This is the most disappointing "I told you so" ever...

Back when the Celsius, FTX, and Terra fiasco were going down last year, many people were clamoring for regulations in the crypto space

Yes, companies had little or no oversight. Yes, companies were often acting from overseas to avoid the watchful eye of regulation. And yes, these factors combined with great sums of money can often attract people with bad intentions.

As the sentiment for regulation increased in our space, a handful of us were wary of government intervention. Overwhelmingly, governments don't act in the best interests of the people, but rather the politicians who are bankrolled by big bank lobbyists and corporations.

Now we face banks collapsing, and instead of focusing on the obvious problems of fractional reserve banking and allowing banks to basically gamble with client funds, crypto has been put to blame. It should come as no surprise, as the media at large are giant corporations. And their advertising dollars come from large corporations like banks.

In the past 24 hours, Kraken has announced it won't take ACH deposits or withdrawals in light of the Silvergate shutdown, and now CoinBase has been issued a Wells Notice.

Simply put, a Wells Notice is "a letter from the SEC that informs a person or a firm that the agency has completed an investigation and found violations of the securities laws". This is a broad strike against their Earn products and DeFi wallet ecosystems specifically.

Crypto is under attack. Governments want to push their CBDC on us, and crypto is a parallel economy that they cannot control, and don't want to compete with. Since they can't wield control, they will now try to eliminate it by disconnecting the fiat on and off ramps.

This is what regulation looks like. It was never about protecting people from scams. It was never about making markets work within a set of rules. It's about power and control.

I hope the exchanges will fight the good fight, but I think they're going to have an uphill and unfair battle against a system that has probably already decided the outcome.

P.S. now is a better time than any to get your coins off exchanges and into storage.