Bitcoin Forum

Despite Trump’s affiliation with the Republicans, his politics is not conservative and his governance style was more laissez faire than anything else. However, the Democrats will take over. Democrats are left leaning politicians. This might imply more government intervention, tighter regulations and less personal freedom for the people.

Bitcoin and the cryptospace might be its biggest victim, I reckon.

https://i.ibb.co/Yf0BqWN/3-BE5617-F-D4-FA-4799-9457-5-E2-A1-D85-BBE2.jpg

The Biden administration is tapping two financial regulators from the Obama administration to oversee key departments that had loosened their grip of the industry under President Trump, according to two people with knowledge of the plans.

Gary Gensler, who led the Commodity Futures Trading Commission during the Obama administration from 2009 to 2014, will be President-elect Joseph R. Biden Jr.’s nominee to lead the Securities and Exchange Commission, these people said. Also, Rohit Chopra, the former assistant director of the Consumer Financial Protection Bureau, has been chosen to run that agency.

Mr. Gensler is a veteran regulator who played a central role in bringing the big banks to heel in the aftermath of the 2008 financial crisis, giving new teeth to a watchdog agency. Lately, as an academic, he has been schooling himself on digital currencies like Bitcoin that have become an important part of the S.E.C.’s regulatory mandate. He had been leading the transition team advising Mr. Biden on financial regulatory oversight.

Mr. Gensler, 63, will step into an agency that has faced criticism as being too lenient in pursuing high-profile cases involving Wall Street and corporate America.

“I think he comes in with more of a well developed enforcement philosophy given the work he did at the C.F.T.C., and just probably a bit more of an aggressive enforcement bent than the prior chair,” said Matt Solomon, the former chief litigation counsel at the S.E.C. and a partner at the law firm Cleary Gottlieb.

Read in full https://www.nytimes.com/2021/01/17/business/gary-gensler-sec-rohit-chopra-cfpb.html

Trump, Biden or any future presidency will have stricter regulations on bitcoin and cryptocurrency. They have to do so as they don't want to let cryptocurrencies easily beat their systems. It is what they must do to prevent their system collapse or simply to prolong the time it will happen. Their systems have big flaws and are failures but they have to protect theirs.

How many years since the Genesis block? More than 10 years.
How many times the bitcoin has witnessed stricter regulations? I don't know, but it is a lot. The price is on rise despite of regulations.

Prepare for stricter regulations but please be positive.

Personally, Im not a US citizen so I dont really care about stricter regulations. And even if my government decides to make more regulations on crypto users and crypto assets, it will not bother me at all since bitcoin is decentralized coin. How can you put tax or put new rules on a virtual object which you can't even control it.

Though, more regulations mean less users. Hope that it will not happen like i think

That is an excellent news.

The more regulation governments push on the cryptocurrency market and the more strict they are, the more developers are going to work on decentralized solutions for people to use. Basically it speeds up the process and it pushes a lot more people towards these alternative solutions which means instead of taking years for something like a DEX or a Decentralized Marketplace, etc to complete they could take 6 months.

Well, i have seen that the future of crypto industry will attract regulations from the government.  the reason why there are less regulation is due to the fact that the industry is still very young.

But, here is what i want to know. How will the government regulates bitcoin and other cryptocurrencies that are decentralized?

It's both good and bad news, depending on how you look at it and on how the new regulations sound like. If they're pushing out regualtions that make it a pain in the ass to hold cryptos, then it's obviously bad news but at the same time it'd lead to what @pooya87 mentioned.

But if stricter regulations limit the legal use of cryptos and add new laws we have never had before, then mass adoption could come even closer to us than ever before as people might feel safer to invest in a regulated market than in a grey zone.

For me, personally, it has no effect upon the future of cryptos. People will always find a way to make this space better and I'm afraid it's going to be too late for the Biden administration to make harsh changes because more and more people are moving to decentralized and open-source solutions as they find out this is the freedom we all should really have!

