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ShapeShift CEO states that the conflict between cryptocurrency and governments is “only beginning.”
Despite the unparalleled regulatory scrutiny that the cryptocurrency sector has recently encountered in the United States, ShapeShift CEO Erik Voorhees asserts that the conflict between the U.S. government and the crypto industry is only beginning.
The entrepreneur believes that U.S. officials do not yet perceive cryptocurrency as a fundamental threat to the fiat monetary system, viewing their recent enforcement actions as a reaction to last year’s collapses of fraudulent crypto enterprises.
“They regard it as somewhat of a dubious domain where they can step in and appear as the savior by addressing a problem,” Voorhees stated in an exclusive discussion with Cointelegraph.
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According to Voorhees, for governments to take significant action against cryptocurrency, it must first achieve mainstream acceptance. At that stage, “it will be too late” for governmental entities to impose restrictions on crypto, as a large number of individuals will recognize its value and utility.
Voorhees is confident that cryptocurrency will ultimately prevail in winning the support of the public, partly due to its liberation from the capital flow limitations inherent in traditional financial systems.
“Capital flows to where there is the least resistance […]. In the realm of cryptocurrency, capital transfers freely and effortlessly,” he emphasized.
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