Regulation
Political Support Is Bad for Bitcoin in the Long Term: Samson Mow
Share this article
Samson Mow, former Chief Strategy Officer at Blockstream, believes that newfound political support for Bitcoin could weaken its fundamentals and increase the risk of future failures that could harm users.
“I’m not optimistic about politicians becoming pro ‘crypto’. That might seem like a good thing given previous hostile anti-crypto stances, but in the long run it’s bad for Bitcoin,” Mow declared in a recent post on X.
According to Mow, political involvement potentially undermines the strength of Bitcoin. He stressed that the change in location could lead to collapses similar to those of FTX or Luna and ultimately damage the entire ecosystem.
“Without a strong Bitcoin ethic, this change only paves the way for the next FTX/Luna/Genesis and, once again, we will pay for it,” he added.
Mow’s comments follow a post by Senator Cynthia Lummis, a well-known advocate for the future of cryptocurrencies in the United States.
Mow did not object to the fact that Lummis is one of the most genuine pro-Bitcoin politicians. However, he disagrees with Lummis bundling Bitcoin with other crypto assets. He She said that many people, including politicians who are becoming pro-Bitcoin, may not understand the difference between Bitcoin and other crypto assets.
Cryptocurrencies have become an increasingly influential factor in US politics in recent years, with industry entities investing heavily in lobbying and campaign contributions to shape regulations and elect sympathetic representatives.
Over the past two weeks, US lawmakers have voted on three cryptocurrency-related bills, including HJRes. 109, a bill aimed at overturn the SEC’s SAB 121 crypto ruleFIT21, a bill created to establish a regime to regulate US cryptocurrency marketsand the CBDC Anti-Surveillance State Act, legislation that seeks to do so prevent the Federal Reserve from the issuance of a central bank digital currency (CBDC).
The most notable development is that the Biden administration has softened its stance towards cryptocurrencies. Instead of threatening a veto FIT21, which the White House did with HJRes. 109, only concerns expressed on the lack of investor protection.
Some experts and industry figures suggest that the recent Listing approval for Ethereum spot exchange-traded funds (ETFs) in the United States may be influenced in part by political considerations.
They speculate that the decision of the US Securities and Exchange Commission (SEC) may have been so influenced from potential pressure from the Biden administration, which has long faced criticism for its stance on cryptocurrency regulation.
Observers believe that these moves are part of a strategy to gain votes in the next presidential election, especially since Donald Trump, Biden’s biggest competitor, has publicly claimed to make the United States a leader in the cryptocurrency industry. Trump is aiming to do so too put an end to hostility towards the industry.
Share this article
The information on or accessed through this website is obtained from independent sources that we believe to be accurate and reliable, but Decentral Media, Inc. makes no representations or warranties as to the timeliness, completeness, or accuracy of any information on or accessed via this website. . Decentral Media, Inc. is not an investment advisor. We do not provide personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become obsolete or may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing can enrich articles with AI-generated content created by Crypto Briefing’s proprietary AI platform. We use AI as a tool to provide fast, valuable and actionable insights without losing the insight and oversight of native cryptocurrency experts. All AI-augmented content is carefully reviewed, including for factual accuracy, by our editors and writers, and we always draw from multiple primary and secondary sources, when available, to create our stories and articles.
You should never make an investment decision about an ICO, IEO or other investment based on the information on this website and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult with a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analysis or reporting on ICOs, IEOs, cryptocurrency, currency, tokenized sales, securities or commodities.