The United States, which has always been the second most technologically advanced country in the world after Japan, will step down as it loses the race as a leader in cryptocurrency innovation and technology.
Over the past year, the US has insisted on regulating the industry, and at the time it was not a problem, the organizer has been described as to the industry more than has been interested in managing it.
Could this be the downfall of the US in the race to lead the crypto revolution? Prominent lawyers suggest it might.
US Sabotaging Crypto Revolution Leadership Race?
The industry has seen many ups and downs, the weakness of which US regulators have been working to undermine the industry. The collapse of the new crypto-friendly major banks is the latest incident that regulators are using to target the industry.
With Silvergate the first major bank to face collapse, Silicon Valley the second one happened soon shut down by US regulators. While this has a negative impact on the market, John Deaton, a US attorney, suggests that the US may be sabotaging the race to lead the crypto revolution.
According to Deaton, the US government’s continued efforts to reduce the sector could lead to the country’s fall from being a space leader. The lawyer stated this in response to the news that crypto-friendly bank Signature has been shut down by the US government.
Crypto lawyers add that the industry is here to stay and not going anywhere. Deaton further suggested that now the dollar has gradually lost its dominance when the US should be more interested in leading the world.
Deaton notes in tweet:
Crypto will not disappear unless it is away from the United States. At the same time, the US Government is trying to eliminate Crypto, the dominance of the USD is weakening and soon the money printer will come back to life. This is when the US needs to quickly ensure that it leads [world].
Bank Marks Shutdown by US Government
Meanwhile, two days after the US government shut down operations of Silicon Valley Bank leaving billions of dollars in unclaimed deposits, US regulators shut down Signature Bank, another crypto-friendly bank on Sunday. As reported by Bitcoinist, this move was made to prevent the spread of the banking crisis.
When it’s there guarantee not to lose funds by the US Treasury Department and other bank authorities, the market was initially shocked and declined until Sunday night when the rebound began.
So far, the global crypto market is on an upward trend of almost 7% in the last 24 hours with a value of more than $1 trillion after plummeting below the end of last week.
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