Investment community: crypto exchanges delisting Bitcoin SV ‘sets dangerous precedent’
The traditional investment community is taking a stance against plans by some cryptocurrency exchanges to delist Bitcoin Satoshi Vision (BSV).
On Tuesday, the Toronto-based FRNT Financial issued its daily update for institutional investors, in which it addressed the push by some crypto exchanges to delist BSV in response to BSV backer Dr. Craig Wright’s efforts to defend himself against critics who publicly accused him of being a fraud.
FRNT’s story of the day for April 16 noted that the Binance crypto exchange had announced plans to delist BSV on April 22. Some other exchanges have announced similar plans, based largely on social media howls of outrage after Wright filed defamation and libel claims against some crypto critics with large Twitter audiences.
FRNT’s main takeaway from the controversy is that “certain actors specifically are setting a dangerous precedent in the delisting of BSV. Objectively, the only complaints one could have with the Craig Wright camp are 1) disagreeing with the content of his free speech and 2) disagreeing with his implementation of the current legal system. Given the impact that trading venues can have on the visibility and price of a coin, such a subjective delisting sets a precedent which has the potential to increase the space’s vulnerability to manipulation. If a coin can be delisted due to some not approving of a community / person’s legal activities, what’s to say that a similar narrative cannot be created in the future simply to support a malicious actor’s monetary interest.”
For years now, the Crypto Twitterati has attempted to demonize Wright and his claim to be the individual behind the Satoshi Nakamoto pseudonym and part of the original team that developed Bitcoin technology. Wright’s decision to take legal action against some of his more virulent critics was not taken lightly, and was done with the full realization that the retaliation would be swift and strong.
But, as evidenced by his recent legal filing aimed at Blockstream co-founder Adam Back, Wright appears confident in his ability to prove his claims in court. Wright appears equally confident that the BSV protocol’s ability for massive on-chain scaling will ultimately prove itself as the only Bitcoin capable of meeting the needs of a global financial platform.
But don’t take his word for it. CoinGeek invites supporters of all cryptocurrency and blockchain projects to join us in Toronto at the latest CoinGeek Conference on May 29-30 for what promises to be a lively debate on the future of money.