American regulators have been accused of attempting to “eradicate crypto” by a South African professor, who believes their attempts will be futile due to the global nature of digital currencies. Steven Boykey Sidley, an author and professor at JBS University of Johannesburg, claims that many US-based companies and innovators have fled the country to set up base in other jurisdictions with more “suitable” regulations.

The US’s Anti-Crypto Agenda

In an op-ed he wrote for the Daily Maverick, Steven Boykey Sidley blasted US regulators for their attempts to “eradicate crypto”. According to the professor, the US Federal Reserve’s refusal to grant a national banking license to Custodia Bank, without a proper explanation, is a sign of the US’s sinister agenda against cryptocurrencies. He argued that Custodia Bank and its founder, Caitlin Long, were determined to reduce the risk and build trust from depositors.

Sidley also pointed out that US regulators have been coordinating their attacks against crypto entities, particularly when these announcements coincided with what he described as “unrelated” announcements from other corners of government. He reminded that some of these regulatory bodies are supposed to be independent, adding that these collaborations raises issues of conflict.

Crypto is Global

Despite the US’s attempts to “eradicate crypto”, Steven Boykey Sidley believes they will not be successful due to the global nature of digital currencies. He said that many former US-based companies and innovators have already moved to places such as Dubai, Hong Kong, Singapore, and Switzerland, which have more “pleasant” regulatory frameworks.

What do you make of this story? Let us know your thoughts in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.