This is a very interesting question, I read an article that suggests government is prolly going to require every crypto user to carry out transactions only on an exchange, but whichever way you look at it that's not going to be possible, crypto user will still make use of their personal wallets and carry out transactions via P2p, which the government cannot track or regulate.

Having said that, this makes me draw a conclusion that if stricter regulations are to be implemented, the government is going to work with exchanges, cause this exchanges are registered with the government and they hold their users data and information, and like it has happened on numerous occasions, they'll not hesitate to give that info to the government, if they request for it

And I'd be glad to have them. At the very least, the government is acknowledging it, and this could (rather, most probably would) increase the knowledge of the populace with regards to cryptocurrency. At the very least, they simply wouldn't be ignorant of them, and well, hopefully, would have a shield against possible scams and the like (that the government would take notice of anyway).

I guess it'd be ruling that doesn't really attack the core of what decentralized crypto is, but still possibly regulate it in an advantageous way for them. Quite vague, yes, but it can't be helped, crypto itself is quite young after all, it isn't that odd that rules and regulations have possible holes here and there.

That's correct.
Also the more the regulations, the more credible and accessible they make crypto for the average Joe (who will use regulated/centralized tools at first and maybe decentralized later).
This means that "Bitcoin is illegal money" narrative will not catch any longer and the masses will get to discover it.

So I cannot agree more. It's an excellent news.

They have to impose stricter regulations, otherwise more and more people would lose trust and faith in the regular banking system and traditional asset investment, which nets the government a lot of money through tax proceeds and whatnot. No matter the political affiliation or ideology of these leaders, they will have to do it as it is to even the ground between traditional assets/investments and cryptocurrencies. Also by doing this, they will net more revenues from taxes, so overall a 'good' thing so long as the new administration isn't corrupt and focuses their programs on the right thing.

It will affect other countries if US decides to put strict regulation. More strict regulation means more restriction "free movement" between US and rest of the world. Hence, others might try to avoid anything related to crypto currencies that is associated with the US. Or your governments might also follow the same move.

You can't. As long as you aren't involved with fiat currency, there is nothing they can do. But, if you convert them to fiat anytime, you will be subject to a tax. This also involves making purchases through vendors that don't do direct "P2P" transactions. Lets say a site uses coingate to accept bitcoin as payment method. Now when you purchase anything from that site, you pay coingate to convert your coins to fiat and pay the merchant. Hence you have created a taxable event. Laws differ from country to country. Know your laws.

I wouldn't say the Trump administration has been crypto-friendly. I'm of the opinion that the FATF is a Treasury Department puppet and that the Travel Rule published in 2019 was their making.

The Trump administration is now pushing through last minute proposals to require businesses to perform AML/KYC on any $250 cross-border transaction (https://www.coindesk.com/fincen-fatf-travel-rule-threshold-v20-summit), and to require them to perform due diligence on non-custodial wallets they transact with (https://www.coindesk.com/self-hosted-bitcoin-wallets-become-front-line-in-fight-over-crypto-regulations).

These are extremely burdensome, far-reaching regulations that have serious privacy implications for Americans who use centralized Bitcoin services.

Now that I've said that, yes -- things are going to get worse under Biden (https://bitcointalk.org/index.php?topic=5310503.msg56130110#msg56130110). :-\

Biden and his regulators must look at the mistakes of the past... let's just look at the Prohibition in the United States, a nationwide constitutional ban on the production, importation, transportation, and sale of alcoholic beverages from 1920 to 1933. What happened when they did that? Answer : People went underground and they did this illegally and the result was a massive drop in the taxes... because the illegal trade did not pay taxes.  ;D

They can regulate all they want and some people even welcome it, but once they start banning something... people find ways to bypass it and the government suffer the most.  ;)

It's actually the opposite. People would flock Bitcoin because of this regulations. The fact that they are going to make a stricter regulations means they are actually acknowledging Bitcoin and that's a terrific news to all. Government acknowledging Bitcoin is a go signal to consider for people who thinks Bitcoin as something bad.

