SEC looking for more tools to track crypto

[Yamifoud]

The SEC is a government agency doing their job of protecting the people. Every government want to know the finances of it's citizens for purposes of tax and other regulations so it is not out of play to see the agency making inroads into tracking crypto.

That's their job and they are doing the right thing and I just hope that they will succeed with their intent to control illegalities in using crypto by having these tools. Because it is to believe that they could hardly find it and get into an effective tool that will likely help them. Because they are not in control of the crypto market, not a thing that they could regulate everything in here. Scamming and other illegal activities won't that easy to stop as people will find a way unnoticed.

[carlfebz2]

The SEC is a government agency doing their job of protecting the people. Every government want to know the finances of it's citizens for purposes of tax and other regulations so it is not out of play to see the agency making inroads into tracking crypto.

I have a bad feelings about that when the government starts to worry about their citizens crypto money. Sooner or later they will going to track every addresses they get after putting down all of those addresses who are doing illegal activities. We are in crypto market because we want our own wallet not to be touch with the banks.

Seems like some people here got surprised into this manner which it isnt really something new for government on trying to trace up everything.They would like to know everything on what you do and what
are the things you've owned and all related stuff.

Reasons on why they do hate crypto generally because they cant able to trace up everything thats why it isnt surprising that they would do their best on making sorts of ways just to make something that can be
traced specially here on crypto.

This doesnt sound good yet we know on what are the companies will surely be targeted out but im bit sure that this would take for some time or would end up for them to fail.

[Finestream]

The SEC is a government agency doing their job of protecting the people. Every government want to know the finances of it's citizens for purposes of tax and other regulations so it is not out of play to see the agency making inroads into tracking crypto.

I have a bad feelings about that when the government starts to worry about their citizens crypto money. Sooner or later they will going to track every addresses they get after putting down all of those addresses who are doing illegal activities. We are in crypto market because we want our own wallet not to be touch with the banks.

I'm not sure they can do that, millions of addresses can be generated as one person can generate more than one address and can even make more wallets of his own. There's no tool to monitor all these transactions, what the government needs to monitor is the destination of these btc from wallets when they use to transact, and that is the businesses that they regulate, such as exchanges, online stores, ect.. and also those that they can't regulate which is the mixers or tumblers, I just don't know how they'll do that.

[shoreno]

The SEC is a government agency doing their job of protecting the people. Every government want to know the finances of it's citizens for purposes of tax and other regulations so it is not out of play to see the agency making inroads into tracking crypto.

That's their job and they are doing the right thing and I just hope that they will succeed with their intent to control illegalities in using crypto by having these tools. Because it is to believe that they could hardly find it and get into an effective tool that will likely help them.

if thats thier mission then i wont hesitate to support it  . i do hate ilegal activities because i was a victim before  .

 we guys dont need to worry as long we are doing legal transactions we will be fine . this is the same as government put chips and tracking device on our gadgets and the purpose is for our own good to . when we lost those gadget or it has been stole , we can easily hunt the suspect .

[Sanitough]

They just want to track everyone so they could know who would they tax on crypto industry.

The problem is they can't track everyone, that's why there's a law because if this is not followed, we will go to jail.
Tracking is not most likely for tax purposes, but to determine if you are doing legal or illegal activities using bitcoin, and that's another hell of a job.

They now want to tax everyone and everything seem's like we would soon be seeing more tax on our hand.
I also read that here in the Philippines vlogger or youtuber would be taxed as well.

This isn't related, this is a crypto news, digital currencies or online job, whatsoever, does not automatically relate to crypto, and they have different kind of law being implemented.

[romero121]

What do you expect? for all we know, not only SEC but other agencies, specially IRS, in 2018 IRS Wants to Tax Your Bitcoin Gains: Orders Coinbase to Hand Over User Data. And then this year, RS Enlists Coinbase in Latest Crypto Tracing Deal. Perhaps what SEC want's is that they have their own tools, and it doesn't sound good.

Everywhere it is for the reason of taxation. With the user data being provided, governments easily keep track of the transactions, and this ease the process. In specific, better than the traditional money taxation can be done effectively. The job defined for SEC is to have a processed plan, so that it'll ease the risk for people as well as benefit the governments. The reality is that we can't trust the government for several reasons.

[minersday]

I don't know why SEC is wasting their time and resources just to find tools to track cryptocurrency transactions when the framework of crypto transactions is decentralized. There are a lot of illegal acts and money laundering happening in the so called best financial system (the centralized system) and the SEC is there wasting unnecessary resources on an innocent blockchain system.  They are not gonna be successful tracking crypto, simply because there are more than millions of miners managing the transactions of the blockchain activities.

