Bitcoin Forum

What do folk think of the likelihood of Steven Mnuchin of the Treasury Department under the lame-duck Trump Administration and Coinbase CEO's concern?

of them putting in place a requirement that any crypto going in/out of a USA exchange must have KYC to custodial wallets and/or where ever. In other words,

I would have to do a KYC on the fact I own my wallet in some manner. I've no frigging idea how that would work on my paper wallets.

https://www.btctimes.com/news/us-treasury-may-crack-down-on-self-custody (https://www.btctimes.com/news/us-treasury-may-crack-down-on-self-custody)

So a couple of things come to mind.

1) Treasury Department does above, the next Biden Administration simply undoes the requirement from this lame-duck attempt by Truwhip Administration.

2) Treasury Department does above, and as some commentators have suggested only a legislative fix (hard if Republican Senate) could undo such. Thus,

     if gridlock was to ensue...would take years to undo this.

3) The next Biden Administration, lets it stand, or can't undo such without bi-partisan legislation (gridlock likely under current Senate) :(
    
Obviously, this is much like China tried to do with their exchanges back in the day, and backed way off and  undid most of their rules eventually, IMHO, to

me it would just mean USA exchanges would be 'dead' to me and I'd do my 'legal' KYC stuff with an exchange in another country that did not require

this extra USA step.

What do you think of all of this? I think the odds of this are quite high, Trump has been doing dubious things with pardons and executive orders

I don't think he is even fully warmed up yet.

Also, IMHO, if this was to stand for any length of time I'd think we'd probably be back to $9-10K Bitcoin again or lower..just from the clusterf*ck or

damn near impossible enforcement if you wanted to stay a USA exchange. If such came to pass, and the Biden Treasury department left this in

place, it would be easier IMHO for Coinbase www.coinbase.com (http://www.coinbase.com) to locate out of the USA, then for them to keep track of every address on

your Trezor wallet for in/out dust of any BTC/Crypto.

Add, hopefully, more information you come across on the thread

take the poll on BTC price if this was to be implemented likely date of Jan 1st, 2021 if I was putting it out on the world in a lame-duck administration.

so it goes

Bitcoin/Crypto always drama!

Take the poll on what you think BTC price would be if the above was implemented.

Brad

I am probably not knowledgeable enough to post an answer to this question but I am interested to find out what others think of this.

To make this a fair poll though, would it not be sensible to have an option for over $20,000? Just because some may think that this wouldn't make much difference to the price and that the price of Bitcoin would break the ATH before the year is out anyway?

Yeah...likely...but in reality...this thread is 'kinda' how bad can such a rule mess up bitcoin...if an exchange has to have KYC for every transaction made in and out...

I don't see it as doable. Indeed, I see it like in the past ...what was it 4 years or so? When China clamped down on all their exchanges for too much money flowing

in that, the national authorities got concerned. The 'basically' all the Chinese Exchanges moved outside of China to Hong Kong and Taiwan etc. That could be the

the case here, we simply take out KYC and proof on usual sign-up to a crypto exchange in another country...where they don't have such a stupid rule. As long

as I am paying my taxes on such with KYC with these other legit exchanges this Treasury rule can just suck it with no consequences to trying to find if my

a paper wallet is legit (no idea how I'd prove that...swear with a notary public and signature that the public address listed is mine?) ...Of course, if such happened

and was NOT overturned by the new Treasury head Janet Yellsin..that would also tell us much of how 'rigged' the powers that be would be trying to get rid of

decentralized crypto and promote the centralized bank and government cryptocurrency. So if it comes to that...it will be time for me to pull the plug 20 years early

from them carrying me out to the nursing home..kicking and screaming and become a young person type minimalist. Sell the house all my things fit in the

the trunk of my car and rent and travel and of course buy gold/silver if it goes that route. Seems  a real push by people with $$ capital and power in or out of government

to 'tramp down' any decentralized power...I note the further dismantling of labor unions or pushback on wages and cuts to benefits ...I see the attempt yet to

disenfranchise voting the most decentralized thing in a democracy...by gerrymandering and other games...I see this attempt on BTC/Crypto as the same.

