Too many bills killing crypto

[Call_Me_Guru]

Source: https://www.coindesk.com/policy/2023/04/28/us-house-will-have-crypto-bill-in-2-months-mchenry/

The US House and Senate moves closer on crypto regulation in the US, a step I perceived as desperate and can't be crypto friendly. The two chambers are not taking crypto bills lightly, in 2 months they should pass a bill, they are coming up with ideas upon ideas but in any way should the ideas be anti-people, the US will resist it. Rep. Patrick McHenry, chairman of the House Financial Services Committee confidently gave a yes reply when asked if the US president would sign the bill within a year.

The confidence surprised me, but the more fear is futuristic in that any careless bill passed by the House and Senate could be an excuse for other countries and might be reducing the independence of cryptocurrency more than how it is.

Bitcoin decentralization system may blind them but can not be transacted only by self-custody wallets that can help that, the centralized system will keep it better lively as it is and will be infringed upon by the US legislature decision.

They claim it will target Security concern and Cybercrime, I don't have problem with that. I know when they get away with this, it will not end there, they will pass another stiffer bills in the future and will gradually be weakening cryptocurrency status.

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[DaveF]

This has been discussed and discussed again.

It's happening and despite a lot of people complaining about it in the end although it will just about kill privacy and bring on more taxes since you would not be able to hide. It will probably cause a major run up in crypto price.

There are a lot of people who will not invest now because of the wide open nature of crypto and they are a bit risk adverse. Give them some stability and they will buy.
There are a lot of institutions that want to invest but their risk management department will not let them. Give them more rules and guides and they will invest.
And so on.

The people who want their privacy will either adapt or leave. But, more then likely for every 1 person that leaves 10 will come in. And that is a conservative number from what opinion polls and research have been saying.

-Dave

[OgNasty]

I think it is very clear that we have moved on from the "laugh at you" stage to the "fight you" stage.  As we all know, this is the final battle before we win.  Regulation is coming, lines will be drawn, people will choose sides, but ultimately the technology behind Bitcoin and those willing to do what is right will prove to be an unstoppable force.  Bitcoin is going to be used in the future by lots of people for lots of things and no amount of posturing is going to stop that.  Politicians have no idea what they're doing, so regulation will seem stupid.  Eventually common sense will prevail though.  We're in the thick of it now.  Buckle up.

[tbct_mt2]

If they did not or were not able to kill Bitcoin and cryptocurrency market in 2009 or a few years later when this ecosystem was very small and more easily to be eliminated, how will they succeed now and in future?

This ecosystem has become bigger considerably in the last few years and it has invaded into traditional finance markets as well as politics. I believe it has reached to a point to exist forever and it won't be eliminated by any bill, dozen of bills, a single country or many countries.

Bills are not bad and some bills might have positive contribution for cryptocurrency ecosystem. I know if you think negatively, you will always see the world like this and future for cryptocurrency like this.

[so98nn]

There you go, “it’s concern of security and cybercrime”.  Yeah why not, whenever government does not find any flaw they would just put it on its security and would give public sentiments like we are passing xyz bill for the financial safety of our nation.

We are definitely not having sound minded peeps in the SEC as well. I don’t understand how they could not decide a binary question-answer of yes or no with ease? What is wrong with the system is they do not want overshadow of bitcoin thus crumbling the governments all around the world due to decentralisation.

There are many middle points through which bills can be passed where both parties would be ok to accept the terms. However, government understand they will lose half of the controlling power in the process.

I don’t know, but there seems even larger support to government from billionaires as well. Everything is conspired about the Bitcoin since it got bigger and bigger.

[suzanne5223]

[snip]
The US House and Senate moves closer on crypto regulation in the US, a step I perceived as desperate and can't be crypto friendly.

If want the government to somehow support cryptocurrency then regulation is something we must welcome and it's not that their regulation plan will regulate crypto per se what they want to regulate is Centralized platform that's dealing with crypto-related business.

The confidence surprised me, but the more fear is futuristic in that any careless bill passed by the House and Senate could be an excuse for other countries and might be reducing the independence of cryptocurrency more than how it is.

No bill passed by the House will reduce the liberation of decentralized coins like Bitcoin crypto enthusiasts will just switch to the next alternative. An example is what happened in China and some of Africa.

decentralization system may blind them but can not be transacted only by self-custody wallets that can help that, the centralized system will keep it better lively as it is and will be infringed upon by the US legislature decision.

