ShapeShift CEO: Fight between crypto and governments just getting started

Despite the increasing regulatory pressure on crypto in the US, Erik Voorhees, the CEO of ShapeShift has stated that the battle between cryptocurrency and governments is "just getting started." This statement was made in response to increasing regulatory scrutiny of the cryptocurrency industry by various governments around the world.

The entrepreneur claims that US authorities are still of the opinion that cryptocurrency does not pose an existential danger to the fiat system and that their latest crackdown is only an opportunity-seeking response to the collapse of fake cryptocurrency companies last year.

In an exclusive interview, Voorhees said, "They see it as sort of this scammy area where they can come in and look like the hero for cleaning up a mess.” 

Voorhees contends that before governments fully retaliate against cryptocurrency, it must become mainstream. Since too many people will then be aware of cryptocurrency's value and utility, "it will be too late" for government actors to take action against it.

Voorhees is confident that cryptocurrency will ultimately prevail in the conflict for people's hearts and minds, in part because they are not constrained by the capital flow regulations that exist in conventional financial institutions.

Capital goes where friction is least [...]. In the crypto world, capital moves freely; it moves effortlessly,” he remarked.