Balaji Srinivasan claimed that high-tech giant companies may help American enforcement agencies to seize people’s crypto assets, on behalf of state regualtor’s orders.
Balaji Srinivasan is popularly known for his engagement in high-tech star start-up ivestments activities. He is an angel investor, tech founder, and a Wall Street Journal (WSJ) bestselling author. In the past, he also served as the CTO of publicly listed crypto company Coinbase and as a general partner at Andreessen Horowitz (A16z), a crypto focussed investors group.
Recently Balaji Srinivasan appeared in a podcast with Tom Bilyeu. Through the podcast, Balaji said that in the future country’s government agencies may decide to seize people’s cryptocurrencies in an attempt to recover from economic turmoil.
According to former Coinbase executive, government agencies may order the high-tech giant companies to help them to seize cryptocurrencies and also such companies will help to trace devices & collect the Crypto wallet’s private keys.
Balaji elaborated on his opinion and explained that Microsoft & Apple companies have full access to the devices operating systems and they can easily control people’s mobile/pc data through updates.
Angel investors said that such giant tech companies will misuse their power for government agencies if they will get orders from the government.
“Google can get into your Google Drive and Microsoft has Windows, and if ordered by the state, in theory, they could scan your hard drive for private keys and then pull your digital assets,” Balaji said.
US vs Crypto
In the present time, the majority of countries & continents are trying to develop a crypto-dedicated regulatory framework but the opposite of it America is lagging in this race of crypto adoption via the regulatory framework.
Over the last couple of years, the United States Securities Exchange Commission (SEC) initiated several enforcement actions against crypto companies, while the regulatory agency failed to provide any clarity over its crypto market regulatory approach.