Hopefully, the U.S. House Committee on Financial Services will | Symphony Confidential

Hopefully, the U.S. House Committee on Financial Services will realize it can't be in charge of some coins because of certain characteristics. If it doesn't realize that and it attempts to control decentralized coins like bitcoin, then it will figure out at some point that bitcoin and decentralization are bigger than the committee.

That's a bold statement, I know. But think about it...

Bitcoin is global... it isn't controlled by the jurisdiction of any particular country... and the nodes and mining equipment that keep the bitcoin network running are located all around the world. This equipment can move away from unfavorable countries, which we're seeing right now as crypto miners leave China. If China can't stop bitcoin, it makes sense that no one can.

Now, there are crypto organizations that aren't entirely decentralized. For example, Binance, the largest crypto exchange by volume, has had to relocate many times due to regulatory clampdowns. That's why it's important for projects to look for crypto-friendly jurisdictions like the Cayman Islands, Singapore, or others.

In short, the U.S. House Committee on Financial Services has some room to regulate crypto projects that aren't entirely decentralized. But for purely decentralized coins like bitcoin?

Good luck.

It's impossible for any government to shut down truly decentralized cryptocurrencies, because there is no single point of weakness to attack. And in the meantime, the increasing regulation of cryptos shows that they're gaining recognition worldwide.

As more and more people recognize cryptos as a legitimate asset class, so much capital will flow into the space that picking winners will be like shooting fish in a barrel.