The U.S. crypto crackdown is – rightly or wrongly – viewed as a coordinated attempt to maim digital assets. This risks sending a vital industry overseas, KReyofCoinDesk writes in a rare CoinDesk editorial. Opinion.
But denying the developers of cryptocurrency tools and the creators of cryptocurrency services the ability to manage their dollar funds in U.S. banks is not an anti-fraud measure. It is a daisy-cutter bomb likely to cause indiscriminate carnage.
There is also the risk of crypto becoming politicized. The digital-asset community has often shunned party politics, preferring to uphold larger principles of freedom and personal autonomy. In fact, constructive, bipartisan crypto legislative proposals have largely been the norm – most notably the comprehensive bill sponsored by Senators Cynthia Lummis and Kirsten GIllibrand . But now the perception that the administration is anti-crypto is threatening to destroy that open collaboration.
More broadly, crypto has become a nexus of advocacy for tools that resist the dangerous concentration of digital power in the hands of companies whose hoards of data make surveillance and censorship their primary stock in trade. The worrying rise of surveillance capitalism is a topic of clear concern for many of the legislators whose authority bank regulators currently appear to be usurping.
In this respect, cryptocurrency tests principles of government restraint foundational to the American ethos. The religious, free speech and other rights enshrined in the U.S. Constitution are blueprints for the spread of liberty around the world. They have helped increase human flourishing, happiness and wealth for millions.
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