I won't be surprised with anything that will come from the US kitchen, no matter what it was about - even when it comes to cryptocurrencies. What I see as the biggest problem is the fact that Bitcoin has become increasingly dependent on just one country, on one crypto exchange or one man’s vision of how things should look (it doesn’t matter his name was Trump or Biden). Everything that happens there (good or bad) will affect the whole world, and especially those countries that the US keeps in a small pocket and that unquestioningly carry out all orders.

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It’s not a very good comparison, alcohol is something people have been using for thousands of years, and you don’t need to be overly intelligent to produce it, much less to use it. I don't know how much the authorities lost then because of the alcohol ban, but today the state treasury is filled with about $10 billion (https://www.taxpolicycenter.org/briefing-book/what-are-major-federal-excise-taxes-and-how-much-money-do-they-raise) a year from alcohol taxes - and it would be interesting to know how much taxes are collected on everything related to cryptocurrencies.

Of course a total ban would not literally kill BTC - but imagine all those thousands of crypto ATMs that would have to be removed, Coinbase and Grayscale that would have to stop doing business and all those who have some assets in crypto would find themselves in a pretty difficult situation.

of course if what is discussed is the strictness of the government towards its people. As we can see in North Korea and China, the tightness of the government towards its people, especially in terms of privacy, will make the government take a policy against crypto activities and may limit it.

Yes,but more regulations over the centralized exchanges means that decentralized exchanges will have to be regulated as well,or declared illegal.The government officials aren't that stupid.They know that imposing more regulations would mean more people moving into non-regulated crypto exchange platforms,so the officials will have to find a way to regulate the DEX marketplaces.
KYC policies like ID verification might not be sufficient for the "big government" anymore.
Be ready for mandatory address verification. :(

The Government could easily make a law regarding about this, especially if they are really desperate to regulate it because it dominates the fiat, and it could be easily become a law since the majority of the community doesn't care about Bitcoin and other cryptocurrencies because they are solid fiat supporters and users, thus when it happens, we, Bitcoin Enthusiasts would have headaches about such law when it will exist in the future.

But I think huge influencers and huge companies that believes in Bitcoin will opposed and will do their best to convince the Government not to regulate cryptocurrency.

Well, this is not only for US but for the other countries as well! It is an established fact that bitcoin and other cryptocurrencies are actively being used for many illegal activities around the world. Now after the recent price surge bitcoin was able to catch government's attention so we can expect a more streamlined regulations to put in place so that government can maximize revenue and lower the illegal usage. US may take a front row seat here!

That could be true, I don't really expect many US politicians to be openly friendly to bitcoin or cryptocurrencies. More regulations or more pushback from the federal government might not happen though as it would seem to bring legitimacy to an alternative option rather than letting it fly under the radar. 

Indeed. Gensler (Biden's nominee for SEC chair) has actually pitched that himself -- that Bitcoin being fully regulated by the CFTC or SEC will trigger mainstream adoption.

"Regulation isn't so bad. It'll make you rich." That's supposed to make this bitter pill easier to swallow. ::)

With the Bitcoin price having managed to rise above $ 40k, this is sure to make the government even more stringent in making regulations regarding
Bitcoin and the crypto space. Because the government does not want Bitcoin to threaten fiat and the banking system, which has long been one of
the ways for the government to get profit, and also the banking system can manage the finances of its citizens.

But I don't think this is a threat, because Bitcoin users always have a way to always be able to make transactions. Because it is not new for
the government to make strict regulations related to Bitcoin, the government has done this several times. Even some government countries have
banned Bitcoin, but this has not stopped their residents from using Bitcoin.

Hehehe it would be not as uncomplicated as that, I reckon. Also, if you are in bitcoin only to get rich quick, this is good for people like you. However, there are people who got in the cryptospace who are in for something else. This is why I reckon some people in the bitcoin community are going somewhere else.

