The successive collapses of LUNA, Celsius and finally FTX will not just leave deep scars in investors’ portfolios. More fundamentally perhaps, this series of fiascos now opens up an avenue for regulators of all stripes who did not ask for so much to finally have the opportunity to muzzle the Bitcoin and crypto industry. An industry that is certainly turbulent, but above all singularly threatening for a certain established financial order. A new act is written today by the President Biden which enjoins nations to provide a strong, coordinated and international regulatory response to the crypto threat.
Bitcoin for Biden, Bitcoin Forbidden
In a long statement made available on the White House website following the last G20 summit in Bali, US President Biden expressed the imperative need for a strong and coordinated response to the risks presented by Bitcoin and the crypto industry.
The document covers all the themes discussed at the G20, the crypto subject is the subject of all of paragraph 35:
“We welcome the ongoing work of the FSB and international standards bodies to ensure that the crypto-asset ecosystem, including so-called stablecoins, is closely monitored and subject to regulation, supervision and control. to mitigate potential risks to financial stability. We welcome the approach proposed by the FSB to establish a comprehensive international framework for the regulation of activities related to crypto-assets, based on the principle “same activity, same risk, same regulation”. »
If the atmosphere thus seems to the inevitable establishment of an “era of regulation” we shudder to realize that this text was probably established before the FTX disaster which the official document makes no mention of. The second major absentee from this declaration is paradoxically Bitcoin, which we know from experience that for regulators it is the one whose name we never pronounce or write, for fear of having to recognize its heritage.
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