The US economy is visibly going through a tough situation, with nations steering away from reliance on the US dollar. Russia and Saudi Arabia have already decided to settle transactions in other currencies. The latest reports revealed that China and Brazil are also planning to demonstrate trades their own currencies.
With the US going through economic turmoil on one side, the country is cracking down on the cryptocurrency realm.
Also read: US Senator Elizabeth Warren Launches “Anti-Crypto” Re-Election Campaign
CryptoLaw’s founder and attorney recently shared a tweet that highlights the contribution of the BRICS countries to global GDP. The tweet mentioned that BRICS countries are expected to contribute over 50% of the global GDP by 2030. If these countries decide to steer away from the US dollar for selling transactions, the US economy could take a big hit.
US could possibly lose its world leader position
In a separate tweet, Deaton mentioned the arrogance of American regulators like Gary Gensler. He said that it could possibly cost the country its position as the world leader in global trade and finance.
He also highlighted the fact that other global nations, including Japan, the United Arab Emirates, Singapore, the United Kingdom, Switzerland, and others, are embracing cryptocurrencies. In a situation where other nations are embracing cryptocurrencies, the nation is launching a secret Operation Choke Point 2.0 to bring down the cryptocurrency industry.