Except that they can't do that.
When bitcoin itself is not illegal, when fiat is not illegal, when swapping bitcoin for fiat and vice versa is not illegal, the government can not make some of the methods used for doing this exchange illegal either. It's like saying yard-sales are illegal!
Keep in mind that regulations aren't the problem, KYC exists everywhere else and a centralized bitcoin exchange should be no different. Stupid regulations are the problem that will definitely push people away.

It is not the prices that makes this regulations in motion. For me, it is the entry of institutional investors in the bitcoin market, the price is just a secondary. If you have control over this institutional investors then you will have the power to make waves even if the government does not own a bitcoin, this regulations will be the reason that some institutional investors will go to the route of corruption called lobbying. Even if the case that bitcoin threatens banking system, I think that their days are numbered because more and more people every day are learning the dark side of our archaic financial system.
The real threat for bitcoin which I already mentioned is lobbying. The problem with those governments that banned bitcoin outright is that it will put the people who use it in a stranglehold that will only make them try to break free while those who will put a regulation will be able to control the users in a subtle manner.

Come to think of it, how much do they really want to regulate Bitcoin or are they trying to say that, they are aware of the potential of Bitcoin but trying to play around it to suit them better, hence the regulation, I mean you can't regulate what you don't acknowledge, right?. Also, on the other hand, I think all these regulations are just to limit the usage of cryptocurrencies in order to make their fiat currency more powerful, because the more Bitcoin grows, the more it attracts huge attention, the more it keeps being on their radar, but I don't think there is much to worry since decentralization is the key here. Also, talking about regulations and freedom this might compel developers to go strictly on decentralized solutions or services such that the true idea the crypto space was created for will be on full force, because the more people knows they can do what they want without bothering about the government the more they will embrace Bitcoin and other decentralized services; we might be seeing more from decentralized exchanges etc.

If the wall street and American millionaires have so much stake in bitcoin that the Govt is potentially afraid of it then it can only mean one thing: The wealth has soared to such a extent that Govt is not comfortable with the "cut" it got from all that appreciation.

Its hard to know how much of the BTC price is affected by rich OGs in America or the bankers who have been buying it since 2013-14. The most that the Govt can probably do is to ask people to put into public their holdings or risk investigations. This will lead to a bit of selling and a few Americans applying for Visas.  This can also lead to a bit of dip, which I feel is good for the rest of the world and for me.

What else can be done to regulate it? Would they go to the extent of price regulation or holding regulation? What exactly should the community be afraid of when we talk about "regulation"?

is that not terrifying? we aren't required to declare our personal gold holdings, or the stocks we own (at least if they are held in the USA). forcing people to declare their holdings is one step away from legally confiscating them...


money transmission and tax stuff. a lot of people are totally disregarding tax laws and the IRS knows it. that's what all the AML regulation is really about IMO---forcing exchanges to KYC so they can do proper tax investigations.

once stuff like the FATF travel rule is widely enforced and all the major exchanges are doing tax reporting, the fun and games are over.

Agreed, and it appears that Janet Yellen, the future treasury secretary of the United States will push for stupid regulations to curtail the use of cryptocoins. There are news articles already implying she will support taxation of unrealized gains. Who would want to hold bitcoin and other cryptocoins with a law like that?

I wrote that before I watched "Dirty Money" just last night on Netflix. There's an episode where Jared Kushner's company forces one of their tenants into a litigation and the court "garnishes" the bank account of the single mother of three to pay the illegal fine. With that viewpoint, I can see how it is terrifying to know that none of your money will ever be free from Govt intervention. It also made me better understand why US citizens are so adamant about keeping Bitcoin holdings private. It is an insurance from Govt tyranny. The rest of the world doesn't experience this at the levels of working class people as much as developed world. This is the reason that people like us, at times, forget to appreciate the privacy of Bitcoin.

