CoinDesk: US government aims to destroy the cryptocurrency industry

Commenting on the recent actions of the federal government, the editorial board of the crypto portal CoinDesk suggested that the US authorities and regulators are seeking to destroy the cryptocurrency industry in the country. «The editorial board believes that the existential threats faced by the US cryptocurrency industry due to recent government actions are sufficient to take a stand,» CoinDesk said.

The conclusions were prompted by a series of actions by the Securities and Exchange Commission (SEC) against regulated US crypto companies, including Kraken and Coinbase, as well as the commencement of legal action by the Commodity Futures Trading Commission (CFTC) against Binance.

The situation is further complicated by the fact that the Biden Economic Report, a policy statement by the US presidential administration released last week, states that cryptocurrencies are not a useful technology and have become a source of dangerous criminal fraud. The U.S. government and regulators are pushing national crypto companies to move abroad, according to journalists of the reputable publication.

In March, Reuters reported that the Federal Deposit Insurance Corporation (FDIC) requires potential buyers of Signature Bank to abandon all cryptocurrency transactions, effectively denying banking services to large crypto companies. The FDIC denied this, but when the bank sale went through, cryptocurrency users were indeed excluded from the list.