Prominent crypto investor and former Chief Technology Officer of US-based giant crypto exchange Coinbase, Balaji Srinivasan, has once again made a striking assertion about the state of the crypto market. He claims the US’s sanctioning power over the crypto sector is not what it used to be.
The US has No Sanction Power Over Cryptocurrencies
In March, Srinivasan, who made a sensational claim that Bitcoin’s price reaching 1 million dollars would shake not only the crypto market but also global financial markets, asserted that the US no longer has any sanction power over the crypto sector in the global power distribution.
According to Srinivasan’s argument, the sooner market participants cross US borders, the faster the crypto sector can grow. Indeed, many US-based crypto exchanges and companies like Coinbase are announcing plans to move beyond the country and relocate their company assets to other countries. This comes after repeated unsuccessful attempts to get a clear roadmap from the US Securities and Exchange Commission (SEC) regarding the regulatory framework.
CBDC Surveillance State in the US
The famous crypto investor also added that the US government’s plans to have a surveillance environment led by Central Bank Digital Currency (CBDC) would not have the same global impact as in the past.
Srinivasan responded to a tweet by Josh Swihart about US congressmen’s plans to “carefully work to close all cryptocurrencies, including Bitcoin, to the mainstream”, stating that this would not have a broad impact on the crypto market because Washington DC no longer has a global veto right over crypto technology. The lawsuits filed against the world’s two largest crypto exchanges, Coinbase and Binance, reflect the US administration’s negative attitude towards the crypto market.
Despite many obstacles and legal attacks, the price of the largest cryptocurrency, Bitcoin, is 54% higher than its closing price in 2022. Experts emphasize that this situation is a result of the ability of US-based crypto exchanges and companies to migrate to new crypto centers like Dubai and Singapore.
