Steven Boykey Sidley, a South African professor of practice and author has accused U.S. regulators and different government institutions of targeting cryptocurrencies in what he described as illegal coordinated attempts to “assassinate crypto”. In his op-ed published by the Daily Maverick, Sidley claims that there are no moral or legal grounds justifying the United States to take out BTC, particularly when the world is in the midst of a banking crisis caused by banking failures in US.

Sidley has cited the example of the US Federal Reserve's refusal to grant a national banking license to Custodia Bank, which was dedicated to reducing risks and boosting depositors’ confidence “that their deposits into crypto-exchanges were backed 1:1”, as evidence of how US authorities are attempting to discredit cryptocurrencies. The professor claims that the Federal Reserve's abrupt end of their agreement suggests that the US has a sinister agenda against cryptos.

Additionally, Sidley noted how U.S. regulators have seemingly coordinated their actions against crypto entities, mentioning the “curiously coincidental in time” announcements from different government agencies, which are supposed to be independent. The professor warned that these attempts are not likely to succeed, as “crypto is global” and many United States-based companies and innovators have already moved to countries with more “comfortable” regulatory environments.

In conclusion, the United States' suspicious actions towards cryptocurrencies, such as the rejection of Custodia Bank's national banking license, raises an oppressive attitude towards cryptos as a global value system. Although these attempts are likely to be unsuccessful, as people are free to move from one country to another, US regulators should consider legal ways of overseeing the crypto system in order to avoid unlawful actions.



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