The cryptocurrency industry, now valued over $3 trillion in its short existence, faces significant internal divisions amidst its growth. Various factions, from grifters and speculators to true believers and institution builders, clash over their differing visions for the future of crypto. The ongoing struggle for consensus is evident in the fight over the proposed "GENIUS act", a bill aimed at establishing stablecoins' regulation. Despite courting political favor, industry leaders remain unable to unify, prioritizing their interests over the collective advancement of the sector.
The cryptocurrency industry, despite its rapid growth into a $3 trillion sector, remains divided with competing interests, struggling to find common ground in legislation.
Crypto investor Nic Carter highlights the fractious nature of the crypto landscape: 'They all hate each other... But they hate outsiders more.'
With the proposed 'GENIUS act' struggling to gain traction in the US Senate, there's an evident lack of consensus on how the industry should evolve.
While the crypto sector has courted political favor, it remains embroiled in internal conflict, particularly over who benefits from upcoming legislation.
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