Synthetix Founder Affirms US Regulators' Loss of Good Faith in Crypto Oversight
Kain Warwick, the founder of Synthetix (SNX), believes that there is a growing consensus that US financial regulators are engaging in questionable practices when it comes to regulating the cryptocurrency industry.
In a new Bankless interview on September 28, 2023, Synthetix founder Kain Warwick says he is surprised by the level of “adversarial attacks” on cryptocurrency from U.S. regulators like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as well as lawmakers in Congress.
"Maybe this is a bit naive, but I wanted to believe that the regulators were truly operating in good faith. And I actually think we've crossed the line where they're no longer operating in good faith. It’s actually a pitched battle and they’re just trying to win," Warwick says.
According to Warwick, it’s unfortunate that cryptocurrency has become a partisan issue in the U.S. He argues regulators are now executing a "clear attack" on the cryptocurrency sector and what it's trying to build.
"That said, if there’s one industry that you don’t want to become adversarial with, it’s crypto. We’ve been doing this for much longer than you guys and we will absolutely not lose that battle, right?" the Synthetix founder says.
In Warwick's view, it is "unequivocal" that cryptocurrency is the type of new technology that will make the world a better place.
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Sep 28, 2023
