Can’t the Crypto Crowd See the Scars From 2017?
- Date: 10-Sep-2021
- Source: Washington Post
- Sector:Financial Markets
- Country:Middle East
Can’t the Crypto Crowd See the Scars From 2017?
Coinbase Global Inc. boss Brian Armstrong has long believed that the adoption of digital currencies like Bitcoin would resemble a straight arrow towards progress — much like the internet’s development from a web of interlinked computers to a whole economy of applications and businesses.
Yet his angry tweet storm against the U.S. Securities and Exchange Commission on Sept. 8, after its behind-the-scenes threat to sue Coinbase if it launched an interest-earning product called Lend, makes clear that crypto’s trajectory isn’t going to be so straightforward.
The journey looks more circular than linear, with regulators determined not to let lessons from the last boom-and-bust in 2017 go forgotten, even as crypto advocates downplay the risks. Given this back-and-forth is here to stay, the industry does itself no favors by accusing watchdogs of stifling innovation and over-coddling consumers; if anything, SEC chair Gary Gensler’s team will only crack the whip more enthusiastically.
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