Too many bills killing crypto

[Gyfts]

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.

They don't have to kill it. If they can force law abiding citizens to jump through hoops with a convoluted regulatory framework, then their goal has been accomplished. The natural tendency would be for less usage by the general public.

The U.S. house is controlled by the so called "fiscal conservatives" and it's a bit surprising to see bipartisan support for a crypto regulation bill. Sure, not all bills are bad. But do you trust the government to enact reasonable regulations pertaining to crypto? You give them even the slightest amount of leeway, and they will take it all plus more. Never depend on people who couldn't even define what crypto currency is to introduce regulations.

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[Faisal2202]

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?

exactly, in my sight, if one bill is against crypto then not all political leaders are in support of it because they are using it in their own favors, we have seen many cases the recent one is Gary Gensler who talked about algorand in a public meeting which seems to be manipulation for What? of course to gain money.

There are hell lot of cases in which one political leader is using such bills to gain the trust of the public who is against crypto just like the woman who stands for the new senator in Bay City. Where she made her anti-crypto army by gaining the trust of regional citizens.

[avikz]

Not sure why people think that passing a negative bill in the US will impact cryptocurrency in a big way! Come on! The US doesn't represent the entire world! So any US law that is unfavorable to cryptos will impact the crypto market in the US only. period. SEC has waged a war against crypto and they have a very strong lobby in the government. So it's highly unlikely that the US will change its outlook towards crypto drastically.

But look at the other countries, please. Singapore is a very crypto-friendly nation. Also doing business in Singapore is far more easier than in many other countries. Taiwan has announced that they are bringing crypto-friendly laws so that crypto businesses can flourish in their country. Let's talk about such positive things. US doesn't represent the world and its mentality. It's just a wealthy country and the impact on crypto market is limited.

[kryptqnick]

The USA has been pretty harsh toward cryptos for many years when it comes to regulations and the lack of a crypto-friendly environment (excluding some states that introduced their own ways of promoting crypto adoption). Thus, it's not very surprising if they introduce restrictions with the new bill. That being said, the article mentions that efforts to pass crypto bills have been futile so far, so maybe it won't become a law after all. Also, there isn't enough information in the article to understand what sort of restrictions the bill might introduce, as it's only vaguely said that the government should study the usage of cryptos for illegal activities and provide guidance.  Who knows, maybe if they really study the usage, they will realize it's not what defines cryptos and that fiat is used for illegal activities in similar ways.

[Magic-Money]

The US government has been saying crypto regulations for a long period of time, with tasks been paying for any transactions, which has not yet implement, but rather fixing meeting time to time saying about crypto, while time is going and it really clear that government officials can not stop cryptocurrency, because cryptocurrency is build beyond their limit by having control over crypto and besides cryptocurrency are seriously spreading across the globe as a means of payment, trading and investment as it may applied.

[Wapfika]

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?

None, that's why crypto becomes popular since it gives freedom for it's user to use or have their money in any investment they wanted to put it, however due to the facts that some projects tends to be a scam governments seek ways to prevent or scare scammers though with this action they tend to put more fees and regulations to monitor people's money as well to get crypto investors money thru implementing laws and adding fees and bills.

[DooMAD]

All it does is disincentivise the use of centralised services and, in turn, makes crypto more resilient.  Let them have the low-hanging fruit.  We'll adapt and become stronger for it.  That's how survival-of-the-fittest works. 

Protocols > Services 

That's the direction we should be evolving towards.  Build what they can't shut down.

[cydrix]

It is anticipated that the government would establish boundaries and rules to prevent certain criminal behaviors like money laundering and the financing of terrorism as Bitcoin lacks a centralized authority and is therefore difficult for them to control.  We all know that the blockchain will remain decentralized despite these restrictions, despite the best efforts of the government to consolidate or control it.

[death69]

Regulating crypto? Ha! Best of luck. It's like bossing around the weather, or the tides, or my kitty's hairball drama - some things are just untameable. But legit, I know security and oversight matter, but it's like the government doesn't get crypto's vibe. It's supposed to be a free-for-all, empowering folks and their communities.

