Sirwin
Sirwin

Crypto War III: Decentralized Hunger Game

By xuanling11 | Crypto Learning | 23 Sep 2021


I have introduced the previous two crypto wars, the first war preserved the encryption communication technology and the second war made cryptocurrency become available. However, there is the possibility of marching into the third war between systematic conflict between centralized control and decentralized democratic rule.

 

The threat from cryptographic technology 

Cryptographic technology was to prevent the government from going over its power to target individual citizens. However, the government claimed that national security is the top priority. Cryptographic technology may create national security issues. But cypherpunks argue that the government can have the choice to prevent national security issues without banning cryptographic technology. Then, the global surveillance program was born. Until 2014, Edward Snowden leaked the program to the public. The government had to shut down the program in 2014. 

 

Back to square one

Since the government had no surveillance program, it got back to argue the potential threatening from cryptography. Since the birth of Bitcoin and other cryptocurrencies, cryptographic technology may also be capable to create a new order without intervention from the government, regulations are piling up against or scrutinize crypto projects. 

 

Crypto war III

There will possible to have a war between privacy and security. 

 

The US President

When Biden was still a senator, he was opposed to encrypted technology and argued that it would become a national security threat in the 1980s. After 40 years, Biden became the president of the United States and he is all over cryptocurrencies. 

 

Regulations tightened 

Congress has introduced 18 bills that directly impact cryptocurrency, blockchain, and central bank digital currency. 

 

President elected officials

Biden nominated anti-crypto and anti-big bank law professors to run the Office of Comptroller of the Currency. If he got nominated, the government would start regulations and restrict cryptocurrencies and blockchain technology further.

 

Every part of the government is preparing the fight

The FBI, SEC, Treasury, Fed Reserve, Justice Department, CFTC, House, Congress, and the President are all well prepared for the big fight.

 

The Crypto community is scattering 

Every crypto project was created and established its own community and they unlikely work together. However, it has been more clear that the future of regulations may make crypto an existential issue. The crypto community may have to work together to survive.

 

In conclusion

The crypto war is coming and the government will have its way to fight with their national security concerns. It is up to the community to work together to fight back!


Photo by Marco Krenn on Unsplash

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