This gets two things wrong, namely that the US has some sort interest to regulate cryptocurrencies to protect its7the USD‘s power, and that it lacks the means to do so if it wanted.

As such, it’s par for the course for the cryptocurrency discourse which, from the early days of Bitcoin, liked to think of itself as valiant underdogs fighting the USD. Lurking behind that thinking are various conspiracy myths of who, exactly, is using that currency‘s power for what. If in doubt, just let them talk for five minutes, and see if they mention the FEE being “a private bank”.

One would have thought people notice when reality doesn’t conform to their expectations. The world’s governments never tried to stop Bitcoin, but instead, for the longest time, either ignored it or reacted with mild bemusement. Only when people started to expose themselves to fraud risks en masse did they reluctantly try to curb the worst excesses.

You know, like governments not beholden to shadowy cabals would do.