Currently, a guy moves 1 billion BTC for $6 I read. Do you really think, if the powers that be, could put the toothpaste back in the tube and get rid of decentralized

cryptocurrency and only offer bank and gov't tokens that they would not still..even with such..blockchain tech..not still charge like $50,000 or some such to move

such...the labor-saving, the profits....there would be IMHO within a generation multi-trillionaires in the world and in 100 years probably back to feudalism if

global warming is correct...and such centralized power and wealth were to congregate in that bit of time. A Bladerunner future indeed it would be! :(

I doubt it will come to that even with such a rule and everyone in the USA using KYC in overseas exchanges w/o the rules. But that does not mean this may not

be a play by powers that be to toss some FUD about and dump the price back to under $10k for the next year of this dilly-dallying about to suck up more

of a share of cheap BTC/crypto for richer than god/gov'ts/banks/corporations and individuals

anyway, I'm letting it ride...if I lose it all as I said above, I'll have more serious problems in the next 20 years and should be simplifying my life and getting rid

of house and rent and be a minimalist and buy into gold/silver etc...because if they can track your use of BTC/crypto now...they will be able to track your

digital $$$ centralized of the future tokens/coin of the future..probably down to your chewing gum expense for a year with a click of a button.

end of rant..but screw...it..I'll HODL...my hoard probably averages out to less than $1,000 a coin, being in since 2013...so for me to actually 'lose' $$$ on this

even with cap gains and state taxes..is so ugly....it still would not affect on me ...the whole works would still be profitable. So screw the Treasury.
 
I'm just gonna keep accumulating BTC/crypto dust....get my Will and Affairs fixed up...and let my friends and relatives deal with this in the future.

which means I will be remembered 

1) riding this unicorn fart/rainbow/magical/dubious fairy dust BTC/crypto money into the ground as worthless as green stamps then :(

or

2) they will be practically ancestor worship me as Brillant with this strategy :)

As they say boom or doom! pump or dump! we will be the first to know..sorry as to me..I'm kicking the can down the road...I figure I'm already

an asshole retired with enough monthly income...after I'm gone we will see if the 'virtual land ranch' of BTC/crypto was located just outside of

Las Vegas in the boom times of prices...or was located just outside of death valley and worthless

chump or champ

how it goes

Brad

The United States is working hard to make Bitcoin regulated. Yes, I also read this news.
https://twitter.com/brian_armstrong/status/1331745196887867393

https://i.ibb.co/47RF9xp/Screenshot-3.png (https://imgbb.com/)


But apart from negative consequences for the US crypto industry, Armstrong says, this will lead nowhere. Not everyone is willing to share personal data, and people will be forced to make foreign decisions.

https://www.reddit.com/r/CryptoCurrency/comments/k14sml/usa_regulation_regarding_selfhosted_crypto_wallets/?sort=top

Well for me, perhaps if this will be implemented by US legislation then all crypto enthusiasts who do exchanges in the US may experience a huge impact either they will minimize their exchanges, -- or they will avoid it completely and because of this then the price of bitcoin as well as with the other cryptocurrencies will dump tremendously, and it may also intercept bitcoin in hitting the ATH within the year. Anonymity will be at risk if KYC will be required in every transaction in and out for bitcoin/crypto since anonymity is one of the best features that cryptocurrency has offered and the legislation will automatically break this rule. If I will take the poll the same as with the others IMO it may pull down the bitcoin price to $10k - $15k.

They can not control the bitcoin wallets (non-custodial wallets I meant) so that they won't be able to force KYC all wallets (then all addresses, LOL) of bitcoiners.

I heard about Quantum computers that created massive FUDs on bitcoin market years back and now another more stupid things are touching us. KYC on all bitcoin addresses.

If it happens, bitcoin will be destroyed because its main and most important technical function will be cracked down. Some new-generation of digital currency will make another evolution and take over the role of bitcoin.

