Why is the USA waging war against crypto?

Why the US is waging war on Binance, Coinbase

Letter from the Editor

The SEC’s action on June 5 will go down as the crypto industry’s “Black Monday.” The regulator’s carpet bombing-style legal offensive wiped out US$320 million within 24 hours as crypto liquidations accelerated.

Meanwhile, I’m in Hong Kong this week, half a world away, a city whose securities regulator has just launched new virtual asset service provider regulations. And for the retail market, it has released virtual asset trading platform rules, outlining a process that onboards crypto to trading platforms for accredited and non-accredited investors alike. Amid the SEC’s onslaught, such developments are leaving Americans in the dust. Freedom indeed.

This is a long article, with many links, so best to read the whole thing.

However, some things remain unsaid. I have mentioned many times that people should look at the history of the Eurodollar market - here, here and here.

Here is a little insight:

High interest rates, self-regulation by banks, and changes in access to the forward exchange market combined in mid-1955 to encourage innovation by the Midland Bank. The major source of competitive advantage for London was the regulatory environment which combined tight money in the domestic economy with relative freedom in international finance.

Such Dollars were, and remain, out of reach of Fed regulations. I still think similar USD-stablecoins should look at that history and see that they could be considered in the same light. This remains not such good news to Americans, but it is up to them to change the course of their government; it is not up to the rest of the world to bow down to it.

And so, we come to Gary the goose, who in a post-lawsuit interview dropped a golden egg.

Thing is, "protecting the USD" is NOT part of the SEC remit; that's a function of the Federal Reserve! Never mind the other lax practices of crypto exchanges, he stated clearly that cryptocurrencies are unnecessary because they already exist as digital fiat currencies. If he knows anything about the last 100 years of monetarism, he will know this isn't going to work, and hence, I feel this is just yet another vector of attack on western civilisation by throwing America into a new dark age.

This isn't about protecting either the USD or the public, this is clearing the path to a totalitarian surveillance state. Blockchains plus IoT will bring about the modern prison planet. The tech itself could be liberating - but it won't be.