The crypto industry needs to prepare for increasing government pressure as it ramps up its challenge to state monopoly over money, says ShapeShift CEO Erik Voorhees.
Despite the unprecedented regulatory pressure that crypto has been facing recently in the United States, the fight between the American government and the crypto industry has just started, believes ShapeShift CEO Erik Voorhees.
According to the entrepreneur, U.S. authorities still don’t see crypto as an existential threat to the fiat system, with their recent crackdown an opportunistic reaction to last year’s blowups of fraudulent crypto companies.
“They see it as sort of this scammy area where they can come in and look like the hero for cleaning up a mess,” Voorhees said in an exclusive interview with Cointelegraph.
According to Voorhees, crypto must become mainstream before governments move against it fully. At that point, “it will be too late” for government actors to crack down on crypto since too many people will be aware of its value and utility.
Voorhees does not doubt that crypto will ultimately win the battle for the hearts and minds of people, partly because it is free from the restrictions on capital flows in traditional finance systems.
“Capital goes where friction is least [...]. In the crypto world, capital moves freely; it moves effortlessly,” he pointed out.
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