Bankless Binance lost, Crypto won

Crypto Prevails as Bankless Binance Falls

Author: Ryan Sean Adams

Translation: Luccy, BlockBeats

Editor’s Note: On November 22nd, Binance reached a historic settlement of $4.3 billion with US regulatory authorities. The hefty fine and CZ’s departure may seem like a victory for regulatory bodies suppressing the crypto industry, but cryptocurrency investor Ryan Sean Adams believes “you can’t kill crypto, you’ll only make it stronger.”

When people like me say “US regulatory agencies are trying to kill cryptocurrency”, that’s not entirely accurate. Let me explain.

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How does the US treat Binance?

They didn’t kill Binance. They let it continue to exist; they allowed the founders to retain their shares. Although they imposed a $4 billion fine, for a large company like Binance, it’s just a slap on the wrist.

There’s a subtle difference. They’re not trying to kill cryptocurrency, they’re trying to control it. Lawsuits, fines, arrests – it’s all to show cryptocurrencies who’s boss.

“You must comply with regulations.”

“But we haven’t received clear regulations.”

“You will comply with regulations.”

No specific guidelines – just one demand: obedience. They want cryptocurrencies to submit under their control.

From their perspective, cryptocurrency is an alien life form that they can’t comprehend. It’s peer-to-peer, it’s bottom-up, it does things they can’t do, uses a language they don’t understand, and comes from a distant universe called the “Internet”.

So, what’s their reaction to this invasive species? It’s not killing it, that would be unwise.

First, observe. They’ve been doing that for the first decade, and they’ve completed their observation. Now, it’s time for control. Governments around the world are experimenting and testing, trying to find the influence and control points of cryptocurrencies.

They think they found one in centralized exchanges, so they’re exploiting it, picking winners, and striking at this industry. Fines, uncertainty, carrots and sticks – it’s all part of the plan.

Kissing the ring, paying fines, cooperating – these weapons work in their familiar universe, and they’re having an effect on exchanges. It’s not killing, it’s control.

Therefore, cryptocurrency will continue to survive for another battle. It will continue to spread, but under the supervision of adults, it will be controlled.

They should have killed it when they had the chance.

And that’s what they don’t understand, and what cryptocurrency wants.

Cryptocurrency just needs time. Time to spread the private keys to enough people. Time to weave itself into the fabric of the economy. Time to build strong friends and allies, even some within the government.

They can’t kill it. When they try to control it, it only makes it stronger.

Cryptocurrency is winning.

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