More Regulation Incoming!

[zasad@]

Another good news article for people who think that the government are creating laws to serve the people better and protect the consumers hehehe.

After you read the news, if your argument is that the government is only treating cryptocoins similar to the laws that they have created for cash, then it appears that because of this law, the government has been surveilling on everyone who has made a $10k cash transaction or more.



Time is running out for the crypto industry to fight a new law that will force US businesses to collect personal information on people who use digital assets worth more than $10,000 to buy stuff.

The new rules will snap into action on January 1, 2024.

Last year, crypto think-tank Coin Center sued the Treasury Department and Treasury Secretary Janet Yellen, which have been charged with implementing the regulation, arguing the new rules are tantamount to “unconstitutional financial surveillance.”

Source https://www.dlnews.com/articles/regulation/crypto-privacy-battle-started-by-words-inserted-in-2021-law/

This is a predictable move. The most dangerous regulation could start with stablecoins, and all address holders with more than $10,000 could be given a deadline to go through the Know Your Customer process. Circle is an American company, and its stablecoins are used all over the world.
It is also dangerous to store savings in stablecoins now.

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[bbc.reporter]

@zasad@. Agreed and it appears Paypal's entry in the stablecoin market might encourage other leaders in the traditional payment processor industry to create their own stablecoins also, which will certainly be enough to take away the influence of Tether and takeover much of the volume in the cryptospace market.

I have speculated that Tether might bring the crypto edition of the Big Short, however, should we really celebrate if Paypal and other traditional payment processors have taken over the stablecoin market? This might be a similar situation as Binance and the take over of traditional finance, the real criminals.

[zasad@]

@zasad@. Agreed and it appears Paypal's entry in the stablecoin market might encourage other leaders in the traditional payment processor industry to create their own stablecoins also, which will certainly be enough to take away the influence of Tether and takeover much of the volume in the cryptospace market.

I have speculated that Tether might bring the crypto edition of the Big Short, however, should we really celebrate if Paypal and other traditional payment processors have taken over the stablecoin market? This might be a similar situation as Binance and the take over of traditional finance, the real criminals.

I have studied PYUSD.
https://coinmarketcap.com/community/articles/64d3a7987491e75ef9a15c6d

The prospect is very doubtful due to the risk of high fees for ERC-20 tokens. USDC capitalization has fallen by 30 billion over the past year because the crypto community does not trust the American regulator and companies. Tether looks more secure, but they will also have problems due to new regulations.

___
💩💩💩
https://twitter.com/pashovkrum/status/1688591468498239496

[bbc.reporter]

@zasad@. Agreed and it appears Paypal's entry in the stablecoin market might encourage other leaders in the traditional payment processor industry to create their own stablecoins also, which will certainly be enough to take away the influence of Tether and takeover much of the volume in the cryptospace market.

I have speculated that Tether might bring the crypto edition of the Big Short, however, should we really celebrate if Paypal and other traditional payment processors have taken over the stablecoin market? This might be a similar situation as Binance and the take over of traditional finance, the real criminals.

I have studied PYUSD.
https://coinmarketcap.com/community/articles/64d3a7987491e75ef9a15c6d

The prospect is very doubtful due to the risk of high fees for ERC-20 tokens. USDC capitalization has fallen by 30 billion over the past year because the crypto community does not trust the American regulator and companies. Tether looks more secure, but they will also have problems due to new regulations.

___
💩💩💩
https://twitter.com/pashovkrum/status/1688591468498239496

It might be why Paypal has entered the stablecoin market. They know stricter regulations are coming and uncle Gensler might begin cracking them down. We should research on Paypal's latest hirings in the legal department hehe. They might have hired exgovernment employees and experts in regulatory compliance. Also, with Paypal being one of the biggest and well connected companies in America, they might be exempted from uncle Gary's crackdowns because of fear of long legal battles that they might not win.

However, agree on ERC20 and high fees but this is very easy to fix, very much similar to Tether when it transferred from Omni to Ethereum and presently now in Tron.

[zasad@]

@zasad@. Agreed and it appears Paypal's entry in the stablecoin market might encourage other leaders in the traditional payment processor industry to create their own stablecoins also, which will certainly be enough to take away the influence of Tether and takeover much of the volume in the cryptospace market.

I have speculated that Tether might bring the crypto edition of the Big Short, however, should we really celebrate if Paypal and other traditional payment processors have taken over the stablecoin market? This might be a similar situation as Binance and the take over of traditional finance, the real criminals.

I have studied PYUSD.
https://coinmarketcap.com/community/articles/64d3a7987491e75ef9a15c6d

The prospect is very doubtful due to the risk of high fees for ERC-20 tokens. USDC capitalization has fallen by 30 billion over the past year because the crypto community does not trust the American regulator and companies. Tether looks more secure, but they will also have problems due to new regulations.