BUT (a big BUG), it won't happen (such KYC and such bitcoin collapse)

Lastly please read a chronological change of minds from Janet Yellen on bitcoin: In Her Own Words: Here’s What Janet Yellen Has Said About Bitcoin] (https://www.coindesk.com/janet-yellen-bitcoin)

There are three outcomes from this thing:
 1. Never accept KYC anywhere and use BTC without it (so basically illegally)
 2. Accept KYC first and then move to a non-registered address once you find out privacy IS important (so moving to self-custody, which is illegal)
 3. Accept KYC since the law gets in

And now the questions are.. for the second case, what if your funds get scraped off into a hacker's wallet? How do you prove it's not you who moved the coins and the other address is not yours?

What happens if you want to send me, an European guy, part of your funds? My address is not KYC-registered.

I'm sure they'll find a way. And I kinda feel like if the "the government created Bitcoin" theory is true, then this is what they wanted from the start.

I personally don't think so. Most people don't even use Bitcoin properly, and most people don't care about privacy at all anyway. If they did, Google, Apple and all those other corporations wouldn't have been at the top as we speak.

If they adopt this law, then Bitcoin won't be screwed but we will. Basically, just a minority who do care about financial profits (obviously), but also care about their privacy.

But now the question is.. if this law comes true, what do we do with Monero? Do they plan to declare it illegal since the ledger is quite private? :P

replies-------------


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That would be the ultimate test....the treasury puts through these dubious changes..and the Biden and Yellin Treasury..in 2021...don't do squat to change such while

pushing to centralize govt digital and banking coins liked to fiat like Libra and govt banking stake coins.

Decentralize BTC/Crytpo scares the crap out of the powers that be as another avenue of 'decentralized' wealth

vs the good old 'centralized' version, with all them 'handy' controls by the folks with influence/power and wealth

(you steal it/you inherit it/you are Bezo's smart and out play everyone....Amazon style) or in our case with BTC/Ctypto you offer a version

of wealth increase by 'crowd-sourcing' the hell out of the concept of a decentralized method of money.

Why I'm surprised every time there is FUD around the ATH just makes me realize how 'clueless' I am on WTF is going on in the world of finance and btc/crypto...

jeez....not like I've not been around since 2013 on here. Live an Learn I guess....what is also funny as hell, is the previous last weeks high was all, IMHO,

FOMO by institutions and Big Dollars. The speculators and small fry newbies  had not even jumped in yet! Again, IMHO.

so it goes

brad

Sorry to see this on my Holiday weekend. For people who want the freedom to use BTC, is this a good time to move out of the USA?

There is no way to enforce KYC to all wallets. However, they may focus in enforcing KYC every time you try to spend bitcoin somewhere, in all exchanges firsts, then to stores, small retails, etc.

I think there will always be more KYC in our everyday lives and it will be everytimes harder to stop it.

Basically anytime we use VISA you reveal ourselves to the vendor... Soon some of our addresses will be linked to our ID as well... Mixers will certainly be a good alternative.


I agree that this wouldn't affect bitcoin too much as well. Who really cares (and cared) about the privacy of their addresses will still remain unkown. It is not that easy to keep our addresses private, but it is possible.

And the main function of bitcoin is about store of value, hedge against inflation, and the ability to make transactions anywhere in the world basically for free and fast (i think 1 usd and a few hours is pretty fast, compared with most banks and services out there, to send money globally).

There is no way to enforce KYC on all wallets, but there is a way to make holding Bitcoin a nightmare: make it illegal to own a non-KYC-registered address. That way, if you ever have a Bitcoin on an old address of yours that you completely forgot about but want to use it immediately, you'd have to register it beforehand and to also expect questions from the authorities.

I think they're pretty close to setting this up for the crypto community. Although it may seem like they're starting to support us, I'm quite sure they despite us.

That's for sure. Here in Europe we're getting KYC for purchasing prepaid SIM cards or precious metals. The leash is starting to get shorter and shorter..