Going back to my original point though, What i meant is that as the Govt comes to realize that US citizens hold a lot of value, they will do everything in their power to get their hands on it. If the price of bitcoin gets to a million, Will it let it go unchallenged that a set of people have so much power?? Bitcoin holdings are enormously concentrated right now. If this "rich-list" (https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html) is correct, 62% of all coins are in wallets with >100 BTC belonging to some 16000 addresses (including Satoshi's million).

Is that sustainable without organized and motivated actions from such OG hodlers themselves? Is that healthy for the society??
I guess that this means people will need to be ready to organize some sort of legal defense to justify their right to privacy AND to hold Bitcoin as Bitcoin because it is not Government issued money. It is just code that they choose to value. Like a valuable piece of art. Though, that too is taxable if you auction it off for millions. Now i see that it is going to be difficult.

Do people have a plan??

the concentration of wealth in society is already quite perverse. i don't think bitcoin will change that, although i do think bitcoin's concentration of wealth will continue dropping over time as early adopters distribute their coins to an exponentially larger number of late adopters.


at this point, my top priority is not being low hanging fruit. there is a lot of easy pickings out there.

i've been trying to structure my tax situation in an ideal way and also leave some emergency coins stashed away off the books. unfortunately, things move so fast in bitcoin land that i haven't quite reached all my goals in those departments.

Agree. That is what strengthens the weakness in any field not just in crypto space. If there is a bug there will always be a new update for it to get fixed same with decentralization and the intervention of government on Bitcoin sad to say regulations will only work on local exchanges.

I have seen this discussion going on in the social media and you never know if they impose heavy tax on the gains from cryptocurrency thereby forcing the financial institutions to dump the coins in the market. Usually when we hear these kind of news the market goes down drastically but we have seen a correction today while this statement was made a few days earlier.

Even in India there were reports that the government is planning to implement stupid regulations by levying heavy tax on bitcoin trading. The next couple of years is crucial for the market as we might see major changes in the market.

If I don't really care about the rules in the US because I'm also not an American,
But if the US gives some new rules and they are very strict, of course it is very dangerous for all of us because if the new rules are given too strict in the crypto world and make enthusiasts go to eat people in the crypto world will be few and I hope that will not happen.

@ilhamsugihamin. You have missed the whole point on why this might have a bad outcome. The cryptospace will become fragmented similar to how the financial system is fragmented instead of being one whole ecosystem for payments and finance for users without the banks.

Coindesk is saying that the correction from $42,000 to $32,000 was caused by the double spent event reported by BitMEX. But from the pattern I saw, it more closely corresponds to the reaction towards the statement from Janet Yellen. A few days back, she made a statement hinting that measures would be taken to outlaw the trading and transfer of Bitcoin. A number of institutional investors took a serious note of this statement.

The BitMeX blunder is exposed by now, i cannot understand their research team coming out with serious allegations about the network without understanding the basics, they have no idea about RBF and so is the reason they came up with this verdict and they exposed their expertise  :D.
The statement by Janet Yellen is series as they have the power to implement the regulation they want.

Not so sure about that, bitcoin may get imposed on of stricter rules and regulations but that wouldn't stop it from prevailing as the people's very own currency. Then again, since US is a strong country with a majority of investors and supporters being Americans, this will definitely put bitcoin to a very bad spot.

The truth is: there will be more decentralized platforms than what we have today if the government of the US decide to make Bitcoin regulations stricter than before. The democrat are globalist which made them to act this way whenever they get into power, hope they understand the danger of attempting to stop this technology.

The double spend news is clickbait. It might only be a whale or group of whales who decided that they want to sell their bitcoins because the profit might be enough for them already. Can it not be as simple as that?

@MicroGuy. I always see the argument for big blocks and decentralized exchanges, however, have never seen them used in volume that matters. We cannot be blind, the cryptospace is being regulated and controlled.

