{"id":77840,"date":"2023-04-25T18:22:29","date_gmt":"2023-04-25T15:22:29","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=77840"},"modified":"2025-09-11T01:32:09","modified_gmt":"2025-09-10T22:32:09","slug":"chamath-palihapitiya-says-the-u-s-bitcoin-industry-is-dead","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/chamath-palihapitiya-says-the-u-s-bitcoin-industry-is-dead\/","title":{"rendered":"Chamath Palihapitiya says the U.S. bitcoin industry is dead"},"content":{"rendered":"<p>Regulators are &#8220;killing&#8221; the cryptocurrency industry in the United States, said Chamath Palihapitiya, billionaire founder of the venture-capital firm Social Capital, on the All-In Podcast.<\/p>\n<p><iframe loading=\"lazy\" width=\"1663\" height=\"770\" src=\"https:\/\/www.youtube.com\/embed\/WvTTDxMuAis\" title=\"E125: SpaceX launch, Fox News settlement, \\\"Zombie-corn\\\" exodus to AI, late-stage implosion\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen=\"\"><\/iframe><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The industry is dead. [Head of the <span data-descr=\"Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>] Gary Gensler accuses cryptocurrencies of causing the banking crisis \u2014 so American authorities have turned their weapons toward the sector,&#8221; the entrepreneur emphasised.<\/p>\n<\/blockquote>\n<p>He noted that because of regulators&#8217; actions, even the &#8216;rule-abiding&#8217; bitcoin exchange Coinbase <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-ceo-signals-possible-exit-from-the-u-s-market\">is considering a change of jurisdiction<\/a>.<\/p>\n<p>Nevertheless, thanks to regulatory policy, crypto startups have been able to push the boundaries further than players in other sectors of the economy, Palihapitiya noted.<\/p>\n<p>According to him, the industry is paying the price for reputational damage inflicted by the fallout from <a href=\"https:\/\/forklog.com\/en\/news\/greed-and-recklessness-why-the-ftx-collapse-is-being-likened-to-the-2008-crisis\">FTX&#8217;s collapse<\/a> and other large companies.<\/p>\n<p>Craft Ventures partner David Saks said that the downturn will have &#8220;horrific consequences&#8221; for innovation in the United States. He called Coinbase&#8217;s operations the &#8220;gold standard&#8221; for crypto companies, a view Palihapitiya agreed with.<\/p>\n<p>Earlier, Gensler <a href=\"https:\/\/forklog.com\/en\/news\/republicans-grill-sec-chair-during-congressional-hearings\">faced criticism<\/a> regarding his agency&#8217;s stance on digital assets during hearings before the U.S. House of Representatives.<\/p>\n<p>Congressman Warren Davidson unveiled a bill that <a href=\"https:\/\/forklog.com\/en\/news\/us-congress-to-propose-removing-sec-chair-over-abuses\">would remove Gensler<\/a> from the post as SEC chair.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Regulators are &#8220;killing&#8221; the cryptocurrency industry in the United States, said Chamath Palihapitiya, billionaire founder of Social Capital, on the All-In Podcast.<\/p>\n","protected":false},"author":1,"featured_media":77841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1576,1138,36],"class_list":["post-77840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-chamath-palihapitiya","tag-opinions","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/77840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=77840"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/77840\/revisions"}],"predecessor-version":[{"id":77842,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/77840\/revisions\/77842"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/77841"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=77840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=77840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=77840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}