I have long been accustomed to the fact that nothing that comes from the US can surprise me, but if something like this were put into practice then it would really be a big blow for BTC. We all know that most people follow the law down to the smallest detail, and that most would agree to something like this in some way - and some crypto users would ignore the whole thing or give up crypto altogether.

In my opinion, this news could be interpreted in two ways - and that is that Trump has decided to implement as many strange decisions as possible before leaving office, while on the other hand such a move could mean that the US authorities are beginning to understand BTC as a potential threat due to the great interest of their companies in the same.

If you ask me, China used to be the one that had too much influence on the BTC - and now it is the US whose every good or bad decision can have a very significant impact on cryptocurrencies around the world.

It's not at all clear what would happen but I believe that bitcoin can function despite the government and not with its permission. Even if bitcoin crashed the biggest blow would be to the centralized exchanges which would be replaced by decentralized ones.

Gov want to CONTROL everyrthing about money, there will be more and more KYC in the internet in the future

using coinbase as an example as i use it.

im kyc'd to the hilt there. they can analyze where my coins come from and go with their chain analysis division anyway.

a lot of my coins came from old mining pools in 2011 on, some of which dont exist anymore (dwarfpool, btcguild etc). now, i have signed messages from those pool payout addys saying who i am and what equipment i mined them with filed away and still control those addresses. i also still have (most) of my old swept paper wallets so can sign them too, but who on this planet has kept EVERY address they have controlled and can still sign messages saying it was yours to prove chain of ownership?

and coins on mycelium, old armory wallets etc. i cant see how one can prove old coins are legit theirs from pools or now defunct exchanges (mtgox etc) if they dont have the keys to those addys anymore.

also, pretty sure i cant sign my trezor segwit addys.

cant see how this would work.

the biggest thing is that if the usa tried this, most usa companies and citizens drop it (or go dark) and when the rest of the civilized nations adopt bitcoin the usa will be left far, far behind.

How are they going to prove that someone owns a private wallet, even if they used coinbase at some point in time? You had money coming from a wallet to coinbase? Someone you don't know was sending you money for some job done online. You had money going from coinbase to an address? That's not your address, you were sending coins to someone that you don't know, but that person did some work for you, or had a birthday coming, or whatever. Whoever discloses all their addresses to the government just because they say so is a moron.

In the USA such  'proof' is the responsiblyt of who the regulations effects...dumb regulation or law or whatever in 2014 like 10 days before the IRS deadline for taxes the previous year..the IRS decided it was

gonna make a statement and 'slap down' that pesky Bitcoin. So I was required to write down 'every day' the LTC I mined and total LTC...on paper (nothing existed to do this like excel spreadsheets) then go through

my main wallet and print it out and highlight with a note where it went...this was guite challenging because some of the miner groups and exchanges that existed went away along with any proof I mined

the BTC legally. I also in 2014 had my banker sic the SEC on me because BTC was illegal....and showed up with my CPA taxes done and shot him down...not to mention the plumber I wanted to have stuff

done in my basement in 2013...and he asked about the KNC Jupiter BTC Miner and I told him it 'mined' Bitcoin..he said, that is for drug dealers right, and walked out my door never to be heard from again.

fun times not.

NOW my CPA says that IF I was ever audited they have to be 'specific' and the IRS has since said that good faith records from that time period were fine....so if I was audited..i can follow my massive

paper trail down to whatever I did back in the day (less exchanges and miner pools that went poof)

So, indeed from like 2013 to 2016 or so ...if I would have been audited I would have been screwed after 2016 with enough snafus/mess-ups like coinbase forms mistakes at IRS telling people they owed IRS by the IRS

when it was the other way around...they were asking taxes on bought btc/crypto..well less so after 2016.

so if this rule of a USA exchange MUST track the in and outs of every transaction per each address being KYC at each end..(fine...you have my name and KYC to look at for that.. BUT if they insist that it goes for sellers

of goods and every frigging address spinning out and away like ..what...forever?

one of 2 things will happen

1) Biden administration and new treasury head will kill this obvious WTF rule ASAP...and that will be that.

or

2) Biden administration will let it stand and that means coinbase and all the USA exchanges will threaten to leave the country as it being unmanageable to do....wait 2 years as this was done in china

and all the exchanges left...and then an adjustment like china for USA exchanges this time around and times move on again. At best would be an 'uncomfortable' 2 years or price and BTC/crypto confusion.