[Shasha80]

Finally, the government decided to get involved further with many illegal activities in cryptocurrency. And through the SEC intend
to track crypto transactions, with today's increasingly rapid technological advances allowing the SEC to find tools to track crypto.
Since the SEC's job as a government agency is like the IRS to protect citizens, it's no wonder it's decided to track crypto.Although
this sounds bad for some of the crypto community, because they don't want the government to control blockchain and cryptocurrency
like the government controls the banks in the real world.

[john_nautica]

What do you expect? for all we know, not only SEC but other agencies, specially IRS, in 2018 IRS Wants to Tax Your Bitcoin Gains: Orders Coinbase to Hand Over User Data. And then this year, RS Enlists Coinbase in Latest Crypto Tracing Deal. Perhaps what SEC want's is that they have their own tools, and it doesn't sound good.

Everywhere it is for the reason of taxation. With the user data being provided, governments easily keep track of the transactions, and this ease the process. In specific, better than the traditional money taxation can be done effectively. The job defined for SEC is to have a processed plan, so that it'll ease the risk for people as well as benefit the governments. The reality is that we can't trust the government for several reasons.

Indeed. That's why Bitcoin is not affiliated and regulated by the government because for sure it will be just for their benefit, mostly. But for the purpose of stopping of illegal activities here, it is just fine.

[perfect999]

I wish the SEC good luck. Technologies is changing faster than regulators can keep up.

Of course technologies are changing, but in terms of cryptocurrencies, even if another cryptocurrency that is better than Bitcoin should be released, people will still be using Bitcoin because that is what they prefer, and Bitcoin is more easy to trace than others. When politicians and officials of such a regulatory authorities understand about bitcoins, then they might be approving bitcoin for ETF.

they are probably looking to buy some smart contract or blockchain analysis tool to help them track those illegal activities (non-registration) or even more. Obviously, they want to follow every trail specially for big companies involved like exchanges.

With my small knowledge on bitcoin and crypto space's core concepts, I believe only transactions are traceable and not the mapping of addresses to individuals/corporate. So, I'm not sure what kind of tool, those SEC people are actually looking for.

[target]

I wish the SEC good luck. Technologies is changing faster than regulators can keep up.

Of course technologies are changing, but in terms of cryptocurrencies, even if another cryptocurrency that is better than Bitcoin should be released, people will still be using Bitcoin because that is what they prefer, and Bitcoin is more easy to trace than others. When politicians and officials of such a regulatory authorities understand about bitcoins, then they might be approving bitcoin for ETF.

they are probably looking to buy some smart contract or blockchain analysis tool to help them track those illegal activities (non-registration) or even more. Obviously, they want to follow every trail specially for big companies involved like exchanges.

With my small knowledge on bitcoin and crypto space's core concepts, I believe only transactions are traceable and not the mapping of addresses to individuals/corporate. So, I'm not sure what kind of tool, those SEC people are actually looking for.

They will catch up to the technology. If transactions is traceable then they are going ot make sure they are going make use of this blockchain properties. IRS will also be tracing and if the exchanges will handout the accoutns details to them, its likely that we are going to see jail time for some of us.

Its the times like we want transparency for all and now that government will use this transparency we are about to flee away 

[ChiBitCTy]

This is definitely not surprising.  The governments of the world are always going to try and control things that have nothing to do with them ( or monitor them ).  This is nothing, just wait until steve mnuchin secretary of treasury comes out with his crypto "guidelines".

[Distinctin]

This is definitely not surprising.  The governments of the world are always going to try and control things that have nothing to do with them ( or monitor them ).  This is nothing, just wait until steve mnuchin secretary of treasury comes out with his crypto "guidelines".

But unfortunately, they never win over illegalities and much more challenging this time if they'll use coin mixers.

I'm looking forward to the success of their hunts toward illegalities and have it supported. I know it won't be easy for them to track it all illegal transactions, they can't get them all as I know but having this tool will help it to minimize.

I hope also to have fair crypto guidelines.

[jostorres]

Government agencies are interested in tracking everything under the sun lol. You said they are doing for them to be able to track bigger exchanges? If it’s for exchanges, some might say that there is no problem with that, but there’s still problem. When they start to tackle exchanges, that means the exchanges will give way for them to come in and be monitoring everything that we are all doing on the Blockchain. They might start first with exchanges as a way to take control. I don’t really know about decentralized exchanges and how it’s going to be.

[angrynerd88]

I think it is astounding. Government organizations will always attempt to require control of the cryptocurrency and force their claim rules for its circulation in society. They will moreover attempt to track the developments of the cryptocurrency and at the same time build up its having a place to particular people. It appears that there will continuously be a encounter between government organizations and namelessness in cryptocurrency.