It's hard not to see patterns emerging honestly. TikTok ban, Coinbase and now this. Seems like the US Gov is ramping up not only attacks on Chinese proxies but anything that might threaten US dollar reserve status.
Should be interesting times.
Should be interesting times.
> "Like come on. They are here for crime." - "we see the bad, but we close 2 eyes."
This is just criminals being criminals, like all the crypto junk always has been beneath all the lofty rhetoric. No grand conspiracy theory needed, the chickens are just finally coming home to roost.
Additionally, the US Govt has managed to weaponize the US dollar through the global financial system; allowing it to enforce it's will without bloodshed (even on nuclear capable states like Russia). It's a capability that is invaluable. So when you hear things like Russians selling oil in Yuan, you need to respond.
How is TikTok related to dollar hegemony?
You don't see anything else in the last 6 months that could have turned crypto into an enforcement priority?
That being said, I think you are referring to FTX right? It is the natural way to look at it. You see FTX and a reasonable person could conclude that this is simply the US Govt making sure that it doesn't happen again. In fact, it could be the only reason.
But when I see things like the TikTok CEO being dragged in front of Congress and multiple crypto exchanges (which allow for a potential way to side-step dollar hegemony) being attacked (legally) I like to stop and think about if this is the US Govt retaliating.
Maybe the USG wants to shore up support after rising interest rates highlighted that many banks are not as strong as many thought (due to HTM treasury accounting tricks). Maybe the visits of Putin and Xi to each other countries is signaling an increasingly unified "new eastern blok" which is something that the US wants to weaken. I don't have the answers again. I'm just thinking.
If you are wondering what it means for me personally, I am going to get out of crypto holdings entirely. I see this as a shift that the USG views crypto as a threat that can be exploited by enemies. Perhaps Bitcoin is safe, but that would be the only one.