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Once championed as a decentralized force for financial empowerment, crypto is now being portrayed by the publication as a compromised tool serving entrenched interests.
According to the piece, the U.S. crypto landscape has veered away from its roots in trustless, borderless innovation and into the arms of political influence—particularly that of Donald Trump’s orbit. Rather than disrupting power structures, the report argues, the industry has allowed itself to be co-opted by them.
The Economist contends that top players in the space are now heavily engaged in lobbying and backdoor politics to shape favorable regulation, casting doubt on their commitment to decentralization.
Campaign contributions, policy alignment, and personal connections with political elites are described as evidence of the industry’s shift toward crony capitalism.
While the publication acknowledged the underlying promise of blockchain technology, it issued a stark warning: if crypto continues down this path, it risks becoming just another opaque, insider-driven corner of finance—exactly the kind of system it once sought to overthrow.
The post The Economist Blasts U.S. Crypto Scene, Calls It Politically Corrupted appeared first on Coindoo.
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