US Launches ‘War’ on Crypto Industry with New Regulations


In an interview with Joe Rogan on the Joe Rogan Experience podcast on October 7, 2023, Sam Altman, the founder of Worldcoin and CEO of OpenAI, voiced his disapproval of the US government’s efforts to gain control over the cryptocurrency market. He compared these actions to a form of “war” against the industry.

Altman was not against regulations, but was concerned about the government’s actions. He stated: “I have several disappointments with recent actions taken by the US government, but the way they are approaching cryptocurrency, trying to assert absolute control, that’s what truly saddens me about our country.” He also pointed to the collapse of FTX as an example of why regulations are important.

Altman also highlighted the significance of non-government-controlled currencies like Bitcoin (BTC) as a substantial technological advancement. He explained, “A few years ago, I played a part in launching a project called Worldcoin, which allowed me to delve deeper into this field. I am enthusiastic about it for the same reasons. Yet, the notion of having a global currency that exists beyond government influence is a rational and crucial advancement in the realm of technology.”

Joe Rogan expressed his optimism about Bitcoin despite his skepticism regarding the broader cryptocurrency industry. He commented, “The truly captivating cryptocurrency, in my opinion, is Bitcoin. I believe it has the greatest potential to become a universally accepted currency. Its limited supply and the fact that people mine it using their computers are fascinating, and I appreciate its implementation.”

Despite their Bitcoin enthusiasm, both Altman and Rogan strongly voiced their opposition to CBDCs. They expressed concerns about the potential transformation of the United States into a surveillance-oriented state, and Rogan argued that CBDCs could give governments an even greater hold on individuals’ spending habits.

The US government has adopted a hard-nosed approach to cryptocurrencies, with the Securities and Exchange Commission (SEC) initiating enforcement actions against Binance and Coinbase in June 2023. These developments have only added to the uncertainty about how existing regulations concerning investments and trading will be applied to this relatively novel asset class.

Altman’s Worldcoin project has also come under fire from the crypto community and regulators since its launch in July 2023, particularly in relation to its use of eyeball-scanning Orbs for ID verification in exchange for its cryptocurrency, WLD. This has caused Kenya to suspend its operations and Argentina to launch an investigation into the project in August.

Ultimately, the crypto space is rapidly evolving, and it is essential for the government to adapt to these changes while preserving its responsibility to protect its citizens.

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