Fenton argues that Cypherpunk values have faded over time.
The specialist believes that many celebrate, without questioning it, the new attempts for state control.
The businessman and defender of decentralization Bruce Fenton, CEO of Chainstone Labs, published a blunt message about the current state of the cryptocurrency industry, especially focused on the stablcoins and the place that Bitcoin (BTC) occupies.
In its publication, Fenton expressed his desire for an independent stablecoin of the money Fíatfree of regulations, resistant to state censorship and that can be used without the need for identity controls such as Kyc (Know Your Customer) or AML (Anti Money L outdenring).
“Why ask something like that is too much?” questioned The entrepreneur, and then regret: “Are we so subjected to ask for a basic freedom now seems an extreme act?”
Fenton shared these reflections at a time when the industry celebrates legislative advances such as Genius Law (Guonding and Establishment National Innovation for Us Stablecoins), approved by President Donald Trump after passing through the Senate and the United States House of Representatives.
As Cryptonotics reported, this law establishes a regulatory framework for stable currencies that maintain the price of the dollar, with requirements such as backup 1: 1 in liquid reserves (including cash and treasure bonds), periodic audits and federal supervision.
Although Chainstone Labs’s CEO did not directly mention this legislation, his message responds to the general climate of enthusiasm that he has generated in much of the ecosystem.
Beyond the stablecoins, Fenton also questioned the integration of Bitcoin into the traditional financial system. In his opinion, it is contradictory that an industry that identifies with the values Cypherpunk —As privacy, individual sovereignty and resistance to censorship, “celebrates that governments precisely prevent the development of stable currencies that represent those principles.”
“What a sad and strange world, that we, the assumptions ‘Cypherpunks’, we celebrate that the government ensures that this cannot be done, while we push Bitcoin towards the system roads,” he wrote.
For the specialist, both the restrictions on the stablecoins not tied to the dollar and the institutionalization of Bitcoin are part of the same phenomenon: the normalization of state control over digital money.
“Everything is illegitimate, immoral, antietic,” he said, referring to the limits imposed from power. Their position is based on the idea that money should be what people choose to use, without any interference from the State.
Fenton’s criticisms keep a clear parallel with the arguments recently expressed by figures such as Alex Gladstein and Sterlin Lujan, who agree that Genius law represents a threat to privacy and financial sovereignty. Far from promoting innovation, they warn that these regulations consolidate a state surveillance architecture on personal finance and fund freezing if required.
These reflections also resonate in a debate that is still in force within the Bitcoiner community: to what extent Bitcoin does not continue to be a financial sovereignty tool? Analysts such as Scott Melker warn that some of the first large whales are selling or moving their funds to corporate structures, which, in his opinion, weakens the role of BTC as a real alternative to the traditional system.
