In this edition of Max’s Corner, Max addresses the recent regulatory changes that have been shaking things up across the industry.
During the Libra hearings in Congress and the US Senate last month one thing that was often brought up by crypto skeptical lawmakers was the use of cryptocurrency to facilitate illicit activity. The argument goes that there is no reason for a law-abiding citizen to use cryptocurrency. Law abiding citizens have nothing to hide so anyone seeking to protect themselves or their financial information must have an ulterior, sinister motive for doing so.
“We’re told by some that innovation is always good. The most innovative thing that happened this century was when Bin Laden came up with the innovative idea of flying two airplanes into towers. That’s the most consequential innovation, although this may do more to endanger America than even that,” said Sherman at the hearings.
As over-the-top as Sherman’s comments might seem, he is not the only one that has been sounding the alarm bells recently. From the moment people started paying more attention to cryptocurrency, it has been portrayed in traditional media outlets as being fundamentally connected with nefarious actors.
This association is most likely due to people’s first impressions of the technology—many first became aware of Bitcoin because of its use on the dark web—lingering in the popular consciousness. Outside of that, there is more incentive for the media to talk about any criminal connection that cryptocurrency may have than there is to talk about the latest technological developments in the industry or the upsides it offers people.