Recently, the biggest news that has affected the crypto market is the plight of Binance founder CZ.
U.S. prosecutors said in a court filing on Tuesday (April 23) that they believe CZ should be sentenced to 36 months in prison, which is far beyond expectations. Binance has previously agreed to accept a criminal penalty of US$4.32 billion.
Others are the butchers and I am the meat.
The moment CZ set foot on American soil, he might have become a new pool of the US government, Staking CZ To Earn.
The world is a makeshift team that raises, traps and kills.
Many people think of TikTok and Huawei, but the latter two may be in a much better situation.
TikTok always has the choice to advance or retreat, and it also has legal weapons to fight back, not to mention that it actually mobilized the masses and called on users to call the US government to put pressure on it. Huawei now seems to have become a MEME representing patriotism. Standing behind it is a country and people in a sense. When Meng Wanzhou was imprisoned, there was always national support and rescue.
As for Binance and CZ, they can only correct their attitude, admit their mistakes and take the blame. Although people in the crypto industry have spoken up for CZ, looking at the entire social public opinion, most people are gloating and sarcastic about it. They applaud when a capitalist is hung up on the street lamp, not to mention that he is a Crypto capitalist.
This is also the deep-seated problem facing the entire crypto world. The crypto industry has money but no power, and lacks social status and recognition.
A so-called big boss in the crypto world can only tremble in fear when facing the police at the county level.
Many financially independent crypto tycoons choose to open up a second battlefield, giving themselves a glamorous social title, craving for social status and respect and recognition.
Just like the Dark Forest Theory in "The Three-Body Problem", people who have made fortunes in the crypto have been hiding their wealth and IP. Once they reveal their wealth , they will inevitably get into trouble. Everyone has deeply understood the famous saying, "It is best to make a fortune in silence."
In the eyes of regulators in various countries, Crypto may be the best "regulatory target": it is rich and has grabbed a lot of wealth from the global market; it does not create many jobs and tax revenues locally, and there is no law enforcement resistance from other social sectors; it is not linked to the real world, and there is no public pressure from the entire society... Crypto has become a lamb to be slaughtered worldwide.
Throughout the history of business, whether it is manufacturing, real estate, banking, or Internet companies such as Google, Meta, Tencent, and Alibaba, they have gradually become the infrastructure of society, thus forming a bond of interests with the country, society, and the people.
TOO BIG TO FAIL (too big to fail) is their confidence.
The crypto world lacks this kind of confidence. The disappearance of an exchange or a crypto project will not cause too much direct loss to the government and society, nor will it make too much splash in society.
then what should we do?
Fundamentally speaking, Crypto needs to prove its "positive externalities ", that is, to generate value and benefit society , although this is still mostly on paper, and the long-awaited "Mass Adaption" has not appeared, there is only the "MEME wave and on-chain meme everywhere."
Except for the relatively recognized value of top assets such as BTC\ETH\SOL\BNB, other assets still need to prove their long-term value.
At present, the crypto track that can best generate external value and connect to the real world is still stablecoin, which is one of the few killer applications in crypto.
In addition, there is no charity without reason. Power comes from struggle. The US SEC approved the Bitcoin spot ETF due to a loss in court. We should call for and support more such "upward struggles", of course, only in the United States.
We need to pay tribute to organizations such as Coinbase, Grayscale, Paradigm, a16z, etc. that are actively engaging in crypto litigation and crypto lobbying. Only when the US regulatory rules become clearer and smoother can Crypto's global path be smooth.
Finally, if we compare crypto to religion, just as the expansion of religion depends on the merger with royal power, crypto needs to preach more to those in power, just as it once preached to Musk, Larry_Fink (founder of BlackRock), and Ibrahimovic Bukele (President of El Salvador)... Don't let Crypto become an island.
Lu Xun once said, "There is no faith in this world, but when there are more CX, there will be faith."
