Regulators in the United States have choked out the cryptocurrency sector to the point of death, according to Bitcoin bull and billionaire tech investor Chamath Palihapitiya.

Crypto is dead in America,” he boldly claimed in an April 22 episode of the All-In podcast.

Palihapitiya’s comment came in response to the news that cryptocurrency exchange Coinbase is now considering a move offshore. He pointed the finger at Gary Gensler, the chair of the U.S. Securities Exchange Commission:

Crypto is dead in America. I mean now you have Gensler even blaming the banking crisis on crypto — so the United States authorities have firmly pointed their guns at crypto.”

While Palihapitiya said that the U.S. likely views crypto as a threat to its “establishment,” the tech investor did however attribute some fault to the sector:

In fairness to the regulators, [the crypto sector] did push the boundaries more than any other sector of the startup economy.”

He rounded out his analysis by concluding that the good actors are now “paying the price” for the bad work done by FTX and other firms that have impacted the reputation of the industry.

The bill has come due for them,” he added.