Bitcoin Forum

https://www.sec.gov/news/public-statement/gensler-aspen-security-forum-2021-08-03 (https://www.sec.gov/news/public-statement/gensler-aspen-security-forum-2021-08-03)
The hyperlink is SEC Chairman Gary Gensler's speech at Aspen Security Forum on August 3.
There are two sentences are worthy of our alert.
"In my view, the legislative priority should center on crypto trading, lending, and DeFi platforms”
"For those who want to encourage innovations in crypto, I’d like to note that financial innovations throughout history don’t long thrive outside of our public policy frameworks.”
Please stay awake. The regulation of the cryptocurrency market will become more and more serious. How do you interpret the  sentences?

It just noticeable how they want it all for their personal interests. I wouldn't know if it continues or being a thing sooner or later but I think it may have a huge impact on the whole space. They should have more extensive knowledge about it before kicking the hornet's nests.

If not yet out or live then I'm still on the neutral side of things.

Yes, the regulations are coming. This is considered long overdue knowing that cryptocurrency has been present for around a decade now, although it is just a few years ago when it started to earn mainstream utility and notice. There have been crimes committed on crypto. Exit scams happened many times. ICOs raised billions before perishing. Frauds happened. So there should indeed be regulations. The crypto market is full of shady projects and schemes.


Where did you notice these personal interests by the way?

That is the part I usually dont like hearing people say about cryptocurrencies. Even if it cant be taken away, the existence of cryptocurrencies is just some decade old and crimes have been committed centuries before now and none have anything to do with cryptocurrencies, why was fiat not ban and will all the regulations around it, fiat crimes persist. I believe that this is just way to constantly keep the people under them, the Government, for continues monitoring.

For me still broad though as this is open for interpretation. And as far as I know there are congressmen who are really asking for a clear cut regulations. So this is not final yet, as this could drag for years before they can finally agree or find a middle grounds for this regulations on crypto. I guess it boils down as to how the government will take advantage of it, for tax purposes.

Not that it involves much for the traders. This is mainly for the ones who are doing startups and producing shitcoins and drawing away investors money.

Obviously, this came as a side effect of the ICO craze a few years back. Majority of the projects from that were failures and the SEC knows that even if they act that they dont involve themselves in such currencies. ICOs and other shady stuff were running rampant and they made a lot of investors lose their money even if they never forced anybody to buy their shitcoins.

I dont think this has anything negative to do with crypto but it is only the beginning of the weeding out of shitcoins and regulating the coins that actually have been performing well but controlling the money laundering that is also happening.

𝗦𝗮𝘃𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗺𝗼𝗻𝗲𝘆 𝗶𝗻 𝘁𝗵𝗲 𝗯𝗮𝗻𝗸 𝘄𝗼𝗻'𝘁 𝗺𝗮𝗸𝗲 𝘆𝗼𝘂 𝗿𝗶𝗰𝗵.. 𝗶𝗻𝘃𝗲𝘀𝘁 𝘆𝗼𝘂𝗿 𝗺𝗼𝗻𝗲𝘆 𝘁𝗼𝗱𝗮𝘆 𝗮𝗻𝗱 𝗺𝗮𝗸𝗲 𝗵𝘂𝗴𝗲 𝗽𝗿𝗼𝗳𝗶𝘁 𝘁𝗼𝗺𝗼𝗿𝗿𝗼𝘄.. 𝗮 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗱𝗼𝗹𝗹𝗮𝗿𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗯𝗮𝗻𝗸 𝘁𝗼𝗱𝗮𝘆 𝘄𝗶𝗹𝗹 𝘀𝘁𝗶𝗹𝗹 𝗯𝗲 𝗮 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗱𝗼𝗹𝗹𝗮𝗿 𝘁𝗼𝗺𝗼𝗿𝗿𝗼𝘄 𝗶𝗻 𝘁𝗵𝗲 𝗯𝗮𝗻𝗸 𝗻𝗼 𝗰𝗵𝗮𝗻𝗴𝗲𝘀.. 𝗯𝘂𝘁 𝗶𝗳 𝘆𝗼𝘂 𝗶𝗻𝘃𝗲𝘀𝘁 𝘁𝗼𝗱𝗮𝘆 𝗼𝗻 𝗼𝘂𝗿 𝗻𝗲𝘃𝗲𝗿 𝗳𝗮𝗶𝗹𝗶𝗻𝗴 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺 𝘆𝗼𝘂 𝘄𝗶𝗹𝗹 𝗺𝗮𝗸𝗲 𝗵𝘂𝗴𝗲 𝗽𝗿𝗼𝗳𝗶𝘁 𝘁𝗼𝗺𝗼𝗿𝗿𝗼𝘄 𝘁𝗵𝗮𝘁'𝘀 𝘄𝗲𝗿𝗲 𝗦𝘂𝗰𝗰𝗲𝘀𝘀 𝗰𝗼𝗺𝗲𝘀 𝗶𝗻, 𝘁𝗵𝗶𝗻𝗸 🤔 𝗕𝗶𝗴, 𝗮𝗻𝗱 𝗮𝗰𝗵𝗶𝗲𝘃𝗲 𝘆𝗼𝘂𝗿 𝗱𝗿𝗲𝗮𝗺𝘀 𝘄𝗶𝘁𝗵 𝘂𝘀

