Why BTC may be curtailed in the U.S, as per tech entrepreneur Vinny Lingham
Tech entrepreneur Vinny Lingham appeared in an interview with Jason Calacanis on 30 March, where he spoke about the future of cryptocurrency and Bitcoin [BTC] in the U.S. amidst regulatory actions against Coinbase [BASE] and Binance [BNB].
Regarding the Securities and Exchange Commission (S.E.C.)’s Wells notice to Coinbase, Lingham acknowledged that the regulatory body going after a compliant industry was surprising. However, it was not an anomaly, as the body was going after almost everyone. He added that there is a lack of clarity regarding the SEC’s jurisdiction; besides, somebody on the regulatory body must have green-lit Coinbase listings at some point.
Lingham said that though it doesn’t seem good for Coinbase in the short-term, it is a good thing that this battle is finally going to the courts as this would at least give some level of clarity regarding the status of crypto assets in the country.
In response to another question, Lingham said that he would rather not invest in Coinbase than short it. Regarding its dismal performance in recent months, he said that though the market was bearish, there may be renewed interest, as evidenced by the recent rise of Bitcoin’s price.
Jason Calacanis highlighted a potential cash crunch that could happen at Coinbase. In response, Lingham said that Coinbase was focusing on too many projects. Instead, it should put its eggs into becoming a trading services provider. It could also bring in more AI to cut down its workforce. As there is low adoption, investing in long-term projects was a risky perspective.
Regarding Commodity Futures Trading Commission (CFTC)’s lawsuit against Binance amidst allegations of the exchange helping customer circumvent compliance controls, Lingham
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