___
💩💩💩
https://twitter.com/pashovkrum/status/1688591468498239496

It might be why Paypal has entered the stablecoin market. They know stricter regulations are coming and uncle Gensler might begin cracking them down. We should research on Paypal's latest hirings in the legal department hehe. They might have hired exgovernment employees and experts in regulatory compliance. Also, with Paypal being one of the biggest and well connected companies in America, they might be exempted from uncle Gary's crackdowns because of fear of long legal battles that they might not win.

However, agree on ERC20 and high fees but this is very easy to fix, very much similar to Tether when it transferred from Omni to Ethereum and presently now in Tron.

It is a normal practice for all large companies in the US to hire former high officials who know how to promote the interests of the company, or in other words, how much to give bribes and to whom.
I will wait for the first audit of this stablecoin, but I am sure that most of the users' money will be used to buy US Treasuries. Without this condition, no company in the United States will be allowed to make their own stablecoin.

[bbc.reporter]

@zasad@. It appears that you were correct. However, I do not think that this is a condition imposed by the American government. Paypal might be following the business model of Tether. On July 31, Tether has reported that they have $72 billion in treasuries all earning yield.



PayPal USD is “100% backed by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents,” according to a Monday press release. Additionally, PayPal’s stablecoin is redeemable 1:1 for U.S. dollars, which means one PayPal USD can be redeemed for one U.S. dollar and vice versa.

Source https://www.cnbc.com/2023/08/10/paypal-launches-its-own-dollar-backed-stablecoin.html

[zasad@]

@zasad@. It appears that you were correct. However, I do not think that this is a condition imposed by the American government. Paypal might be following the business model of Tether. On July 31, Tether has reported that they have $72 billion in treasuries all earning yield.



PayPal USD is “100% backed by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents,” according to a Monday press release. Additionally, PayPal’s stablecoin is redeemable 1:1 for U.S. dollars, which means one PayPal USD can be redeemed for one U.S. dollar and vice versa.

Source https://www.cnbc.com/2023/08/10/paypal-launches-its-own-dollar-backed-stablecoin.html

US Treasuries yield
https://www.bloomberg.com/markets/rates-bonds/government-bonds/us
Do you agree that the best way to protect investments is to diversify the company's funds?
If you agree with me, then you must agree that such companies should not buy US Treasuries for a large share of their assets.
I am not opposed to US Treasuries, but why buy these assets with most of the reserves?

[bbc.reporter]

@zasad@. I am not quite certain why hehehe. I also do not know what would be the best financial decision to manage $72 billion. However, if Tether and Paypal have trust the in American government and also have trust in their ability to once again get out of another economic crisis then for them it would be a good financial decision because they earn yield.

It is very much similar to us DeFi enjoyers who farm our stablecoins for yield but also taking the risk that the platform might be hacked or might be a rugpull hehehehe.

[zasad@]

@zasad@. I am not quite certain why hehehe. I also do not know what would be the best financial decision to manage $72 billion. However, if Tether and Paypal have trust the in American government and also have trust in their ability to once again get out of another economic crisis then for them it would be a good financial decision because they earn yield.

It is very much similar to us DeFi enjoyers who farm our stablecoins for yield but also taking the risk that the platform might be hacked or might be a rugpull hehehehe.

Do you like Warren Buffett?
I do not agree with all of his statements, although I begin to understand his phrase that "Bitcoin will cost 0 dollars."
It will happen, but maybe not soon.
I like his portfolio and investor approach
https://www.buffett.online/portfolio/
"Warren Buffett's Berkshire Hathaway holds $127 billion in cash and cash equivalents (as investments in very short-term bonds are called)"
This is risk diversification. Why doesn't he invest in US Treasuries all in?

[bbc.reporter]

@zasad@. Uncle Warren is one of the most successful and greatest of investors in the traditional market. How could we not like hehehe.

On why he does not invest everything in US treasuries, who can be certain on his investment tactics? We do not know. However, we can be certain that he wants to have cash that will always be prepared to buy certain value stocks that might be undervalued.

[zasad@]

Warren Buffett manages a lot of money, so he knows what he's doing. Other funds are also diversifying their risks, and companies that issue stablecoins that are pegged to the US dollar have come to believe in the safety of US Treasury bonds. hehe. These companies have no real capital.

[Bushdark]

Warren Buffett manages a lot of money, so he knows what he's doing. Other funds are also diversifying their risks, and companies that issue stablecoins that are pegged to the US dollar have come to believe in the safety of US Treasury bonds. hehe. These companies have no real capital.

