A Serious Take on Cryptocurrency

DaddyHydro
5 min readJan 16, 2024

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Anyone that follows me on social media knows that I am passionate about Web 3, have a great sense of humor, and that one of the few things I take seriously is gaming. I always wonder if those who join me have a feel for what my views are, even though much of it is obvious. With that said, there are some things that I feel really need to be said.

In my ADHD style, things will get written and pubished when my brain allows me to do so. This is the first of a series of pieces that makes an attempt to encapsulate my philosophy on things as they are now and as I predict them to be in the future. If my writing is a little disjointed, I apologize. I am trying to be comprehensive.

How the US is stifling crypto innovation and hurting its citizens

The cryptocurrency industry is one of the most dynamic and innovative sectors in the world, constantly evolving and adapting to new technologies and trends. Cryptocurrencies offer a range of benefits and opportunities for individuals, businesses, and society, such as:

  • Financial inclusion and empowerment: Cryptocurrencies enable anyone with an internet connection and a smartphone to access and use financial services and products, such as payments, remittances, savings, lending, borrowing, and investing, without intermediaries or barriers.
  • Economic growth and development: Cryptocurrencies stimulate innovation and entrepreneurship, creating new markets and industries, generating jobs and income, and fostering competition and efficiency.
  • Social impact and change: Cryptocurrencies support various social causes and movements, such as environmental sustainability, human rights, and democracy, by enabling transparent and accountable transactions, donations, and governance.

However, despite the potential and promise of cryptocurrencies, the US government has been taking a hostile and restrictive approach to regulating and overseeing the industry, hindering its growth and development, and harming its citizens. Here are some of the ways that the US is stifling crypto innovation and hurting its citizens:

  • Lack of clarity and consistency: The US lacks a clear and comprehensive regulatory framework for cryptocurrencies, leaving the industry in a state of uncertainty and confusion. Different agencies and jurisdictions have different and sometimes conflicting definitions, classifications, and rules for cryptocurrencies, creating legal and operational challenges and risks for crypto businesses and users.
  • Excessive and arbitrary enforcement: The US has been using a heavy-handed and reactive approach to enforcing legal actions against crypto businesses and projects, often based on outdated and irrelevant laws and regulations. The US has imposed some of the harshest penalties and fines on crypto companies, such as Binance, Coinbase, and Ripple, as well as individuals, such as Sam Bankman-Fried, the founder of FTX and Alameda Research.
  • Isolation and protectionism: The US has been isolating itself from the global crypto community and market, missing out on the opportunities and benefits of cross-border collaboration and integration. The US has also been protecting its own interests and agenda, such as maintaining the dominance and influence of the US dollar and the traditional financial system, at the expense of innovation and competition.

The US government’s negative and restrictive attitude towards cryptocurrencies is not only detrimental to the industry, but also to its own citizens, who are being deprived of their chance to participate in and benefit from the crypto revolution. Here are some of the consequences and costs that US citizens are facing due to their government’s actions:

  • Loss of freedom and choice: US citizens are losing their freedom and choice to use and benefit from cryptocurrencies, as they are subject to various restrictions and limitations, such as bans, sanctions, taxes, and surveillance. US citizens are also losing their access and exposure to various crypto products and services, as many crypto businesses and platforms are either leaving or avoiding the US market due to regulatory hurdles and risks.
  • Loss of wealth and opportunity: US citizens are losing their wealth and opportunity to create and grow their income and assets, as they are missing out on the potential returns and rewards of investing in and using cryptocurrencies. US citizens are also losing their competitive edge and advantage, as they are falling behind in the adoption and development of crypto technologies and skills.
  • Loss of trust and confidence: US citizens are losing their trust and confidence in their government and its institutions, as they are witnessing the inefficiency and inconsistency of their regulatory and legal system, as well as the corruption and manipulation of their political and economic system. US citizens are also losing their faith and hope in their future and their society, as they are facing various challenges and problems, such as inequality, injustice, and instability.

The US government needs to change its course and adopt a more positive and proactive approach to regulating and supporting the cryptocurrency industry, if it wants to make the most of the technology while stamping out illicit uses of bitcoin and digital currencies. The US government needs to:

  • Provide clarity and consistency: The US needs to provide a clear and comprehensive regulatory framework for cryptocurrencies, that is based on the principles and best practices of innovation, inclusion, and interoperability. The US also needs to harmonize and coordinate its regulations and standards with other countries and regions, to foster global cooperation and integration.
  • Encourage and facilitate innovation: The US needs to encourage and facilitate innovation and entrepreneurship in the crypto industry, by providing a conducive and supportive environment and infrastructure, such as funding, education, and research. The US also needs to engage and collaborate with the crypto community and stakeholders, to solicit and incorporate their feedback and input, and to leverage their expertise and experience.
  • Embrace and adapt to change: The US needs to embrace and adapt to the change and transformation that cryptocurrencies are bringing to the world, by recognizing and acknowledging their value and potential, and by adopting and utilizing them for its own benefit and improvement. The US also needs to respect and accommodate the diversity and preferences of its citizens, and to empower and enable them to participate in and benefit from the crypto revolution.

The US has a choice to make: to be a leader or a laggard, to be a friend or a foe, to be a part of the solution or a part of the problem. The US should choose wisely, as the future of its economy, society, and success depend on it.

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DaddyHydro
DaddyHydro

Written by DaddyHydro

Leader of SubCanis Clan. Currently recruiting web 3 gamers and enthusiasts.Come say hello! https://discord.gg/BbjcGSKJwA

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