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I guess that that sentences related to the intention of US regulators to put crypto as a way to get more and more tax. Remember that a big name from US said that if US wants to collect more and more money from crypto taxation to build the insfrastructure in US.

What he was saying totally make sense when regulators will be putting more and more effort to regulate the crypto market.

Money laundering has been everywhere even outside crypto, and I am surprised it took them still a lot of years to do such regulation to this. Not that I would expect that it would still reduce the shitcoins that are in the market right now, but still it would somehow reduce those projects that are just up for quick profits.

More restrictions for the exchange and more taxes for the holders that is what the maximum they can do to regulate the crypto currencies and they may introduce the guidelines for using the cryptos about what are the things can and can't be done using decentralized assets like cryptos. And may delist the completely anonymous coins like monero.

in other words: what you create must be controlled by us?
that's quite a bold thing to say, given technological advances doesn't always get restricted by the previous laws and sometimes change it. even bitcoin live long enough that makes government need to put out regulations. let's just see.

So what would you like to hear? That since crimes have been around since humanity anyway, governments should just leave crypto criminals alone? That since crimes continue to exist even with regulations anyway, we will just allow it?

Are you sure that "none have anything to do with cryptocurrencies"? I'd like to remind you that crypto is not Bitcoin. Bitcoin isn't a crime although it might have been used in certain criminal transactions. But there are probably thousands of cryptocurrencies which are crimes in themselves. How many crypto projects out there whose sole purpose is to raise money from innocent people and then leave the scene completely after pocketing millions?

I have no idea how authorities want to control blockchain. I think it is impossible, because it is decentralised (I talk about Bitcoin and Ethereum), so you can’t come to the head and order to ban transactions or close different defies.
They can do so with centralised exchanges or centralized exchanges, but when it comes to the transfer of Bitcoin or Ethereum for example, they can’t ban such transactions.

He is clearly demarcating between Bitcoin and the whole concept of DeFi platforms. IMO, DeFi working on non-custodial, smart-contract basis would still be in a different category than DeFi on PoS chains.

The former would probably just have to end up complying with the investor protection requirements that, whether we like it or not, people at SEC ire sworn to uphold. Its the PoS DeFi that seems trickier. This is because a PoS chain is really just a bunch of rich rent-seekers bringing infrastructure together to provide a service. They are not much different from your normal brick and mortar banks. This would mean that they'll have to comply with every requirement that banks do, or face legal action.

Again. Talking of Financial innovations, he did separate out Bitcoin as being Nakamoto's innovation. This "financial innovation" is really just about the history of "financial engineering" leading upto the collapse and then the framing of Dodd-Frank act (and countless acts earlier to keep up with wall street). He is clearly hinting towards SEC framing laws for DeFi platforms. I wonder what that will mean to the current governance of these platforms. When you have to comply with laws, and you don't, what does that mean in terms of liability for the stakeholders??

