The Cantillon Effect
Terrance Yang, the managing director (MD) of the bitcoin exchange platform Swan Bitcoin, believes that the crypto industry can prevent the Cantillon Effect by establishing large enough “Bitcoin-only” companies that can negotiate with the U.S. Federal Reserve and major financial institutions. Yang argues that the recent settlement between the U.S. Department of Justice (DOJ) and Binance has increased the possibility of such an institution joining the negotiating table.
Creating Powerful Entities in the Crypto Space
Yan Pritzker, co-founder and CTO of Swan Bitcoin, previously stated that the crypto industry needs to become “big enough to be relevant negotiators” in order to combat pressure from opponents. Critics have expressed concerns about the potential negative consequences of creating such powerful entities, but Yang reaffirms Swan’s belief that this is the solution.
Challenging False Narratives
Yang argues that Bitcoin-only companies can fill the void left by authorities targeting large crypto exchanges like Binance and Coinbase. He suggests that some players may have incentives to spread false narratives about the crypto industry. Yang advises individuals and entities with good standing to speak out on social media, write to their Congressional representatives, and stop doing business with bad actors facing lawsuits.
The Future of Bitcoin in the U.S.
Despite recent regulatory actions, Yang believes that Bitcoin will continue to thrive in the United States.
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