Warren Buffett is still a Bitcoin sadist till today and he doesn't believe that Bitcoin have any monetary value at all but that one is left to him. There are many people that had been asking for the regulation of Bitcoin by the government because of so many big scams that had happened before now. If Bitcoin ever get regulated, it are not going to be the same again like we used to enjoy it. Bad projects and exchanges that had crashed is making the government have a rethink about the fear of there citizens getting scammed by fake projects.

[zasad@]

Warren Buffett manages a lot of money, so he knows what he's doing. Other funds are also diversifying their risks, and companies that issue stablecoins that are pegged to the US dollar have come to believe in the safety of US Treasury bonds. hehe. These companies have no real capital.

Warren Buffett is still a Bitcoin sadist till today and he doesn't believe that Bitcoin have any monetary value at all but that one is left to him. There are many people that had been asking for the regulation of Bitcoin by the government because of so many big scams that had happened before now. If Bitcoin ever get regulated, it are not going to be the same again like we used to enjoy it. Bad projects and exchanges that had crashed is making the government have a rethink about the fear of there citizens getting scammed by fake projects.

There is a big difference between saying "Bitcoin is a scam" or "Bitcoin will cost $0".
Warren Buffett has seen a lot of bubbles in the market and he is right about the risks of Bitcoin. As soon as the manipulators play enough with this asset, they can reset it or come up with other problems.

[Bushdark]

Warren Buffett manages a lot of money, so he knows what he's doing. Other funds are also diversifying their risks, and companies that issue stablecoins that are pegged to the US dollar have come to believe in the safety of US Treasury bonds. hehe. These companies have no real capital.

Warren Buffett is still a Bitcoin sadist till today and he doesn't believe that Bitcoin have any monetary value at all but that one is left to him. There are many people that had been asking for the regulation of Bitcoin by the government because of so many big scams that had happened before now. If Bitcoin ever get regulated, it are not going to be the same again like we used to enjoy it. Bad projects and exchanges that had crashed is making the government have a rethink about the fear of there citizens getting scammed by fake projects.

There is a big difference between saying "Bitcoin is a scam" or "Bitcoin will cost $0".
Warren Buffett has seen a lot of bubbles in the market and he is right about the risks of Bitcoin. As soon as the manipulators play enough with this asset, they can reset it or come up with other problems.

There is no asset that don't have manipulators even in the forex market. The big whales are always the ones that control the market most time to there own satisfaction. Bitcoin has not gained tya ground to repel any attempt to manipulate the market. The market is gradually gaining weight that will soon make it difficult for people to control the market easily. Yes Bitcoin has it own risk and everyone that is investing should be ready to measure there own risks.

[YOSHIE]

So, we will see new regulations coming in through the following months. Usually, regulation comes at a price and is more damaging than the other way around. I just hope that it isn't regulation that could stifle innovation and slow down the industry to a freezing point.

Since the phenomenon and bad things happened to MTGOX and FTX, many governments in every country are regulating or legalizing crypto asset trading nowadays, Various rules apply from all sides to exchanges and crypto, ranging from taxation and revenue operating rules in the country to dealing with losses for crypto users as a whole.

I am positive about the new existing Regulations against crypto, rules that contain strong definitions, principles, laws and conditions for every exchange and crypto asset that should be traded around the world, I hope that in the future it will be important to build a comprehensive foundation and legal framework for crypto, to ensure that every user is safe using the crypto industry, as a whole whether it's asset security, trading, investment and everything, for the future progress of crypto.

[bbc.reporter]

It appears that even if they had judges ruling against their regulatory claims, the SEC has again begun issuing another warning that more charges will be brought to more exchanges and DeFi platforms. I speculate that the SEC is only using their position to collect fines and settlement money from projects that they know will not fight them in court. Uncle Gary knows that the have lost already.



The U.S. Securities and Exchange Commission (SEC) isn’t done chasing down crypto exchanges and decentralized finance (DeFi) projects it sees as violating securities laws in the same vein as Coinbase Inc. (COIN) and Binance, said David Hirsch, head of the agency’s Crypto Assets and Cyber Unit.

Source https://www.coindesk.com/policy/2023/09/19/us-secs-crypto-enforcement-chief-warns-more-charges-coming-to-exchanges-defi/

[HmmMAA]

Let's see how this will evolve https://www.theblock.co/post/251910/uk-bill-to-seize-illicit-crypto-moves-to-final-stages-of-approval

[zasad@]

Let's see how this will evolve https://www.theblock.co/post/251910/uk-bill-to-seize-illicit-crypto-moves-to-final-stages-of-approval

my opinion here
https://bitcointalk.org/index.php?topic=5467451.msg62875021#msg62875021

Warren Buffett manages a lot of money, so he knows what he's doing. Other funds are also diversifying their risks, and companies that issue stablecoins that are pegged to the US dollar have come to believe in the safety of US Treasury bonds. hehe. These companies have no real capital.

