New US Crypto Regulation Far More
Invasive Than We Thought
US Congress intends to regulate crypto on a level far deeper
than currently understood―They will:
- Designate Bitcoin, Ether, and their hard-forks as commodities and regulate their transactions accordingly;
- Create legal uncertainty for all other crypto projects and ICOs by allowing them to be labeled as securities;
- Ban the use of (unauthorized) stablecoins;
- Introduce prison sentences for the use of mixers and privacy coins;
- Rebrand smart-contracts that take longer than 24 hours to deliver as futures contracts and regulate them accordingly;
- Re-define legal tender and change the way money is created by the Federal Reserve; and authorize the issuing of a digital USD of which all transactions are recorded;
- Force Americans receiving over $10,000 in digital assets to verify the sender’s personal information, including Social Security number, and report to the government within 15 days;
- Introduce foreign regulations into US law for all virtual asset service providers in the US (and with US clients).
In short: Congress wants to bring crypto-currencies under full oversight and control.
These new regulations introduce massive regulatory burdens on existing projects, ban and criminalize current normal activities, restrain innovation and free enterprise, and even introduce a transparent central bank digital digital currency that redefines money as we know it!
According to United States representative Don Beyer, congress should incorporate “digital assets into existing financial regulatory structures.”1)“Press Release: Beyer Introduces New Legislation To Regulate Digital Assets,” (United States Congressman Don Beyer, Washington, July 28, 2021), accessed on September 6, 2021, https://beyer.house.gov/news/documentsingle.aspx?DocumentID=5307 As you will see, they intend to do just that.
And it will change the way things are done for crypto forever… Continue reading “US Crypto Regulation Far More Invasive Than We Thought”
|↑1||“Press Release: Beyer Introduces New Legislation To Regulate Digital Assets,” (United States Congressman Don Beyer, Washington, July 28, 2021), accessed on September 6, 2021, https://beyer.house.gov/news/documentsingle.aspx?DocumentID=5307|