The conflict between crypto and governments is “just getting started” according to the CEO of ShapeShift
CEO of cryptocurrency exchange ShapeShift Erik Voorhees warns that the crypto sector must brace itself for rising government pressure as it escalates its challenge to the State monopoly over money.
Erik Voorhees, CEO of ShapeShift, believes that the battle between the U.S. government and the cryptocurrency industry has only just begun, despite the unprecedented regulatory pressure crypto has been confronting in recent months.
According to the entrepreneur, U.S. authorities still do not view cryptocurrencies as an existential threat to the fiat system, and their recent assault is merely an opportunistic response to the collapse of fraudulent cryptocurrency companies last year.
In an exclusive interview with Cointelegraph, Voorhees stated, “They see it as a sort of shady area where they can come in and look like the hero by cleaning up the mess.”
According to Voorhees, crypto must become common before governments can act against it in a comprehensive manner. At that point, “it will be too late” for government actors to clamp down on cryptocurrencies, as too many individuals will be aware of their value and utility.
There is no doubt in Voorhees’ mind that crypto will ultimately win the war for the hearts and minds of people, in part because it lacks the capital flow restrictions present in traditional financial systems.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.