Google Backtracks on Crypto Wallet Ban After Community Uproar—Decentralization Wins Again
Big Tech folds under pressure—again. Google just reversed its controversial ban on non-custodial crypto wallets following fierce backlash from the Web3 community. Here’s why it matters.
The about-face: After quietly attempting to strangle self-custody wallets last month, Google’s Play Store now walks back its heavy-handed policy. No explanation given—just sudden compliance with crypto’s core ethos.
Between the lines: This isn’t altruism. With Apple’s App Store still allowing non-custodial wallets, Google couldn’t afford to lose developer mindshare in the $2.1T crypto economy. Even monopolies fear irrelevance.
The cynical take: Wall Street banks are still lobbying against self-custody—after all, how else will they charge 2% custody fees for assets you could hold yourself? Google’s retreat proves decentralization isn’t just ideology—it’s inevitable.
Reversal shows industry influence
The MOVE by Google to withdraw non-custodial wallets due to the licensing requirement is a result of increasing opposition among legal experts, cryptocurrency advocacy organizations, and industry leaders.
Justin Slaughter, the regulatory affairs vice president of Paradigm, had condemned the move as being too limiting, particularly as Google battles antitrust litigation. He termed it “surprising” that the company would enforce these rules at this time, labeling them as “draconian limitations” to developers of non-custodial wallets.
Surprising move here by Google, especially amid their antitrust litigation, to suddenly place draconian restrictions on persons making non-custodial wallets available on the App Store.
As we see with BCRA in CLARITY/SBC Draft, pure coding should not require a federal license. https://t.co/ZbFk2DK18s
Slaughter cited pending congressional proposals that declare that “pure coding should not require a federal license,” implying that the policy may be incompatible with the prospective congressional guide.
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