So, if it stands IMHO with above confusion ...we could be looking at 9k to 13K coin and the past returns with BTC/Crypto going sideways in price for a bit...fomo price pump etc effectively killed..we have

seen BTC/Crypto do the sideways price thing in the past after the 2014 IRS rules....it would be the same IMHO.

I myself, am beginning to think that every time BTC/Crypto starts to look like it is really going to put the moves on gold/silver/fiat currency/stock market returns etc

Suddenly, dubious regulations pop up to cool BTC/Crypto's price jets for a period of time. BTC/Crypto making big money/govt/power/corps nervous...Indeed the returns this

year from $7,200 or so Jan 1st, 2020 to the high of what $18,500 this month...well...that needs to be stopped is the consensus in the Trump Administration..it Never works long term.

But I suppose if you are conspiracy minded it lets the traditional money and

powers that be catch up, and buy in at much lower prices, to the crypto revolution and buy in at a much cheaper rate than $25k to $35K coin..if such FUD/Regulations and the rest were not added to the mix.

I myself, expect this indeed to be done by the Treasury Secretary....before years end...would even bet my one $$$ this will be so...

that the rule will demand ALL crypto  going to any BTC address empty or trezor or not must have a KYC at each end...and addresses KYC.

that should liven things up some huh?

So look at it as 'cheap coin' because if such regulations can put the btc/crypto back in the toothpaste tube after getting out..well...BTC/crypto is doomed anyway.

But again, cooler heads should prevail as soon as someone (adult) in the Biden Administration is shown the how addresses used or not are generated on the fly in trezor's and etc all over

the place and they are in a sense asking the equiv of USD dollar  users to keep track of the serial numbers on your fiat money and when buying something make sure the other person is legit

in his use of the USD as well...as you check his USD registration numbers on his cash too boot.

Funny, if this rule goes through, or even before..if someone was to sell their BTC/Crypto HODL for say 2 million USD....the only thing coinbase would be know your customer and an

expectation that you pay 15% - 20% cap gains and maybe your states income tax on such..paper on such will go to IRS 1099...once it hit your bank and you put it in a suitcase and wandered off to spend it on hookers

and blow..the tracking would stop....in that USD would not be under these rules. The Secret Service in court cases in the past has always said USD bills are much more hard to trace than BTC/crypto in illegal acts

and such.

Again, just another way of the use of regulations and FUD to keep BTC/Crypto prices down and muddy the waters...and such will work IMHO..so 'cheap coin it is" I guess and moving on. :)

Again, power concentrates with wealth, power/influence and traditional finance...in that Voting by mail as an example of 'decentralized' power and labor unions (or something equiv) as push back

against corporation's sometimes illegal greed and now BTC/Crypto...I guess we should just get used to the fact that every time we get near an ATH or too much 'noise' in how well BTC/Crypto is doing

vs traditional centralized wealth and power etc. This kinda stuff is gonna happen 'regulation' wise to slap our uppity decentralized project down some..at least in the short term and in price.

So cheap coins everyone, if not cheap coins as a concept..and they win..well...the BTC dust I will accumulate from now till then won't matter compared to my hoard so I may as well go down fighting such.

BTC/Crypto...always drama!

(sorry end of rant..i type really fast...bored...pandemic and all and have seen this kinda thing above at least 3 or 4 times since 2013)

Brad

If the requirement to pass KYC will apply to each transaction and this will present a certain inconvenience, then traders and participants in the cryptocurrency market in general will not use exchanges under the jurisdiction of the United States.  After that, many exchanges will move to other countries.  I don't think that such a requirement will last long.  There are also FATF recommendations dated June 21, 2019 that KYC is required only for transactions over one thousand euros.

