The crypto community has done a lousy job picking its friends and enemies within the U.S. government. Advocates should simultaneously work with the FTC to enforce a decentralized market structure for their own industry and with their allies in Congress to prevent the SEC from crimping mass adoption and undermining blockchain-based challenges to monopolies in other industries, such as finance and internet platforms. Instead, the industry fixates on the SEC as the bogeyman, a role in which Chairman Gary Gensler has seemed perfectly at home as his agency has launched a flurry of attention-grabbing actions against Binance/Paxos, Kraken, Terra-Luna and now the Voyager Digital creditors.
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