I predict stricter regulations for bitcoin and the cryptospace for 2021-2024

[bbc.reporter]

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.

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[Coinsfera]

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

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.

[Yatsan]

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.

[figmentofmyass]

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.

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.

[saffira]

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.

[bbc.reporter]

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.

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.

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.

[cheezcarls]

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.

[xcaret]

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 !

[estenity]

conversely Miami admits satoshi whitepaper on gov website !!

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

EDIT: same thing for colombia and estonia.

[In the silence]

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

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.

[bbc.reporter]

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

[Kong Hey Pakboy]

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

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.

[Argoo]

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.

[Assface16678]

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.

[Nhazwrath]

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

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!"

[pinggoki]

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.

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.

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.

[enhu]

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

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.

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.

[bbc.reporter]

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

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!"

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?

[Sir Legend]

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.

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.