I think it's a crazy idea and very unfair to Bitcoin holders. Then again, I don't think they'll be able to enforce it because there are international exchanges where people would be able to exchange their BTC without confirming the ownership of the wallet.
It could push the price down significantly, but only temporarily. Bitcoin would recover anyway, as it always does.
But I hope the US won't go for it or it would get overruled by the new administration.

For me, I am very confident that Bitcin will bypass all this just as it surpassed all previous American administrations. It is certain that such people will exist in the new American administration and the existence of such strict laws and regulations against Bitcoin and cryptocurrencies will have a lot of negative impact on exchanges and the world of Crypto in general, But I am confident that Bitcoin will overcome all these difficulties as it has always done, and this administration or others will not be able to stop the force of development.
America is the central country in the global economy. This is true, but it is not like that in the Bitcoin world. It is certain that this world will soon change with all its systems and laws because this is the logic of history and the logic of evolution.

I would not bet that other civilized nations will not follow the same path, not perhaps because it is the right solution, but everyone knows what pressure the US is willing to take towards others to accept some things. I'm sure Russia, Iran or North Korea won't care what the US says, but the EU is another story and I'm pretty sure they would pass an identical or similar law.

The same goes for Japan or India who dancing exactly the way the US plays, so I really hope this doesn't work, because as you say, even with the best will of every user, it won't be possible to prove origin and ownership.

After reading that long post on the previous page I feel like most of the problems OP had (and potential screwups that thankfully did not happen) came out the way you followed government requirements. In short, they asked you to report all your coin transactions and you spent a lot of time to satisfy them, but if they wanted to they could say the evidence was falsified or something and screw you over. For this reason I don't report anything, ever, and simply choose the way of making sure they can't track me and prove that I own coins instead of trying hard to make them happy against all odds.
As for the plumbers and people who come into the house, I had that question many times and told my wife that if someone sees my computers and stuff she's to tell that I'm into it, programming or something, but she doesn't know what that is. We avoid the word cryptocurrency during social gatherings. So far so good.

One side effect will be to keep people in bitcoin and not trading it in and out.  Long term, that is good for bitcoin.

I'll be surprised if it happens now. Maybe with a Biden administration, yes.  December or January, doubtful.  Such a rule would only help the Biden admin, and hurt freedom, so it seems unlikely Trump would do it. Deep state "regulators", DC "elite" and the like, perhaps.  Trump has decreased regulations consistently for nearly 4 years, what would be the logic for him to reverse course?  Sure, some of the long time DC folks would want it, but an outsider?

Troll freaks all over the world want to know what everyone does that every single hour of the day with every single penny they have so they can skim some.

Taproot and other improvements can't come soon enough.

In all fairness, I can't see the rule if it passes to by the U.S. Treasury under the Trump Administration to do this as actually staying in place when the Biden

The administration is sworn into place. However, the rule could sit there for quite a while and 'confuse' the BTC/Crypto Universe just by oversight or neglect

on fixing such by the new Biden Amdinatraion. It is not like they don't have a lot of other stuff, in their view that they want to address ASAP! :)

So, we could be in for some 'neglect' on this and 'confusion' before something was resolved on such idiocy. I mean so many of these 'dubious' regulations

and executive orders with the main goal of just messing up the Biden Administration taking over the Executive Branch....we could be in for more that a few

months wait ..till this would be 'likely' overturned/resolved. :)

Brad

Ta the End of the january btc Price might be 30k+
Many Will Buy then and its a tax trap!!

