Despite the recent regulatory pressure on crypto in the US, ShapeShift CEO Erik Voorhees believes the fight between the American government and the crypto industry has just begun.
Voorhees explained that US authorities still do not view crypto as a significant threat to the fiat currency system. Instead, their recent crackdown on fraudulent crypto firms was an opportunistic attempt to clean up a perceived mess.
He believes that crypto must become mainstream before governments act against it, as by then too many people will understand its value and utility. Voorhees also argued that crypto would ultimately win the battle for people’s hearts and minds, partly because it is free from the restrictions on capital flows seen in traditional finance systems.
He pointed out that “Capital goes where friction is least…In the crypto world, capital moves freely; it moves effortlessly.”
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