath Palihapitiya, who previously predicted BTC to rise to $200 000, said that cryptocurrencies in the United States are dead. He blamed their demise on regulators who have become much more aggressive in their pursuit of the crypto industry participants. Palihapitiya shared his opinion on the All-In podcast on YouTube.

The full version of the podcast

What is the hostility of regulators? Palihapitiya believes that authorities in the United States “have firmly pointed their guns at crypto.” The investor cited a recent statement by Securities and Exchange Commission (SEC) Chairman Gary Gensler blaming cryptocurrencies for the banking crisis and the bankruptcy of several financial institutions, as well as pressure from the SEC on crypto exchanges Bittrex and Coinbase.

“[These crypto companies] 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,” Palihapitiya added.

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SEC and cryptocurrencies. On April 6, the SEC’s Investor Advisory Committee called for more aggressive enforcement action against crypto companies. In a letter to Gensler, the authors stressed that they consider virtually all cryptocurrencies to be securities. Earlier, Gensler asked for a record $2,4 billion for his agency to regulate cryptocurrencies.

Congressman Warren Davidson later called for the head of the SEC to be fired. In his opinion, Gensler was abusing his authority to regulate the crypto market. The SEC was also sued by Coinbase, demanding that crypto regulation rules be made public.

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