Its so simple Trump administration was giving out big money.
And Biden administration Will just take it from You.
So simple :) 

Indeed, in 2014, after going to my CPA for my taxes to get done for 2013, I started mining like hell as a BTC newbie in my basement from Oct 18th, 2013

onward till 2014 and had accumulated a hoard of BTC. Anyway, got my taxes done by her (the CPA) in February 2013. Then the IRS, being the assholes,

that they are, in frigging 10 days...I remember looking was announced 10 days before taxes were due for 2013 the  IRS added the mining rules

as income and the rest of such.

https://www.irs.gov/pub/irs-drop/n-14-21.pdf (https://www.irs.gov/pub/irs-drop/n-14-21.pdf)

At the same time between Feb 2013 and May 2013..my Banker ...saw I had used a  wire xfer

of over 10k for BTC miners overseas, and informed SEC that I was an 'evil' drug dealer or something because in 2013 all BTC was 'evil' to bankers.

I got out of such after the banker tried to screw me with prison while the SEC guy was on speaker-phone by saying he bet I did not do taxes. Thus the CPA

tax saved forms above saved my ass again! Fun times, called him an asshole and slapped down revised Taxes for 2014..the SEC guy was why am I  here?

Anyway, sometime before the banker showdown, I go back to the CPA....she reads rules and starts laughing and keeps saying I'm like a Farmer..yeah,

I was confused...but the IRS rules state sure I had to treat mining as income (unlike before when you just had to HODL and pay zip on my previous

unmodified tax return already in)...but I also got to take equipment depreciation and she set me up as a business...so anyway at the end rather than

pay no taxes...I got like $4k back in tax refunds as the small business angle...no cap gains, because I held on to BTC....so trying ....as hell..it worked out,

If the CEO of Coinbase is correct and this dubious rule does come to play to regulate KYC via exchanges on addresses etc, it also IMHO will work out

but will be the usual cluster***k of confusion like my above issues..for more than a few months till resolved in 2021 is my guess.

Anyway, my point is, lots of FUD, stuff, IRS  and other things COULD be tossed out in as little as 10 days or less before the Biden Administration comes into office in

2021 just to play monkey wrench in the BTC/Crypto world and to make the Biden Administration deal with this.

I myself, again, IMHO, think that it is likely the CEO of Coinbase is right..and his rumor is likely true (hope I'm wrong though)

and such a cumbersome tracking KYC overreach is likely to be put in place..but again, IMHO, it will be more likely to be killed eventually by the

new Biden Administration..though that may take time..and this FUD may affect BTC price recovery (like in 2014 with IRS rule) for the first 6 months

of 2021.

So BTC/Crypto prices could just sit on hands and go sideways for a few months, again, till resolved by real adults.

So remember, I've seen this probably 1/2 dozen times since 2013...governments

may not be able to stop BTC/Crypto..but they have and probably will use FUD and dubious regulations and laws to muddy the waters on occasion and indeed

this will always affect the price of BTC/Crypto with the uncertainty..so if I am correct and such as the Coinbase CEO says these rules come into play well...

expect a stall in price or dump of price and play the game 'cheap coins' till it is resolved is gonna be my game ...if such is the case...

This use of FUD as a way for big money/govt/super-rich to 'tweak' the BTC/Crypto ecosystem in either a vain attempt at control or a vain attempt to limit the price

pump and speed/or speed of adoption and or influence of BTC/Crypto in the future...always fails. It sucks and is painful and sometimes scary though.

So FUD and FOMO will always be with us, though again, if they pass this regulation it will be a lot more blunt and obvious what the goals are, IMHO,

then in past cases of this kinda thing..at least since I got into BTC/Crytpo in 2013.

Bitcoin: Always doubters...Always drama! :)

Brad

You guys in USA get some partners in europe or uk Where is very relax to deal with crypto!!

How can you deal with this IRS?  THEY are like big bully mind terror!

if the requirement for withdrawals is to prove ownership of the receiving address, you would just whitelist one address in a wallet you control. all withdrawals would go to that address only. from there, you can do whatever you want with the coins.

as far as likelihood goes......i have a feeling some of the more draconian requirements will be scaled back, but that something will be passed during the lame duck session. maybe they'll put the FATF's $1000 travel rule threshold into place.