There's always a solution to everything but I wonder why you believe that only the centralized system will keep Bitcoin better lively when everything started from DEX and Bitcoin was lively then.

They claim it will target Security concern and Cybercrime, I don't have problem with that. I know when they get away with this, it will not end there, they will pass another stiffer bills in the future and will gradually be weakening cryptocurrency status.

If we're talking about decentralized crypto the government can not weaken it and they already have enough problems than focusing on weakening the crypto market. They are just addicted to power to control people or settings and the worse thing they will do with their regulation is restrict, limit, and possibly huge tax on crypto.

[serjent05]

There is no doubt that government will create bills on cryptocurrency usage that is favorable to the control of the government.  We as cryptocurrency users may not like it but we can do nothing about it.  It is also one of the compromises the crypto industry has to give in order for the government to allow cryptocurrency to exist in their territory. 

Aside from that, Bitcoin without a centralized government is somehow hard to control for the government so it is expected that they will set borderlines and regulations to avoid certain criminal acts such as money laundering or terrorist financing.  But even with these government regulations, we all know that the blockchain itself will continue to be decentralized no matter how hard the effort of government to centralize or control it.

[bittraffic]

Interesting to know how they will be able to do it that only the centralized wallet will be able to make trasanctions. There will be less freedom on that. The law makers are just listening to one side in creatiing such law.

But what can make them force users to use decentralized wallets?

[WillyAp]

If the states don't want to have the crypto industry then the industry will go elsewhere.
 
The crypto industry is actually the middlemen crypto is made against.

[South Park]

There is no doubt that government will create bills on cryptocurrency usage that is favorable to the control of the government.  We as cryptocurrency users may not like it but we can do nothing about it.  It is also one of the compromises the crypto industry has to give in order for the government to allow cryptocurrency to exist in their territory. 

Aside from that, Bitcoin without a centralized government is somehow hard to control for the government so it is expected that they will set borderlines and regulations to avoid certain criminal acts such as money laundering or terrorist financing.  But even with these government regulations, we all know that the blockchain itself will continue to be decentralized no matter how hard the effort of government to centralize or control it.

Governments are not really doing anything we did not expected out of them, they see in this market a threat but at the same time they want to extract taxes out of it, so they are passing laws that are extremely favorable to themselves, but will people obey them? That is what is not so clear, if you have to report even buying a cup of coffee to the taxman then people will simply stop using bitcoin for such small purchases and will instead hold their coins, and if it comes a time in which governments lose control of their economies then the desire to follow those misguided regulations will go down even further.

[darkangel11]

It's all lies how they're selling it to the community.
-We just want to help,
-we want to stop these scammers
-we want to stop drugs
-we want to help you defend against fraud an d all that

It's all one big lie. They don't want to help you, they couldn't care less about you. All these attacks have one goal: slowing down bitcoin adoption. All the government wants is to stay in power and it's going to do it through whatever means necessary. It can be with the help of CBDC, through crypto regulations, it doesn't matter. What matters is that you cannot control your own money and they can make you obey by blocking your accounts, the way Trudeau did in Canada.

[Cryptomultiplier]

The point of the bills is to further discourage massive influx into crypto currency and a total abandonment of the legal tender of such a country as one lives in.
It is to ensure scammers or hackers know there are some agencies as well as new ways to checkmate their scam theatrics and gimmick.
The bill is also to chock crypto into yielding to CBDC as the future of money and not the former.

[ItsCrafty]

Many countries are trying to regulate Crypto including BTC. The most active among them are Us, Some European countries and India. Us is the most dangerous one amongst all  them. Personally i think it will not happen soon but the way they trying and introducing bill again and again they will take some action. People interest towards crypto is increasing every single days and its now impossible to completely banned crypto and the only way to kill crypto is make it centralized.

If they succeed in their mission then BTC and other crypto will be same like other stock market and we will not see big gains like before. We have two years or more before regulations to earn as much as from crypto. after regulation high pump seen will be totally over.

