Business News Report Technology
June 13, 2023

Blockstream CEO Adam Backs Response to US Crypto Regulations

In Brief

According to Blockstream CEO Adam Back, the resilience of the cryptocurrency industry is because of its adaptability. He believes the sector will thrive in the face of regulatory pressures.

As regulatory pressures on cryptocurrency exchanges continue to increase, Blockstream CEO Adam Back has voiced his confidence in the industry’s ability to adapt and thrive. He shared his optimistic views on the sector’s resilience during the recent BTC Prague conference.

Blockstream CEO Adam Backs Response to US Crypto Regulations

Back believes the crypto industry is inherently anti-fragile. He explains this as one door closing, another opens. Backs credits this to new solutions being created. He also mentions the shifting market share among diverse players.

The Blockstream CEO also asserts that the crypto market is driven by user demand. When a cryptocurrency exchange ceases its services in a specific region, users simply move to an alternative or international platform.

Commenting on the agility of the sector, Back likened it to water, highlighting its readiness to find solutions, its nimbleness, and its efficiency, driven by the strong desire among stakeholders to keep operations going.

These remarks come amidst the U.S. SEC lawsuits against major crypto exchanges, Binance and Coinbase, alleging they functioned as unregistered securities exchanges. In response to the increasing regulatory scrutiny, Binance’s U.S. division temporarily suspended USD deposits.

US Crypto Regulations

Despite these challenges, Back, who invented Hashcash, a proof-of-work system that paved the way for bitcoin mining, maintains a positive perspective on the future of bitcoin trading. He suggests that traders could adapt to restrictions on U.S. wire transfers by switching to bank accounts dealing in euros or Swiss francs.

Back further pointed to the rise of crypto-friendly banks in Europe, Switzerland, and Gibraltar that accept Tether deposits and offer conversion services between USDT and other fiat currencies. These banks, while still primarily providing traditional banking services, also facilitate bitcoin trading, demonstrating the industry’s adaptability.

Back, a recognized figure in the crypto community, concluded his comments by suggesting that the sector’s growth since Bitcoin’s inception in 2009 would likely impress its creator, Satoshi Nakamoto. He highlighted the diverse range of individuals, companies, and even countries utilizing Bitcoin today, suggesting that the cryptocurrency’s impact has often been broader and quicker than initially expected.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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