Does anyone think the news on Janet Yellen being confirmed as the new treasury secretary really causing this dump on bitcoin? We know stricter regulations might be coming, however, might this only be an overreaction by participants of the market? I speculate we might have another pump.

A little regulation will not hurt Bitcoin I guess. It may work only if the regulators are not biased toward cryptocurrencies. If they are biased then the regulation will be much stricter than it should be, such as high taxes, licenses. If they do strict regulation then it will be hard for people to use Bitcoin or to convert it to USD. Also if the USA regulates it to some extent then it will be precedent for other countries and other countries will adopt the same regulation to harmonize the system. It will serve wide adoption of Bitcoin. Let's hope regulations will not be too strict.

The prediction is pretty much expected already with regards to having stricter regulations to be applied on crypto space now that many people are starting to get engage with crypto which alarms government to make way on regulating the usage and engagement of the people upon managing the effects it can possible to make to the people in their vicinity. The stricter regulations can be good as for it will take control for the legal manners that relates to crypto usage but can also be bad if the aim is to control people by prohibiting them to get engage on crypto that can make commotion between government and people. There must always be a balance and free space on where government and people will understand one another specially with regards to the topic of bitcoin and crypto space for different stands must be considered and not be a one sided unfair decision.

the regulated space---exchanges---will become more fragmented, yes. my hope is this will simply drive more and more people towards the p2p economy. the feds can regulate businesses to shit, but they can't stop me and you from transacting with bitcoin, anymore than they can stop us from using cash.

I am not a US citizen but if it happened everyone will be possibly be affected. However, as we know bitcoin being decentralized is hard to control by the government. It is worldwide. Though there will be restriction but bitcoin will always exist and developers will always find a way and will be more eager to secure this coin. How can they control the bitcoinist while only a btc address exist without personal data. Unless btc is stored in app wallets where kyc is a must. Noone can stop cryptocurrency specially bitcoin.
In fact, how can they focus on crypto while there are so many serious problem the government is facing and I guess crypto is not a problem to solve.

Agreed, however, we have also witnessed that much of the people in the cryptospace are only here to speculate on their favorite coins and sell them for fiat. I am not very optimistic about regulations to drive more people to the p2p economy.

I predict they leave when the regulatory crackdown begins and look for the next hype. Reddit users appear to be in on Gamestop stock and other equities hehehe.

And Philippines is also starting to level up in their crypto regulations as well:

https://news.bitcoin.com/philippine-central-bank-cryptocurrency-regulation-growth-crypto/

One of the things that I'm concerned about their new guidelines is the fact that cryptocurrency transfers are treated as "cross-border wire transfer" which VCEs are hereby to comply with the governing wire transfer rules of the Central Bank. I have a strong feeling that on top of the ridiculous gas fees, they might enforce wire transfer fees as well.

It might continue to slowly tighten within a few years from now.

Well if you listen to Gates, Buffet ,Soros ,the WEF ,and those involved in "resetting " the world economy ,it seems that if biden pays attention to them (his financial backers ) anything might be possible !

conversely Miami admits satoshi whitepaper on gov website !!

https://twitter.com/FrancisSuarez/status/1354488469091975168

EDIT: same thing for colombia and estonia.

It's Bitcoin's one unique features which is being decentralized opposing traditional banking. Even the wealthiest investors that holds with the total of half of the bitcoin cannot control the currency. Thus, we cannot predict on what will happen in the future if it is the same bitcoin like how we used to know it.

News update.

This might be considered FUD by many of the people in the cryptospace, however, I would argue that those people are deniers of the reality of recent regulatory developments. I ask them was the ban of China only fud? Was I only antagonizing?

In any case, the White House. I speculate their first offensive will be on Tether. This will bring another one of the biggest dumps on the cryptospace when it is most unexpected. This will be during bitcoin’s pump to all time high. What would be the safest asset to hold during a dump?



The White House is in the course of preparing an executive order directed at cryptocurrency, according to several unnamed sources cited by Bloomberg. The report described the potential order as part of the Biden Administration's attempt to set up a government-wide approach to regulating the sector.