These are difficult questions that nobody in the DeFi universe wants to face. Guess we won't have to wait much longer to see what happens. I am guessing that we'll see a few example cases to be taken up by the SEC and then the industry will go from there. Surprisingly, much of this talk of regualtion seems to be leading to a bullrun right as we write, LOL. Gotta love crypto.

The people working in the government are way more intelligent than us, even if some users might think otherwise, it is the fact and the truth. I am sure they will have their methods. But I dont think that the average Joe, trying to make an earning through bitcoin is going to get a court summon for that. The objective has always been to persecute criminal activity and trust me, they are good at it.

Rest of the outcry that happens is nothing but scammers trying to wedge in when facing a properly structured legal threat.

Setting up exchanges to follow some rules is enough for the government to know, as a start. If they monitor the money coming in and going out, they can get some good estimates. They are probably doing this already.

Decentralized exchanges never really made an impact. For a start they lack liquidity compared to centralized ones. Moreover, governments can facilitate centralized exchanges to be used only and that is none the less, a good initiative at reducing the number of shady exchanges that have operated.

Simply that they're getting serious and wants also to take cover those markets that have been mentioned through regulation.

There's a chunk of money that they're missing if they keep on ignoring it. So instead of going against and stopping it, they're going to fully support it but it's going to be in their way.

Honestly, those sentences were more than expected. If you were working for the SEC and your job is to regulate unregulated and almost uncontrollable spaces, and it was your task to thoroughly check for the most pressing issues, I bet you would have been very concerned about the DeFi area. Look at what's possible already, seamlessly switching back and forth, involving mixers, anonymous currencies and so on and so forth. The DeFi space is going to be insane and if the don't act now, they will lose a race which they probably lost already and couldn't win ever anyway.

Regulations are necessary to make the crypto market to mainstream and legal tender.

DeFi, NFT, Bitcoin and crypto market will definitely targets of governments to regulate more seriously. I don't think regulations are bad for the market. It is very good because if the crypto ecosystem can be free from scammers by more seriously regulations, it is the better. I know the fact that scammers can not be eliminated forever because they will adapt to regulations.

It's just because governments want to fight their right as a guardian of the financial sector.  Since it's noticeable the recent pump of Bitcoin and other cryptocurrencies price, the governments want to heavily regulate those legally operate services that involved and related to the financial business that government will take their part that as much as possible, crypto users should be able to pay their income tax.  It might be this is the reason why the Binance exchange platform has had a bunch of changes recently and it's obviously related to the government's regulations.  But despite this heavy regulation by the governments towards the crypto market sector, but the rise of cryptocurrencies remains a challenge.

Fun fact, Cryptocurrencies will still exist even though how they are trying hard to regulate them.  There are too many ways to avoid regulations and let's continue the decentralized nature of cryptocurrency.  It's all about financial freedom.

probably they're getting interested on it as well because they don't have choice since crypto currency always shows a good improvement, wherein even despite of banning issues from them it's still unstoppable and seems nothing happened. Take note when its about money they're so wise so expect soon in the near future they will dive in the crypto market as well.. Lol

What he claimed about financial innovations thriving outside of public policy frameworks just doesn't apply to Bitcoin in any way similar to all financial innovations we had in the past of humankind and I am sure he knows it. Bitcoin is completely different from anything there was in history. It can definitely be functional outside of public policy frameworks as we can obviously see at the example of China. What are they going to do? Shoot or hang people for buying or using Bitcoin?

Well, from time to time we are fully regulated and the government will not stop regulating us either we like it or not regulations were always there waving to us. Perhaps as a government perspective way of having people get from tax as we know that the government always fighting for, -- the tax.
Government always thinks cryptocurrency is a threat to financial interest and it could harm the economy of our country that is why they have it seriously to get their own part.

