In the wake of yet another iteration of China’s enduring crackdown on cryptocurrency, a particularly influential narrative on Crypto Twitter (NYSE:) suggests that by banning (BTC), China has definitively put itself on the dark side of the struggle, while the collective West must now resolutely throw its weight on the opposite side by embracing crypto.

This framework is attractive for allies of crypto. It allows them to think about the relation between decentralized finance and political power. The news from the United States is not encouraging, however.