1. PixelPlaygroundHome
  2. Web3 News

America’s Internet Revolution at Risk Due to Regulators’ Mistakes

• Web3 News • 114 views

America’s Internet Revolution at Risk Due to Regulators’ Mistakes

On March 16, Cathie Wood, founder of Ark Invest, said on Twitter that the Federal Deposit Insurance Corporation and other institutions would prevent the United States from participating in the most important stage of the Internet revolution, and regulators were using cryptocurrency as a scapegoat for their own regulatory mistakes in the traditional banking industry.

Cathie Wood: If cryptocurrency becomes the scapegoat for US policy mistakes, it will be transferred overseas

Analysis based on this information:


Cathie Wood, founder of Ark Invest, recently took to Twitter to express her concerns regarding the United States’ ability to participate in the most important stage of the Internet revolution. According to Wood, regulatory bodies like the Federal Deposit Insurance Corporation (FDIC) are hindering the country’s progress by using cryptocurrency as a scapegoat for their own regulatory mistakes in the traditional banking industry.

The Internet revolution has been long in the making, with various advancements such as artificial intelligence, the Internet of Things, and 5G networks all leading up to this crucial stage. However, Wood believes that the United States is in danger of being left behind due to the regulators’ resistance to new innovations in finance, particularly those related to cryptocurrency.

Cryptocurrency has been a popular topic in the financial world lately, with several countries exploring the possibilities for digital currencies in their respective economies. However, Wood believes that the U.S. is lagging behind in this regard due to the regulatory bodies’ fear of the new technology undermining traditional banking systems.

According to her tweet, Wood accuses these regulators of using cryptocurrency as a scapegoat for their own failures in regulating and safeguarding traditional banking. The FDIC, in particular, has been accused of burdening banks with excessive regulations that have made it difficult for them to compete with innovative financial technologies.

If the U.S. wants to remain relevant in this upcoming stage of the Internet revolution, Wood believes that regulators need to take a more open-minded approach to new innovations in finance, particularly those related to cryptocurrency. With economies around the world already exploring the potential of digital currencies, America risks being left behind in this new era of finance, jeopardizing its position as a leader in the global economy.

In conclusion, Wood’s tweet highlights the need for regulatory bodies to take a more supportive role in enabling financial innovation, rather than stifling it out of fear of the unknown. If the U.S. wants to be at the forefront of the Internet revolution, then regulators need to embrace the possibilities presented by digital currencies, instead of being afraid of them.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/6789/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 03/16/2023 01:57
Next 03/16/2023 02:19

Recommended articles