It's official. The government is waging a crypto war, from Gensler to President Biden, Big banks; seemingly the FDIC and Fed too. Now even Treasury head Janet Yellen has recently said she is "very supportive" the actions by regulators, even though they we

This has been on our mind for a few years now, but we didn’t have mass consensus on it. Then at the beginning of this year it REALLY ramped up and the anti-crypto stance by heads of government and government agencies really kicked off their anti-crypto stance, rhetoric and action. And now it is all too undeniable, the government war on crypto has begun.

For a while now crypto firms were having issues with regulators…unless you were the second largest donor to the current government in FTX. It was threat after threat by the SEC, but for the most part it seemed to stay only as threats. Fast forward to today, and the SEC has gone full scorched earth. And before this we had President Biden making weird statements about not agreeing to a deal to raise the debt ceiling “that benefits crypto traders”, like crypto suddenly became a debt ceiling issue, and further, one that was worth defaulting on the US government debt and crashing the global economy. There were also statements about how much tax evasion occurred using crypto, when the IRS chief in 2021 said tax evasion cost the government 1 Trillion and the entire market cap of crypto is barely over 1 Trillion. And for all his bluster, he made no move to ramp up pressure on crypto, with the debt ceiling rise agreement conspicuously missing the proposed 30% tax on miners almost as if crypto was only a scapegoat.

Then earlier this year when the banks started failing, all of a sudden it was crypto’s fault(which was a simply asinine claim) that banks started collapsing and then banks started limiting if not outright suspending all crypto-related transactions. There was also suspicious action by the FDIC where they closed a crypto-friendly bank long before it was actually proven insolvent. The Fed also made statements about the risks of crypto while heavily pushing the benefits of a CBDC. In addition, Custodia was a bank that applied for FDIC-membership and was denied specifically on the grounds of its declared intention for crypto-related services, that “such crypto activities are highly likely to be inconsistent with safe and sound banking practices”.

And finally, we now come to the head of the Treasury itself, Janet Yellen, making a statement on the SEC’s recent actions. She is quoted as being “fully supportive” of the actions of the SEC. I suppose this is fully expected as the agency that controls and manages the US dollar itself and has the most to lose in a “crypto rise to prominence” would be the most defensive on the dollar and most offensive to crypto.

And all of this meanwhile is after, the Committee on Capital Markets Regulation had issued a statement where they stated it is ” impossible for cryptoasset trading platforms to do what the SEC now insists that they do – that is, registering and operating in compliance with the regulatory framework for securities exchanges”.

This was outlined in another post here

​

https://preview.redd.it/vok4a5rfp57b1.png?545&format=png&auto=webp&s=0fec6cc5a9cfc604e0c29b10a3ecb840f6a5c22a

​

https://preview.redd.it/p4qwpf4ap57b1.png?605&format=png&auto=webp&s=9a5f0df0f90829d38fc4cf07edd6fc457708c39d

Bloomberg as well outlined statements of the deceptive action by the SEC that are described in the same post.

If I may quote another use of this sub in u/qualifieduser “You don’t threaten the $100 trillion global economy and expect it to not fight back”. But not only this, make no mistake this is not a tit for tat fight. This is literally something countries fight countless battles sacrificing hundreds of thousands of lives over. Countries will choose to fight and suffer great cost for even the chance at having their currency being the dominant one. Cryptocurrency usurping the dollar is a much more dangerous game than people seem to realise.