Yeah, no choice too.

Even if they prohibit it, people will still find a way to trade, buy and sell cryptocurrencies. There's no benefit from the government and that's what they have to understand.

This is why they don't like decentralization.

We should also keep in mind that we only talk about "the" government as if all politicians would see only evil in cryptocurrencies. What I can observe is that a good and growing number of politicians, often a bit younger ones, are certainly pro this innovation and trying to raise their voice in favor of cryptocurrencies. So far that hasn't had much of an effect because politics is often dominated by older people who have trouble to even understand most of the implications crypto brings about. I think that will change considerably within the next ten years.

After all, it is logical that sooner or later cryptocurrencies must be recognized as legal tender and, consequently, must be regulated. I am sure the number of people using cryptocurrencies will increase over the years, so sooner or later governments will have to stop pretending that nothing is happening in the financial market. They do not want to do this because the banking lobby does not allow it, but somedy they will have to do it.

This is what makes me confused now, because sometimes the FUD that is intentionally made looks like there is a political element in it, so that people who are already in the crypto space are afraid of what they say.

They need to get it in line as soon as they think it will benefit them but regulations are ways to put some taxes on those coins owner so that they will behave on what platform they gonna do. Next time they might put some taxes on selling those expensive NFTs they just don't care about it since they just want easy money. so, when they see some opportunity they will take advantage of it. Do you guys think that there are no under-the-table transactions here? I'm sure there is because if we ponder more about the other project, they still exist even though they're not fulfilling the regulations.

We're generalizing it as the government because that's what we're seeing lately.

Not to say all of them but still there are many of those that don't like decentralization and they only see the evil out of crypto. They have to realize that we're in the modern days.

And crypto isn't just for that use as they think.

1.The government needs to strictly supervise the market chaos and derivative criminal acts of cryptocurrency. The benefits of cryptocurrency may lead to the emergence of more cryptocurrencies in the market, but most cryptocurrency trading platforms are not subject to legal supervision, and it is naturally more difficult for investors to obtain protection for their property.
2. The government regulates the crypto market for their personal benefit. The government will use cryptocurrency to achieve taxation purposes and obtain more income.

I believe that is difficult and therefore has not been done yet, but surely the government are working on it behind the scenes.

True that, once an exchange gets hacked, the money goes in limbo, the investors who had money there naturally have no choice but to move to a legal firm to settle disputes. I dont see this problem being addressed and therefore advice users to not store coins on exchanges after trade orders have been fulfilled.

In my eyes, that is a good thing. Reason is because of the anonymity that is provided by crypto, many people have been laundering money and using it as a tax evasion method. Now the government has use of the taxpayers money, whether you like it or not is not the point here. Third world countries for example have free government services and they are paid from taxpayers money. If there is lack in that, then a there will a lack in quality of government services.

I think the main point why many people using and trading crypto is the cryptocurrency is decentralized and less regulated. I'm sure if in the future there are a lot of regulation from the exchanges and theh cryptocurrency system itself people will lose interest and find something new that more free to explore. So i think everything is already good right now, just improve the security and the load balance of the exchange.

when interest and cryptocurrency prices rise sharply, there are always statements from various experts, both negative and positive about cryptocurrencies, but that's normal and I see it only as part of the dynamics.

and I interpret it in a more positive direction, the planned regulation will probably have a good impact on the crypto market, but this is just an assumption and I don't dare to conclude further, because I don't want to disturb my concentration in this very good crypto market.

At first I don't believe that crypto can be regulated but now that CBDC is even a big thing the government will have no choice but to regulate crypto but in a very meaner way I believe, lets wait and see how this goes

I agree, people should learn to accept these as normal if they are in this game. After all, they have agreed to use a currency that has been declared as belonging to "Grey area" in some countries.

The good thing about regulation would be the stop of scam projects that rip off people's money with fake promises and the bankrupt projects which vanish without a trace. Today in the ICO market 99% of the coins listed there are failures and ripoffs. This is have a bad impact on the image of cryptocurrency. Even though we old timers still consider crypto to be majored in bitcoin, the rest of the world does not consider so. For them altcoins carry a reasonable importance and therefore the regulations are necessary.

