More regulation on crypto developers, altcoins and exchanges

[Anonylz]

From what the article says, it's just stablecoins, and exchanges that allow spot trading of those. I actually think it's a good thing because it'll finally put some control over how backed USDT is, and what it's actually backed with. Perhaps this info won't be publicly available, but even if at least authorities will know, it's better than nothing. Overall, it seems it won't affect Bitcoin and most altcoins, apart from perhaps affecting some trading pairs because they include stablecoins. We'll see how it goes in practice, but I don't think it's anything bad.

Yeah I agree, this may probably put some mind at ease with usdt usage and lack of transparency, knowing the authorities are watchful of what they do will influence their operations.

And I think the idea of regulating altcoins is great, the rate at which new projects are pumping into the altcoins market is alarming, regulations will cut down so many shit being created on a daily basis. This should regulations should not be for the Americans alone, it should be for every country.

[evilgreed]

              I guess for us crypto enthusiasts having seen the governments trying to milk us all over the years imposing unreasonable taxes or compromising our right to privacy and all makes us see any type of regulation as something bad. It would be better to be open minded about this a bit because we really cannot avoid regulation and that is an unchangeable fact. But beyond this reason, there is just no such thing as absolute freedom, one way or another there will be limits for if none the world would've long gone into sht. Only thing that us, crypto enthusiasts can do is to try and and adapt to these regulations and try to take advantage of the benefits that it may bring since there sure will be some while hoping they do not overstep boundaries that shouldn't be overstepped.

[fullhdpixel]

I am thinking this will be for altcoins and exchanges and not bitcoin.

Technically, yes. The government can not regulate every decentralized cryptocurrency and privacy coin but they will want to regulate the initial offering (crypto developers), CEX, and some stablecoin like USDT to prevent another market cap manipulation which was once done by the USDT team.

I would say that it is not a horrible idea neither. All those stablecoins collect hundreds of billions of dollars from the investors and they make a profit from it and they get away with it. I mean if everyone gave me 100 billion dollars, I would be able to store it well enough and make enough profit from it and could pay it back whenever asked as well.

It would take me a year to get that going properly with the legal papers but I would be easily handling that eventually, not really impossible. So, why trust tether? Why trust any company at all for it? It is such a huge amount. So, them getting some closer eye on them would be fine by me for sure. They are not decentralized anyway, they deserve it.

[suzanne5223]

I am thinking this will be for altcoins and exchanges and not bitcoin.

Technically, yes. The government can not regulate every decentralized cryptocurrency and privacy coin but they will want to regulate the initial offering (crypto developers), CEX, and some stablecoin like USDT to prevent another market cap manipulation which was once done by the USDT team.

I would say that it is not a horrible idea neither. All those stablecoins collect hundreds of billions of dollars from the investors and they make a profit from it and they get away with it. I mean if everyone gave me 100 billion dollars, I would be able to store it well enough and make enough profit from it and could pay it back whenever asked as well.

Yes, it's not an unpleasant idea that's only if the government organization that will be in charge of the regulation won't abuse the system which we know is not possible because everything that has an advantage will always have a disadvantage.
This is what some people hate about regulation and the privacy people won't get through the regulation.

It would take me a year to get that going properly with the legal papers but I would be easily handling that eventually, not really impossible. So, why trust tether? Why trust any company at all for it? It is such a huge amount. So, them getting some closer eye on them would be fine by me for sure. They are not decentralized anyway, they deserve it.

The game played by the Tether team was among the thing that make the SEC introduce KYC, regulation, etc in crypto but the regulation the OP was talking about is not only about Tether but all Stablecoins which I believe would harm the privacy level in the Stablecoin market.

[yazher]

This is expected with the ongoing expansion of the popularities of NFTs and altcoins, they will need to come up with something to secure the assets of the investors and at the same time, they will shorten the gap between decentralization. Expect more updates such as this one in the future because where there is money, there are people who will gonna do their own way to claim some of it. Let's just hope that they will not totally close the door of unanimous transactions if they do, these whole financial revolutions, end up with nothing.

[TheNineClub]

Bipartisan bill to give CFTC authority over exchanges and stablecoins

The Digital Commodity Exchange Act would give the commodities regulator the authority to determine rules for cryptocurrency developers and exchanges offering spot trading.

A bipartisan group of lawmakers in D.C. introduced an updated bill on April 28 to regulate cryptocurrency developers, dealers, exchanges, and stablecoin providers, bringing them under the regulatory control of the United States Commodity Futures Trading Commission (CFTC).

I am thinking this will be for altcoins and exchanges and not bitcoin. This will not go beyond cryptocurrency developers, dealers, exchanges and stablecoin providers that are in US but there are several of them there and other countries can follow if this is successfully done.

But I hope this will not affect bitcoin in any way.

I know I am like a broken record saying this, but if crypto, and BTC in general want a step forward to mass adoption, a good chunk of crypto freedoms will have to be forfited, and we will have to come to terms with some regulations coming into place. The question is how much and at what cost.

[Vaskiy]

More regulation over exchanges were found to be hard with time. This is a way to have control over the people's funds. The recent one being the leading cryptocurrency exchange of India, Kuber switch stopping the service for UPI transaction. Only RTGS and NEFT transactions were possible. Already these kind of restrictions were found on the global market. Anyhow people will find an alternate solution for this.

[Judy Bishop]

Centralization has its own pros and cons but in my opinion, the regulations would enhance the safety and security of our funds to some extent. Also it will apply to all crypto currencies and hopefully that will prove to be helpful for traders and investors in the future. But I do understand the concern of fellow traders. Hoping for the best regarding this news.

[Emitdama]

Regulations are not centralization, we need to learn this already. As long as bitcoin itself is not tempered with, whatever law they put on you is a law related to you and what you can do with bitcoin and it is not about bitcoin itself.

This is why I always give the 21 million bitcoins example, if no government can change that and it will always stay at 21 million or at the very least we decide to move to another chain with 210 million or whatever, that means that governments and regulations can't be a part of it. This is why I believe that it is decentralized no matter what laws or regulations countries pass, doesn't change a thing about bitcoin.