Biden & BTC

[KingsDen]

It gives joy to see giant countries discussing bitcoin implementation.
I read that Arizona has a bill proposing addition of bitcoin as a legal tender.
Again I read what Putin wants to do in favour of bitcoin, now is Biden.
It is a clear indication that bitcoin will surely be vindicated.

For a country to ban bitcoin and later reverses her decision and try to regulate it shows clearly that bitcoin cannot be killed.
This is the right time for all lovers of bitcoin to start the social media campaign for bitcoin.

[Zilon]

Personally I don’t see this as that big of an issue. First off I think this all is a bit of conjecture, so we don’t actually know what their plans are yet. Secondly there’s nothing wrong with some regulation and here’s the truth, if there’s no regulation like this then governments will ban cryptocurrency and it’ll be much more difficult to transact.

Regulations or no regulations it makes no difference. If the government chooses to ban crypto currency across the world believe you me decentralized exchange would take up the challah to build up a well secured transaction platform where coins would be transacted with ease and we'll securedly. Technology is actually advancing and there is no problem under the sun humans can't tackle with Blockchain and Artificial intelligence

[titular]

For context here is the news article about it: https://cointelegraph.com/news/white-house-reportedly-preparing-executive-order-on-crypto. As of right now it's entirely based on information from "a source close to the white house". Wether or not it is a good thing really depends on your perspective. It makes sense from a countries point of view to do this (depending on how it is handled). As I understand the main concern is related to the fact that crypto can be used as money-laundering device. This is certainly true.

The thing I wonder is how this revelation will affect the price of BTC in the short term.

Fiat/legacy finance firms launder money on a significantly larger scale than crypto. To use that as the excuse for why crypto is "bad" is just laughable.

*Their main concern is loosing financial control to an open network, not whether it's used for laundering money.

[mindrust]

The Biden administration is prepared to issue an executive order tasked with the responsibility of regulating digital assets such as Bitcoin on a national security basis. Do you think this is a good step?

Depends. It will be good because crypto will be acknowledged by the US government officially. That means the rights of owning crypto will be protected by law. The bad news is, we don't know what the regulations will be and we know the US isn't the most relaxed country when it comes to money. So I expect those regulations to be pretty ruthless.

[AakZaki]

Personally I don’t see this as that big of an issue. First off I think this all is a bit of conjecture, so we don’t actually know what their plans are yet. Secondly there’s nothing wrong with some regulation and here’s the truth, if there’s no regulation like this then governments will ban cryptocurrency and it’ll be much more difficult to transact.

You're right, it's just an opinion speech. If it is legalized it is certainly good and certainly there is a bad it can not be avoided anymore because Bitcoin has grown globally. Of course, state institutions want to regulate their purpose to avoid bad things and harm all. But making the regulation of the world I think quite difficult. I'm sure the regulation will be done soon we just have to wait. But they have to do a study so that no one is harmed.

[Gyfts]

A few things to discuss regarding Biden and Bitcoin.

First of all, you can generally get the feeling of what his thoughts are on Bitcoin via proxy -- Janet Yellen, someone Biden believes is doing a great job.

Janet Yellen was appointed by Biden to be the Secretary of the U.S. Treasury department and has previously referred to crypto as inefficient, citing her concernsabout the stability of crypto. She's an open advocate for regulating crypto into the ground. Perhaps Biden could plead ignorance on her crypto stances because I question his cognitive function, but I save this for another discussion. Buck stops with the President, therefore Biden is responsible for this.

Moving onto the general premise of the U.S. economy -- debt to GDP ratio is not sustainable, and neither is the inflation rate the US has at 7 percent and no longer transitory. In addition quantitative easing in which the central banks have taken on trillions in liabilities has irreversibly increased the money supply. The incentive for Biden is to limit divestments from USD, raise revenue to pay for the debt, and prevent individuals from circumventing p2p transactional taxes. His answer to these issues, of course, is regulating crypto to lower the usage and milk every penny of tax revenue possible.

Biden administration has already navigated the narrative on regulating crypto. They claim it's for national security considerations. Complete nonsense. National security, as many of you all will recall, was the scapegoat for 9/11 privacy invasion and NSA/CIA overreach into the monitoring/tracking of U.S. citizens. Americans readily go along with anything as long as if it makes them feel safer, so the pitch will be clear -- regulate crypto, and this keeps the homeland safer (again, nonsense, but this is the pitch).