[Mate2237]

If the worst has come to them that are using bitcoin in USA, they should use p2p instead of exchange. Because it is only exchange they can tax and not the p2p. And whatever they are doing to kill bitcoin can not work for them again. Unless the only thing they can do to stop bitcoin is for them to control the entire blockchain plus all the wallets. If not they are just wasting their time with their careless laws.

[TimeTeller]

Many countries are trying to regulate Crypto including BTC. The most active among them are Us, Some European countries and India. Us is the most dangerous one amongst all  them. Personally i think it will not happen soon but the way they trying and introducing bill again and again they will take some action. People interest towards crypto is increasing every single days and its now impossible to completely banned crypto and the only way to kill crypto is make it centralized.

If they succeed in their mission then BTC and other crypto will be same like other stock market and we will not see big gains like before. We have two years or more before regulations to earn as much as from crypto. after regulation high pump seen will be totally over.

If you look at this situation, people want their government to accept the crypto market.
And this move is actually trying to accept crypto particularly BTC in their financial system.
So for me, it is not killing crypto but trying to regulate the usage of btc, hence, the adoption.
These people for sure will do their due diligence before implementing something, they won't implement without studying the given market.
They will know the sentiments of people because in today's generation, they can basically read such sentiments over social media channels.

[Frankolala]

Bitcoin is bigger than regulation,the government thinks that with regulation,they will benefit more for themselves. The government are only after controversy of its citizen financial life that is why they want only a centralized platform to be in use so that they can gain from taxes and also monitor users transactions.

Bitcoin has struggled to the extent making it impossible to be controlled by the government because of its nature of decentralization. Therefore, the government will only monitor those who uses a centralized exchange and not those who uses p2p for transaction because it is impossible. Privacy is one of the creation of bitcoin and that can't be deprived by the government. Bitcoin is far beyond whatever the government is thinking of coming up with. If they are sick of bitcoin adoption in the US,let them come openly to say it.

[hatshepsut93]

If you are a cryptoanarchist cypherpunk libertarian sovereign citizen, it won't affect you, because you are not supposed to use centralized platforms that follow regulations. And of you course you are in only for the tech and don't care if Bitcoin is worth $100 or $100,000.

The most affected category of users will be the investors who want to just make profit and don't pay taxes - they will lose convenience of using centralized exchanges that seamlessly send money to their bank account and will have to look for alternative solutions.

[pooya87]

I think it is very clear that we have moved on from the "laugh at you" stage to the "fight you" stage.

We have been in the fighting stage for a long time, the only thing that is changing is them making the fight public while trying to increase their efforts.

I also can't help but see the direct correlation between US dollar being abandoned globally and the sudden change in stance towards bitcoin which became increasingly aggressive. I wouldn't be surprised to see US do the same thing China did and start banning exchanges first, miners second and maybe even take one step further and ban usage of bitcoin too.

[Don Pedro Dinero]

This has been discussed and discussed again.

It's happening and despite a lot of people complaining about it in the end although it will just about kill privacy and bring on more taxes since you would not be able to hide. It will probably cause a major run up in crypto price.

This is already happening in the EU. In Spain a few days ago a bill came into force that kills privacy (all transactions have to be reported, both by companies and individuals), and the EU with the MICA regulation is going the same way. The aim, apart from having everything under control, is to collect taxes, as you say.

The only thing missing is the price increase, hopefully.

[karmamiu]

I think it is very clear that we have moved on from the "laugh at you" stage to the "fight you" stage.  As we all know, this is the final battle before we win.  Regulation is coming, lines will be drawn, people will choose sides, but ultimately the technology behind Bitcoin and those willing to do what is right will prove to be an unstoppable force.  Bitcoin is going to be used in the future by lots of people for lots of things and no amount of posturing is going to stop that.  Politicians have no idea what they're doing, so regulation will seem stupid.  Eventually common sense will prevail though.  We're in the thick of it now.  Buckle up.

I have no doubt that blockchain will still prevail in the end, but that doesn't mean those who are using it like us are not on the pinch. Since the regulation is on the way, most wallet providers will be monitored by the authorities, and in the end they will impose whatever laws they can come up as long as they can still monitor those who are using their platforms. For me living in a third world countries, we don't have much choice but to obey mostly what our authorities are going to regulate, though as of now they are still on the neutral stance regarding crypto, we don't know what will happen in the future. So as of now we are still enjoying the benefits while still not crossing the line.