Crypto Under Fire: The US Government's Regulatory Crackdown

The CEO of OpenAI, Sam Altman, has expressed concerns about what he perceives as a "war on crypto" by U.S. authorities. Speaking on the 'Joe Rogan Experience' podcast, Altman criticized the U.S. government's regulatory crackdown on the cryptocurrency industry, particularly emphasizing the desire for control over Bitcoin.

Altman voiced disappointment with recent actions by U.S. authorities, characterizing the regulatory approach as a "war on crypto," indicating a determination to exert control over the digital currency space. He expressed sadness about the direction the country is taking in this regard.

Earlier this year, the U.S. Securities and Exchange Commission (SEC) took legal action against Binance, accusing it of mishandling customer funds, inflating trading volume, and attempting to evade U.S. regulations. Coinbase, the largest crypto trading platform in the U.S., also faced charges from the SEC for allegedly operating as an unregistered national securities exchange, broker, and clearing agency.

These regulatory measures are part of a broader crackdown on the digital asset sector, prompted by the collapse of FTX, a Bahamas-based crypto exchange revealed to be a Ponzi scheme.

Expressing concerns about the growing surveillance state, Altman emphasized his worries about potential government control over the currency. He said there is strong opposition to central bank digital currencies (CBDCs), stating that he is "super against" them.

While U.S. policymakers have considered creating a virtual dollar CBDC, Altman raised concerns about the extent of government control over money. Despite concerns, he expressed excitement about Bitcoin, highlighting its potential as a global currency outside the control of any government, considering it a logical and essential development in technology.