Chamath Palihapitiya declares "Crypto is dead in America" as regulators crack down.

Tech investor Chamath Palihapitiya, who was once a bitcoin bull, now believes "crypto is dead in America" due to increased regulatory scrutiny from the SEC. Palihapitiya blames regulators for the demise of crypto, citing the SEC's enforcement actions against companies and projects that allegedly sold unregistered securities. The SEC has proposed rules that would change which crypto firms can custody customer assets, and has issued a Wells notice to Coinbase for potential violations of U.S. securities law. Coinbase is preparing for a years-long court battle with the SEC and considering relocating outside the U.S. if it doesn't get improved regulatory clarity.