And coincidentally in this discussion of regulating crypto, the federal reserve has discussed digitalizing the US dollar into a CBDC. How awfully convenient.

You see what's happening...crush crypto and then put people on a CBDC system where the total money supply can be electronically controlled with the pressing of a keypad. And then any digital USD holders will rely on the federal government to sustain their purchasing power. Eliminating the competition makes adopting of a CBDC much easier.

[Sayeds56]

The Biden administration is prepared to issue an executive order tasked with the responsibility of regulating digital assets such as Bitcoin on a national security basis. Do you think this is a good step?

In deed it is a good step and once Bitcoin and other crypto currencies are regulated  in USA ,rest of the world will follow it which will definitely reduce volatility in Bitcoin price and process of Bitcoin adaption will accelerate that is in  benefit of all crypto enthusiast but to be honest regulation process will be quite lengthy as many government departments will be involved in this process  and its  not going to be completed in weeks or months.

[kryptqnick]

I'm not sure if it's a good idea to make the White House the key authority on cryptocurrency regulations. I think it's the job of the Parliament to make relevant laws and pass them. With the need of the majority vote, it can be a longer and less radical process because the proposals would be debated, compromises would need to be reached. If the White House can make decisions, they can be done way faster, without a proper counterpart to reach compromise with. I don't mind Biden and I support Harris, but she's not really into cryptos, and from what I've seen she believes they should be classified as commodities.

[jostorres]

Personally I don’t see this as that big of an issue. First off I think this all is a bit of conjecture, so we don’t actually know what their plans are yet. Secondly there’s nothing wrong with some regulation and here’s the truth, if there’s no regulation like this then governments will ban cryptocurrency and it’ll be much more difficult to transact.

Regulations or no regulations it makes no difference. If the government chooses to ban crypto currency across the world believe you me decentralized exchange would take up the challah to build up a well secured transaction platform where coins would be transacted with ease and we'll securedly. Technology is actually advancing and there is no problem under the sun humans can't tackle with Blockchain and Artificial intelligence

There's a difference and he already explained it above. I think that regulations are bad for btc because it can remove some of the aspects btc have, this is also the reason why many of us do not like it to be regulated. Luckily there are still countries that allows btc without regulating it so the issue happening on other countries is not really a big problem to us.

Decentralized exchanges are decentralized and I do not think they will adjust and make their system more centralized after this issue of regulations came out. If there are changes in regards to regulation that will be made then that can only happen on existing centralized exchanges.

[savetheFORUM]

The Biden administration is prepared to issue an executive order tasked with the responsibility of regulating digital assets such as Bitcoin on a national security basis. Do you think this is a good step?

I can’t really say whether it’s going to be good or bad for now, because I am yet to know how it is going to work. But before now I have been seeing news about how the government plans to regulate cryptocurrency, and how they would go about it. I’m not even sure if that is how they’re all going to do it.

Anyways, I know that a lot of people in the crypto community, we don’t really like the idea of regulation. And of course there would be some of us who wouldn’t mind because we just don’t care whether the government are regulating it or not. However you put it, it’s just all about choices, it would be OK for some people, while it wouldn’t be OK for the rest.

[Sterbens]

The Biden administration is prepared to issue an executive order tasked with the responsibility of regulating digital assets such as Bitcoin on a national security basis. Do you think this is a good step?

If you look at the current conditions, Biden bias towards Bitcoin is still very biased. But not for some of Biden ministers or board. Overall, the decisions and policies that Biden makes publicly available are still focused on something broader. We all know and have felt how one after another US president's partiality only becomes an uncertainty that seems to be made to twist the news. Behind Biden, perhaps, it is hoped that there will be a rule that favors the positive. But for now, Biden still does not show his seriousness towards Bitcoin.

