Andrew Urquhart, University of Reading
The US Securities and Exchange Commission (SEC) sued the cryptocurrency platform Coinbase shortly after launching a lawsuit against the world’s largest cryptocurrency exchange, Binance.
This isn’t the first time Binance and Coinbase have caught the SEC’s attention – it’s not even the first time this year. But the latest charges are much more serious, including accusations that the exchanges are operating without the correct registration.
A ‘network state’ is ideologically aligned but geographically decentralised. The people are spread around the world in clusters of varying size, but their hearts are in one place.
In June 2022 Balaji Srinivasan, former chief technology officer of the Coinbase cryptocurrency exchange, published an ebook entitled The Network State: How To Start a New Country. It is the latest in a flurry of utopian visions by self-styled digital visionaries, crypto believers and web 3.0 evangelists who are lining up to declare the death of the traditional concept of countries and nationhood.