The current circumstance in which government agencies have tripped over themselves so aggressively to show how tough they can be on a lawful industry is unprecedented, according to Steptoe partner Jason Weinstein.
“Political opportunism and demagoguery” are the largest drivers of the regulatory crackdown and federal banking restrictions on US-based cryptocurrency companies,” Jason Weinstein, a partner at Steptoe, said during a panel at Consensus 2023.
“I was at the Department of Justice [DOJ] for 15 years, and I’ve never seen a circumstance in which agencies tripped over themselves so aggressively to show how tough they can be on a lawful industry,” said Weinstein.Recent attempts to strong arm crypto have also affected a large swath of the industry, including both centralized cryptocurrency exchanges and decentralized finance protocols.
It’s an environment that has caused both startups and more mature companies to seek a life raft to “get the hell out of the United States,” according to Weinstein.
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