Canada is putting the censorship of Bitcoin to the test. Here's how BTC weathers a legal storm.
, the storyline that was arguably the most consequential for the mainstream narrative on the social effects of crypto has been the one around the Canadian government’s standoff with the Freedom Convoy. The government’s invocation of emergency powers to put down a protest movement — combined with the movement’s financial infrastructure being one of the main attack vectors — has led many observers to appreciate with renewed vigor Bitcoin’s capacity to resist state financial censorship.
Jesse Powell, co-founder and CEO of crypto exchange Kraken, condemned the government’s actions but said that if told to freeze assets by police extrajudicially, the platform would “probably consent.” Powell also advised anyone concerned about government overreach to move their funds away from centralized custodians and trade peer-to-peer:
Previously operating in a gray regulatory zone, the firm has paid a hefty sum to be told what exactly was wrong with its bestselling product, the high-yield BlockFi Interest Account. Having received a few pointers, it will have 60 days to bring the offering in line with the Investment Company Act. BlockFi has already announced plans to roll out its new
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