The regulation of the cryptocurrency market will become more serious

[ARTURVH]

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?

[rhomelmabini]

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.

[Fundamentals Of]

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.

It just noticeable how they want it all for their personal interests.

Where did you notice these personal interests by the way?

[Henrobakkara]

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 perishFrauds ing. Frauds happened. So there should indeed be regulations. The crypto market is full of shady projects and schemes.

It just noticeable how they want it all for their personal interests.

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.

[Kemarit]

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.

[TheUltraElite]

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.

[louiswilson250]

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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[Teraboy]

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.

[isaac_clarke22]

~

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.

[jrrsparkles]

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?

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.

[anu1908]

"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.”

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.

[Fundamentals Of]

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 perishFrauds ing. Frauds happened. So there should indeed be regulations. The crypto market is full of shady projects and schemes.

It just noticeable how they want it all for their personal interests.

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.

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?

[Bitcoin Seller]

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.

[amishmanish]

"In my view, the legislative priority should center on crypto trading, lending, and DeFi platforms”

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.

"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.”

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.

[TheUltraElite]

I have no idea how authorities want to control blockchain.

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.

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.

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.

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.

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.

[livingfree]

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.

[Noruka]

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?

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.

[tbct_mt2]

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.

[sheenshane]

"In my view, the legislative priority should center on crypto trading, lending, and DeFi platforms”

....How do you interpret the  sentences?

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.

"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.”

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.

[Ararbermas]

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.

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