Warren Buffett is still a Bitcoin sadist till today and he doesn't believe that Bitcoin have any monetary value at all but that one is left to him. There are many people that had been asking for the regulation of Bitcoin by the government because of so many big scams that had happened before now. If Bitcoin ever get regulated, it are not going to be the same again like we used to enjoy it. Bad projects and exchanges that had crashed is making the government have a rethink about the fear of there citizens getting scammed by fake projects.

There is a big difference between saying "Bitcoin is a scam" or "Bitcoin will cost $0".
Warren Buffett has seen a lot of bubbles in the market and he is right about the risks of Bitcoin. As soon as the manipulators play enough with this asset, they can reset it or come up with other problems.

There is no asset that don't have manipulators even in the forex market. The big whales are always the ones that control the market most time to there own satisfaction. Bitcoin has not gained tya ground to repel any attempt to manipulate the market. The market is gradually gaining weight that will soon make it difficult for people to control the market easily. Yes Bitcoin has it own risk and everyone that is investing should be ready to measure there own risks.

I think the comparison with Forex is wrong.
It is very difficult to manipulate company shares or commodity prices in modern markets. The situation with Bitcoin is different, because most coins are not traded on markets but are stored somewhere.

[bbc.reporter]

Uncle Gary is being very cautious in what he might say in this testimony because it might be taken as a precedent by lawmakers and judges that other cryptocoins could also be argued as commodities. Also, he declared that bitcoin can be a security according to the interpetation of other laws. This Gensler should not be underestimated. Bitcoin maximalists cheer for him when he said that everything except bitcoin is a security, however, if he can find an interpretation in the law that bitcoin is a security, he will do it.

I also speculate that he is a bagholder of a token. This might be causing his hatred on the cryptospace hehehe. Did everyone watch the video of him where he shilled Algorand? He said Uber could exist inside of Algorand hehehehehe.



During recent testimony before Congress, SEC Chair Gary Gensler reiterated his belief that Bitcoin is not a security but declined to state whether it is a commodity.

When asked by Congressman Patrick McHenry if he believes Bitcoin is a security, Gensler responded that he, SEC staff, and prior chairs have said it does not meet the Howey Test that defines securities under US law.

However, when McHenry followed up, asking if that meant Bitcoin was therefore a commodity, Gensler showed reluctance. He stated that Bitcoin is not a security but that “the test is otherwise for other laws” regarding its categorization.

During the testimony, McHenry also criticized SEC Chair Gary Gensler over his lack of transparency around interactions with collapsed crypto exchange FTX and its founder, Sam Bankman-Fried.

Source https://watcher.guru/news/secs-gary-gensler-says-bitcoin-is-not-a-security

[Bushdark]

Let's see how this will evolve https://www.theblock.co/post/251910/uk-bill-to-seize-illicit-crypto-moves-to-final-stages-of-approval

my opinion here
https://bitcointalk.org/index.php?topic=5467451.msg62875021#msg62875021

Warren Buffett manages a lot of money, so he knows what he's doing. Other funds are also diversifying their risks, and companies that issue stablecoins that are pegged to the US dollar have come to believe in the safety of US Treasury bonds. hehe. These companies have no real capital.

Warren Buffett is still a Bitcoin sadist till today and he doesn't believe that Bitcoin have any monetary value at all but that one is left to him. There are many people that had been asking for the regulation of Bitcoin by the government because of so many big scams that had happened before now. If Bitcoin ever get regulated, it are not going to be the same again like we used to enjoy it. Bad projects and exchanges that had crashed is making the government have a rethink about the fear of there citizens getting scammed by fake projects.

There is a big difference between saying "Bitcoin is a scam" or "Bitcoin will cost $0".
Warren Buffett has seen a lot of bubbles in the market and he is right about the risks of Bitcoin. As soon as the manipulators play enough with this asset, they can reset it or come up with other problems.

There is no asset that don't have manipulators even in the forex market. The big whales are always the ones that control the market most time to there own satisfaction. Bitcoin has not gained tya ground to repel any attempt to manipulate the market. The market is gradually gaining weight that will soon make it difficult for people to control the market easily. Yes Bitcoin has it own risk and everyone that is investing should be ready to measure there own risks.

I think the comparison with Forex is wrong.
It is very difficult to manipulate company shares or commodity prices in modern markets. The situation with Bitcoin is different, because most coins are not traded on markets but are stored somewhere.

It is very certain that we can't compare the forex market with cryptocurrency market based in some certain aspects but we need to understand that there are different means we can manipulate the market which might not be obvious like we could ever think about. The forex market has it own method manipulation can done which could be different from cryptocurrency. Since the crypto market is still in the infantry age, there will be a lot for adjustments and balancing for it to be well organized. The whales control the crypto to there advantage which could be difficult for an ordinary trader to make profits from the market without updates.