US Government’s Crypto Suppression Could Cost Country Leadership: Crypto Lawyer

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US Government’s Crypto Suppression Could Cost Country Leadership: Crypto Lawyer
  • Crypto attorney warns that the US could be left behind in the Web3 revolution.
  • Senator Brown recently blamed Silvergate Bank’s insolvency on crypto’s volatility.
  • The bank had $13.3 billion in deposits but only had $1.4 billion.

In a recent tweet, blockchain attorney John Deaton cautioned that the US government’s attempt to repress crypto could result in the nation losing its place at the forefront of the Web3 revolution. Deaton voiced his opinion while discussing the reports that the US authorities have ultimately shut down the ailing crypto-friendly Silvergate Bank.

The crypto lawyer asserts that cryptocurrency won’t be going away anytime soon, and the US risks falling behind in the competition to take the lead in the crypto revolution. Deaton also argued that the US should be taking urgent steps to guarantee it retains its position, given that the US dollar’s supremacy is waning.

Recently, US Senator Sherrod Brown was quoted in a widely circulated screenshot blaming Silvergate Bank’s insolvency on crypto’s volatility, adding that the threat could spread across the entire financial system without proper safety measures. “I’m continuing to work with my colleagues in Congress and financial regulators to establish strong safeguards for our financial system from the risk of crypto,” the statement read.

Many experts disagreed with the Senator, claiming that Silvergate Bank’s insolvency was due to a difference between demand deposits and accessible cash, and had nothing to do with the bank’s involvement in crypto. According to a report, Silvergate had $13.3 billion in demand deposits but only had $1.4 billion on hand. “Had Silvergate held $13.3 billion in cash, the bank run would not have impaired its capital,” the CEO of CustodiaBank said.

In the conversation, crypto lawyer Deaton noted that the authorities are not interested in the truth but are more likely to promote a false narrative that serves their goals.

The post US Government’s Crypto Suppression Could Cost Country Leadership: Crypto Lawyer appeared first on Coin Edition.

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