US Congress Urged to Regulate Crypto Sector Under Bank Secrecy Act

[Ucy]

Well we cannot blame the US congress if they are pushing to regulate the cryptocurrency sector and placed under the bank secrecy act because of illicit activities. As long as these syndicates are using cryptocurrency in their transactions as form of payment the government will use its authority to uphold the law for the sake of its constituents. If only there are no abusers who use cryptocurrency in illegal activities then we will be free from regulations.

I don't have any good data but it is safe to say that cryptocurrency industry has one of the most scams around, no wonder some people are assuming that this industry is a big scam by itself. Then the government has no choice but to act because of many complaints from the scam victims. Of course, this is not the fault of crypto industry but by the scammers big and small. The government can intervene because they must do so and not doing anything is a big dereliction of their duty.

We can say that the government is just using escape goats so they can regulate the cryptocurrency industry according to their point of view. But is there an ordinary guys like us can do if the government will decide to do it one day? NOTHING...as under the law the mandate is not on us but on them to pass laws on anything and implement them. We can, of course, make some protests like what is happening in Hong Kong right now but are we willing to face the risks involved? I think we are not ready for that.

We should however make it clear that it is not Bitcoin per se that will be regulated because technically that is impossible as it is a decentralized platform but they can easily regulate activities and businesses involve with and surrounding Bitcoin. And we are now seeing that in many cryptocurrency exchanges. The problem with the people in this industry is that we are fully developing its potential focusing on the P2P feature and so we rely too much on third-party infrastructure because it is more convenient for us. 

No need for protest atall, decentralized Bitcoin is fine. 
I don't know what is happening in HK currently but when I see videos of horrible things done in the name of protest, I immediately stop and close the videos to regain my sanity and peace of mind. Hope what I watch is not what is going on there.

Bitcoin is transparent enough. So the security agencies can take advantage of this transparency to monitor things. 

[bounceback]

we can say maybe it is a congress because it urges the crypto sector with laws they will definitely think crypto will be a threat to the dollar, but in the end they don't realize how futile it is to ban crypto but bitcoin won't die bitcoin is always driven by some other countries who are trying to reduce their dependence on the US dollar.

[fiulpro]

Let's know first what this act is
The Bank Secrecy Act (BSA), also known as the Currency and Foreign Transactions Reporting Act, is legislation passed by the United States Congress in 1970 that requires U.S. financial institutions to collaborate with the U.S. government in cases of suspected money laundering and fraud.
Source : Google.

Now how it can be beneficial for us :-

 1. More trust from the people since government is handling it now
 2. Less frauds will be there
 3. The cryptocurrencies will be protected under law so , people will feel more safe .

Now how it can harm us :-

 1. It will be equivalent to any Fiat currency and over the time will become one with the Fiat itself
 2. The corruption now will add onto it.
 3. Government can make changes in it howsoever they want , they might even make up cases and pull it's negative image in front of everyone

I think it's a double edged sword.