BlogWall Street is playing its role to kill crypto  

Wall Street is playing its role to kill crypto  

The fourth institution that’s trying to kill crypto is wall street. Which is more of a collection of established financial institutions rather than a single entity. As almost everyone around the world knows wall street’s power is truly unprecedented. Most of this power resides in a handful of asset managers like Blackrock and vanguard and megabanks like jp morgan and bank of America. Wall Street is playing its role to kill crypto. I’ll quickly note that the only reason why these asset managers and banks were able to become so big is that they’re basically first in line at the federal reserve’s money printer.

They also have unbelievable influence over politics and regulations in the united states and elsewhere. If you read our article about the securities and exchange commission’s views on the cryptocurrency you’ll know that the SEC allegedly destroyed documents about the 2008 financial crisis. When it was supposed to be investigating the asset managers and big banks that caused it. 

Wall Street is playing its role to kill crypto a 2012 article from the Huffington Post also notes that wall street spent more money on lobbying than any other industry between 1998 and 2011. A spending streak that has apparently been overshadowed by big tech giants like meta and mega corporations like amazon. Which are now the biggest lobbyists. Heck, the IMF even published a paper in 2019 about the regulatory capture of bank lobbying and how it led to the global financial crisis.

While the authors argued that these issues were resolved by regulations I think it’s clear to the average person that wall street has only become more powerful. Like the central banks at the BIS, the asset managers and banks on wall street do not want to be replaced by cryptocurrency. This is why most of them have historically been anti-crypto. The thing is that the asset managers and banks on wall street also don’t want to be replaced by central bank digital currencies either.

These are quickly becoming a bigger threat than crypto. CBDCs would effectively cut commercial banks out of the equation. Even though the CBDC systems being proposed by central banks often include commercial banks as the front end of the BIS. Its central banks have admitted in multiple reports that it would be next to impossible for commercial banks to remain profitable under such a system. 

Wall Street is playing its role to kill crypto: What’s more, is that the roles asset managers and banks play could easily be filled by companies in the financial technology sector such as revolution and PayPal. It’s even possible that crypto companies like consensus could play this role you heard it here first folks. Now, this leaves only one option for the asset managers and banks and that’s to take control of the crypto industry and leverage its technology to ensure they remain profitable and ideally leverage it to the point that they can continue to compete with fintech companies.

How are asset managers and banks taking control of the crypto industry?

You ask well besides investing heavily in centralized projects that have close ties to their own constituents. Asset managers and banks are also taking control of crypto by forcing it to comply with their ESG agenda. ESG stands for environmental social and governance and if you squint you realize that it really stands for control control and control. 

Wall Street is playing its role to kill crypto: The inability to control bitcoin under this framework is ultimately why wall street dislikes proof of work. This is also why asset managers and big banks love proof of stake and why they are pushing for it. They have the capital they need to buy up the stake required to take control of almost any crypto project that uses proof of stake as its consensus mechanism.

The same goes for token-based governance structures. At that point, they will be able to implement whatever rules they see fit. If everyone ends up using proof-of-stake cryptocurrencies the asset managers and mega banks would finally have total control of the financial system eliminating the government politician’s regulations and their own accountability. Now that’s not to say that proof of work is perfect or that proof of stake couldn’t be improved. But it’s important to be aware of the game being played and the powerful people who are sitting at the table.

Read: Why IMF Hate crypto?

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