There are several kinds of caution we have in dealing with crypto exchanges.
especially in fraud that leads to personal loss if you don't know the right steps in the market.
because now many are focused on investing in crypto assets which may be very promising..

As adoption becomes more and more popular there will be alot of regulations needed to consider especially now tgat the market is way too volatile and many newbies get easily scam by people who sees opportunity to them to trick them. Regulations can help us to have a way to report scammers or project that will run or escape. It have pros and cons but for sure government will find really ways to be involved in crypto since there are money in it they can get.

I am of the opinion that there should be regulation in the market to counter the fraud in the market. We are 10 years in the market and after the ICO boom we started seeing billions of dollars worth of scam and we should get rid of that epidemic of money mongering assholes who prey on innocent investors.
I had seen enough and i do not want to see any scam further and for that we need regulation for anyone who raise money.

Regulations on the law and regulations on the crypto are very different two things. Think about it, if the price is volatile and there are scammers, if you lose money because of volatility that means you are losing it because of trading and that is bad but regulations on trading will not make that stop, you can lose everything you own on stock market as well in many nations. So, what do we do? We do not regulate the stock market as a whole, we regular the stocks individually to make sure they are not scams, scam companies and so forth.

So, what does that tells us that we should do? We should definitely try to find regulations against the scammers and that has nothing to do with trading, so just keep on working hard towards the scammers and putting laws against them so whenever they scam someone, they should be getting jailed, that will slow it down for sure.

We can tell that the cryptocurrency market will be quite robust in the future. The bitcoin market's laws are currently more stricter. We can expect the cryptocurrency sector to grow in strength and popularity in the future. There's no way to cause a ruckus here. And various updates will take care of everything in a step-by-step manner.

regulation does hold an important control in the development of crypto. Just look at when there is FUD from China, and other influential countries regarding the legality of bitcoin, it will definitely make the market waver, but it won't take long because the market can bounce back.
with regulations from the government, will increase public confidence. let alone a lot of negative rumors related to bitcoin. if we want to learn, all worries related to security etc can be handled properly.

Where you coming from? There are no laws specifically for bitcoin markets yet. If you know of any do let me know, because I have not yet heard of any. There laws on exchanges and speculative assets but not pin-pointed to bitcoin. Only talks have happened for proposed control over crypto but nothing concrete.

Which will be a good thing for the future investors and those who have been misguided by scam projects may be able to track down the criminals and extort the money out of them or at least put in jail for a good few years.

The current laughable scene of failed/bankrupt projects disappearing without a trace needs to change.

However this is all applicable only to altcoin enthusiasts. The safer and profit-worthy method is buying bitcoin and for that you can be assured that no country will even stop you from doing because it is censorship-resistant.

At the expense of all cryptocurrencies is hard to say, but on Privacy Coins there is a possibility that the regulation will affect, read about it on the blockchain, if interested here is the link
https://blockster.com/blockdesk/1299_what-are-privacy-coins-and-will-they-be-able-to-survive-regulation

Personally, not really, that was my observation. Maybe something could be serious sooner as the interest of the community rises which tends for the government to regulate crypto transactions that are usually been a tool for some illegal activities but for now, I'd never seen it.

Well, I do understand their intentions but we can't deny is that some corrupt leaders will take advantage of the situation when it happens that the government was already in control of crypto. I was afraid that also but if they are just fair to us and they don't make hges changes on the market, I'll give them the support. 

Day by day the world will focus on the crypto world, because the crypto world is the most advanced in the future, where everyone can make transactions easily, on the other hand Satoshi has succeeded in making the latest innovations by making digital coins valuable and making transaction models without intermediaries, this is the most modern thing in the future.

The government will only try to take advantage of this to control people once again, the part of the reasons why BTC was created is for people to gain freedom and break free from the government remote control now this? This is why I think privacy coins will have its place in future