The Bloomberg report suggested the focus of any order would be on directing federal agencies to conduct research and produce recommendations:

"The proposed directive would charge federal agencies to study and offer recommendations on relevant areas of crypto—touching on financial regulation, economic innovation and national security, said the people, who asked not to be named discussing plans that are still under consideration ... The framework would touch a range of bureaucracies, from the Treasury Department and financial regulators to the Commerce Department, the National Science Foundation and national security agencies."

Source https://decrypt.co/82997/biden-crypto-executive-order

And for the worse, their doing something that's not going to benefit a lot of people in the crypto community, have you heard of the taxes that they're planning to put in action? Another one that's scarier is their even making the online payment app transactions taxable.

This should hardly be considered news or a big prediction. Of course, over time, states and their governments will regulate the circulation of cryptocurrency more deeply and stricterly. There is no doubt about that. Even if we consider that most states will soon issue their digitized central bank currencies, then the cryptocurrency is likely to compete with them and they are unlikely to like it. We already see this in the example of the Chinese government, which is preparing to officially release its digitized yuan. In general, of course, it will not be so tough, but more stringent regulation should be counted on.

First of all our country doesn't have any regulation if you talk about crypto. So the result is that we are free to do what ever we want, but if regulations are implemented which too low to happen, I think people will lessen the time in using crypto or exploring it. However if it goods show result, then it will serve as an advertisement for those who didn't knew it at first.

I don't think you even read your own quoted article.   Fud.   

Unnamed Sources...  And, biden cannot by law ban crypto since bidens executive order stops outside the country for the most part.  Only the house can write law.  Besides.  Bitcoin is international and already beyond gov control honestly.  You can shut down the exchanges you can write any law you want. Unless you DDOS every single node and miner at the same time AND keep doing it forever which would effectively shut down the internet.  You aren't stopping it or even slowing /controlling it much. 

In effect the order says "Do Something!"

Bitcoin being decentralized makes it very hard to impose regulations and taxations against it. Which is why I think it is a bold move for someone over the government to attempt such activity. Although in retrospect, if it were to be effective and if they were to be successful in imposing regulations at least within the US borders, it may cause bitcoin's usage and accessibility to drop or dwindle which is generally not good for the coin as it always aims to reach more people as much as possible. They will attempt, how they would do so will greatly affect the future. Predictions like these aren't inherently bad as it allows us to think ahead of time and propose contingency plans as a community should something like this happen, which will of course affect bitcoin's price either for the good or for the bad. It's given that they will impose stricter rules especially the Democrats who I feel are more on the conservative side of the things compared to the Republicans.

In our country? I have not been updated of what the laws in our country but have not used our coinsph for a long time. Taxing transactions are already done even today when we buy something on fast-food, you can see receipts to have tax taken from us.

Sec. Gensler is way worse than this because once their bill will be approved by the Senate, it could be worse. They gave up their first plan but this time they are up to regulate stablecoins.

Did I say America really can ban bitcoin or the cryptospace by law? I do not reckon China has banned bitcoin by law also and much of the people in the community said it was only fud. However, would you tell everyone that China’s latest actions against bitcoin only fud?

Also, unnamed sources does not imply that the news is not real or it is proof that it is not real. I also heard of that argument that you need to shutdown the internet to kill the cryptospace but I reckon the government will attack the cryptospace market where it will have a real negative effect. It will attack its liquidity, Tether and other stablecoins. The government will also make it very hard for users to transfer fiat in and out of the cryptospace which will negatively affect prices.

After making it harder for new money to enter, I predict a new storyline by the government and mainstream news media, it will be crypto a ponzi scheme?

In my opinion no rules from the country is a better thing than banned bitcoin, no rules make development better, many users are too eager to make the country accept bitcoin even though the number of users in the country is still small, if the number of active users continues to increase then the country immediately takes action regulation of bitcoin.