It is more likely that the 1.2 Trillion dollar tax cuts to the rich on the so-called 'economic' trickle down and massive spending by Trump Administration

would be overturned if the Democrats had their way. Thus, such money would likely still be spent on the current economic crisis and/or social policies

to the middle class and some other widespread ills of the USA. You are right, neither party will actually stop spending money..it is how politics work

now with the Supreme Court and Citizen's United Case saying 'unlimited' political contributions are allowed. Thus them 'pesky' 2 party system leadership

have no control of their own representatives in Congress or wherever..because the more 'radical' you are on the left or right the more outside your state

special interest $$$ you can get..so why compromise as your party may want you to?

So if both parties are gonna blow $$$ like drunk sailors, I'd prefer my tax $$$ to be spent on the social safety net and other programs and not deficit spending

to the top 1% and corporate welfare as it has been the last 4 years.

So it is a matter of politics, where the money is gonna get spent.

Now that Trump has driven out all the 'fiscal conservatives' from the Republican party

and such...well, the economic 'pie' of the USA grows...the 'pie' gets better for everyone as the economy expands or we are so screwed...

for the economy to 'grow' ourselves out of this economic deficit hole due to above and pandemic...economic expansion is the only protection against this

deficit and the likely inflation and IMHO recession around the corner. BTC/Crypto may do well in such, not so much everything else if this does not pan out, IMHO.

This must happen or the USA will have a fun time like Japan and struggle the next decade to get any kind of traction in our economy or growth. Dark Times.

Not that I know squat...but did not see a lot of trickle-down from the beneficiaries of the previous Trump Administration tax cuts and corporate welfare

as I viewed such...so going with option B above and get rid of the above Trump tax cuts and spread it around more in society instead of..a select few.

Again, not that I know squat, but how all this seems to be shaking out for the next 4 years or more. We have to revive the economy out of recession,

tame pandemic, figure out how to grow economy to overcome things we need to do and pay for in society as well as plan for the deficit...and also, at

least in Biden Administration's view, get the country to do a complete 180 on almost all Trump Administration policies in the last 4 years. Man, why anyone

would want to be President of the USA, I've no idea! Daunting tasks ahead as a society here in the USA.

Brad

Institutional investors that drive this current rally wouldn't mind such regulations, it's not a problem for them to abide to them, especially if they even never interact with Bitcoin's blockchain and just keep their coins on the platform. They still could consider it as negative news because it would hurt some retail investors and just users, but who knows if they care about such things or not.

So, market-wise, the impact of such regulation is not exactly clear - it would probably cause some panic, but nothing too big or long-term. As for the community, maybe it will be a wake-up call to switch towards more decentralized platforms.

Why doesn't the USA worry about the current problems they are facing... Gee maybe for example their corrupt laws corrupt police. Racism which is so bad it makes South Africa look like a loving place when slaves were here.

None of this is going to happen and you can't tax crypto. Crypto is not money and it never will be. It is something traded privately among the people. It has nothing to do with the government. We reject their money and use our own kind of funding. As long as you not converting to fiat there is nothing to pay. There way to many other problems going on in the world for them to worry about his. They can't even keep actual violent criminals in prison so how will they enforce this nonsense. I don't feel threatened in the slightest bit.

Maybe if governments behaved themselves we wouldn't need to invent crypto just to keep their filthy clothes off our hard earn labour. When the government stops spending tax money on crap and wasting it then they can have an opinion on "money laundry" and "tax avoidance". Funny how the biggest criminals are always the ones calling out others for minor "crimes"

I don't actually see why refusing to fund a corrupt government is even a crime. We pay tax and we expect a certain level of service and we simply are not getting it so why should we pay these criminals?

Knowledge is Good. Ignorance is Evil.
This is all you need to know.

Well the USA government let the people grow some wealth always then suddenly it will be taken Away one way or another,  2009 Economic crash and mortgage fraud teose fraudsters was not even in jail what have learned? 
Morals dont work as long as you do all juridically correct you do it perfect.

And what have changed now?
Another fraud allegation the biden election!