The US President New Restrictions on Crypto Businesses

[pooya87]

Internal revenue services (regardless of the country) trying to take people's money is not a new thing, not even in cryptocurrency world. They have always been pushing for more surveillance and control so that they could always keep their hands in everyone's pockets.
Panic selling bitcoin, which is the only currency in the world that nobody can ever control, shows how little people understand it. Not to mention their increased trading volume subjects them to more taxation

Anyways, this is just the brand new type of FUD that will replace the "China banned FUD" for at least 2 or 3 years.

[Darker45]

Panic selling is the opposite reaction. The best thing to do is to hide your Bitcoin and avoid all centralized platforms. But if you think it is worth abiding to all these policies, go ahead. But if you have little trust in your government, then Bitcoin is precisely your thing. And you wouldn't heed the call.

Forget about the possible good it might do to the economy. The economy is under 99.99% control of the government and its cohorts. Whatever little good it might do to the economy will be dissolved because of the bad decisions, bad people, bad interests, bad motives, and so forth.

[cheezcarls]

There are only two things that you can't escape in this world. Death and taxes.

In my opinion regarding the decline of the crypto prices after Biden's statement on crypto taxes, I think this bloodbath is going to be short-lived. To be honest, I'm happy because I can buy BTC and other cryptocurrencies at my targeted prices. Not sure if $59k is gonna be the new support here, but let's see where it ends up this week.

[enhu]

It was the definition of brokers that is quite not right in this bill so maybe they sell. But before Biden signed it, we already know it's coming since it's been fought in the Senate for months. New restrictions mean a new set of rules but I think when Binance adjusted how much traders without KYC can withdraw, many are already getting out of the exchanges and for it, the dump is not so deep.

If the Building Back Better program of the administration will work, it's good for thier economy. Inflation continues and not going to slow down though because of this 1T infrastructure bill.

[D-law]

Seems they must have found out a possible way to monitor Crypto Currency businesses.
Those in the cryptocurrency sphere might just adapt,this is because,the government has a big hand so as to know what's good and bad in it's Country.
Reporting this won't affect bitcoin price in any way,rather adapting to them restricted rules.

[larry_vw_1955]

I think in the next years will see a ton of US citizens moving abroad for crypto tax purposes and even renouncing their citizenship so they will owe 0 to the IRS. The US government is going in the wrong direction...

It could be argued that the us government has been going in the wrong direction for a long time. crypto is just another symptom. but renouncing citizenship over crypto someone would really have to be having alot of money for that to make sense. and not only that but they have to pay some other country to be able to become a citizen there.