[OgNasty]

My understanding is that the government has a very distasteful view of stablecoins like USDT and wants to replace them with their own digital dollar eventually.  While going hard after exchanges that aren't currently requiring KYC is inevitable, Biden's administration seems to want to accelerate that process.  I imagine at some point exchanges that choose to use USDT instead of actually dollars will also be facing some regulatory fire.  The % returns available on these stablecoins is too much of a thread to the current system.  With such a massive amount of funds globally stuck in negative real yielding bonds, USDT has become a real threat to their system.  The fact people can take out mortgages on their house and dump the funds into USDT and reap benefits from a massive interest rate spread is terrifying to those in power.  This couldn't possibly last forever. 

[Gozie51]

Personally I don’t see this as that big of an issue. First off I think this all is a bit of conjecture, so we don’t actually know what their plans are yet. Secondly there’s nothing wrong with some regulation and here’s the truth, if there’s no regulation like this then governments will ban cryptocurrency and it’ll be much more difficult to transact.

Moreover too I think it is a normal thing that countries who collect tax will always look for the money from whatever direction it is. Bitcoin is an earning access and can be taxed as an income tax. So if America is trying to put a tax on the income coming in into there country as Income tax and in form of regulation on it , I think it will get other countries attracted because America is one of the biggest supporters of bitcoin.

[AmoreJaz]

Personally I don’t see this as that big of an issue. First off I think this all is a bit of conjecture, so we don’t actually know what their plans are yet. Secondly there’s nothing wrong with some regulation and here’s the truth, if there’s no regulation like this then governments will ban cryptocurrency and it’ll be much more difficult to transact.

Moreover too I think it is a normal thing that countries who collect tax will always look for the money from whatever direction it is. Bitcoin is an earning access and can be taxed as an income tax. So if America is trying to put a tax on the income coming in into there country as Income tax and in form of regulation on it , I think it will get other countries attracted because America is one of the biggest supporters of bitcoin.

it is better to have regulation rather than totally banning the crypto market. at least here, users are given the chance to transact with crypto but with added restriction. unlike, a country which is totally identifying all crypto transactions as illegal, users have very little choice to none, when it comes to crypto dealings. also, this kind of initiative will take time before they actually be implemented. so for the moment, better enjoy the benefits while they are not strict with crypto business.

[FanEagle]

Regulations or no regulations it makes no difference. If the government chooses to ban crypto currency across the world believe you me decentralized exchange would take up the challah to build up a well secured transaction platform where coins would be transacted with ease and we'll securedly. Technology is actually advancing and there is no problem under the sun humans can't tackle with Blockchain and Artificial intelligence

Yes decentralized exchanges has always been the saviour. But these people has been studying cryptocurrency for years now, what if it is possible that they have found a way to get around this?

Although I don’t see the possibility yet, maybe because I don’t know whether it’s going to work or not, (not good with the technical aspect of things here), but I have seen news of how they plan to make use of centralized exchanges in having more control and a better edge in the cryptocurrency system.

According to the news I saw once, it says that whenever centralized exchanges or a custodial wallet user makes a transaction to a non custodial wallet address, they would be required to put in information of the owner of that non custodial wallet address. Wouldn’t that be a way for them to be revealing those making use of decentralized exchanges? I am not yet sure about this, but we would get to see if it’s true or not.

[Zanab247]

Many government are trying to have power over bitcoin so that they can control it like the way they control fiat money. I guess Biden is trying to know more about bitcoin, if the government can impose any law against bitcoin that will generate more income to the government account which will be difficult for government to speed.
Many government officials has tried to regulate bitcoin but it will be difficult for president to control decentralized currency that Satoshi created for people to use to improve their economy and to eliminate errors from our transaction. Now that many people understood what bitcoin is all about in the community. Many people are using bitcoin to develop their businesses and their families as large.

[Tumanggor]

Personally I don’t see this as that big of an issue. First off I think this all is a bit of conjecture, so we don’t actually know what their plans are yet. Secondly there’s nothing wrong with some regulation and here’s the truth, if there’s no regulation like this then governments will ban cryptocurrency and it’ll be much more difficult to transact.

Bitcoin is purely decentralized but people are under the control of state laws and regulations, I personally also think regulation is not so bad, as long as we are still given the freedom to trade Bitcoin, strict rules are not a barrier

but I still believe that the strict rules created will not be fully implemented, we will see a lot of "bug" here and there. let's wait officially what biden's statement on crypto regulation, especially Bitcoin