Every single day news tab is flooded with US and its cracking down effects on the Bitcoin. I am not being very skeptical but US has gone far from its borders all the time. Bitcoin is getting crushed slowly under the burden of US government decisions. The problem has started since the start of this year and somehow they are responsible for shady workflows that made various exchangers and banks to go on the path of bankruptcy.
What is wrong with them?
Are they scared about bitcoin taking over their generations of work into fiat and losing the power with the time.
The quoted article also suggests how US is literally overstepping their legal boundaries and thus making it look like shit market. Imagine having every crypto currencies under SEC rule, it will make them securities and we will lose every bit of decentralization due to this.
Anyone understand the logic behind USA?
The cryptocurrency universe, ruled by Bitcoin and Ethereum, is facing a turbulent year due to a potential U.S. regulatory crackdown. A leaked memo to the Democrat House financial services committee sheds light on the lawmakers’ strategy to categorise almost all cryptocurrencies as securities.
The memo urges Democrat lawmakers to counter Republican claims about providing market clarity through the Commodity Futures Trading Commission’s (CTFC) involvement in crypto. The partisan divide over cryptocurrencies has become increasingly pronounced, with influential figures like Ted Cruz endorsing crypto, while Elizabeth Warren takes an anti-crypto stance.
Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), has asserted the organisation’s authority over the crypto market, considering most cryptocurrencies as unregistered securities. However, this stance has drawn criticism for overstepping legal boundaries.
As the regulatory battle intensifies, the crypto industry has expressed its concerns over the leaked memo’s implications. The clash between regulators, politicians, and the crypto community adds drama to the evolving crypto landscape.
U.S. Regulators Target Bitcoin, Ethereum Amidst Regulatory Battle; PAT WARS Could Bring Balance to the Crypto Universe