If the powers-that-be clamp down too hard, they'll risk snuffing out what makes it special. It's like strapping a leash on a cheetah - okay, you might hold it back for a bit, but eventually, it's gonna bust loose and go wild.

[ringgo96]

now is not the time to fight against the crypto world because everyone already knows how bitcoin and other altcoins work, but now the government must support the crypto world because I am sure that it will help the economy of the people in a country, if you want to eradicate the crypto world it is a mistake that must be made made by the US House of Representatives and senate because for me there are other more important issues for them to discuss for the development of their country and I'm sure the public will not accept if there is a big threat to the crypto world.

[taufik123]

All it does is disincentivise the use of centralised services and, in turn, makes crypto more resilient.  Let them have the low-hanging fruit.  We'll adapt and become stronger for it.  That's how survival-of-the-fittest works. 

Protocols > Services 

That's the direction we should be evolving towards.  Build what they can't shut down.

Interestingly enough, the Survival of the fittest theory is that "The strong deserve success, and the weak deserve failure."

Bitcoin or cryptocurrency was able to survive until now from the onslaught of using centralized services.
But eventually, crypto became more resilient and kept pace with centralized services.

Those who have the power to regulate can't completely shut down decentralized services, they can't cover the part where we can't be regulated by anyone.

Crypto provides the freedom services need for those who don't want to be governed by anyone.
all the government needs to do now is support crypto and be able to coexist, but it still won't be able to control the crypto ecosystem.
freedom is everything.

[initim]

The country is trying to play smart and also to prevent its citizens and economy from attacks.

For cryptocurrency to be acceptable in countries, compromises have to be reached else, the efforts will be frustrated. I want to believe that a country like the USA would have done its due diligence and want to leverage on the positives.

[LittleBitFunny]

Not sure why people think that passing a negative bill in the US will impact cryptocurrency in a big way! Come on! The US doesn't represent the entire world! So any US law that is unfavorable to cryptos will impact the crypto market in the US only. period. SEC has waged a war against crypto and they have a very strong lobby in the government. So it's highly unlikely that the US will change its outlook towards crypto drastically.

But look at the other countries, please. Singapore is a very crypto-friendly nation. Also doing business in Singapore is far more easier than in many other countries. Taiwan has announced that they are bringing crypto-friendly laws so that crypto businesses can flourish in their country. Let's talk about such positive things. US doesn't represent the world and its mentality. It's just a wealthy country and the impact on crypto market is limited.

Because people are crazy about the US, and they always see the US as the leader, the sole ruler of our world. I support your thinking, the United States is also a country among two hundred other countries in the world. If they don't take cryptocurrencies seriously, that doesn't mean other countries will do the same.

But the US is undeniably the most influential country in the world, if they have a negative view of crypto, it will be a big challenge for us. But we will soon get over it, the same way we left China behind. We are never dependent on any country.

[Rupok]

Cryptocurrency has made the impossible possible in people's lives. There is no person in the world who does not have a dream. At present, fulfilling dreams has become one of the goals of human life. So there is a lot of evidence that people have been able to fulfill many of their dreams through crypto and bitcoin. I myself have been able to fulfill many of my dreams through cryptocurrency. You really said bitcoin holdings have taken people too far.Because there are good benefits in holding Bitcoin.

[MIner1448]

Indeed, the regulation of cryptocurrency can lead to a change in its status and degradation of decentralization, which is one of the main principles of cryptocurrency. However, some form of regulation may be necessary to protect investors and prevent cybercrime. In addition, the US government may be forced to pass laws and regulations if cryptocurrency becomes a mass medium of exchange or payment system.
In any case, the decision on how to regulate cryptocurrencies should be taken after careful discussion and consultation with all stakeholders, including representatives of the crypto community. If the U.S. government decides to regulate cryptocurrencies, it must be done in a way that respects its characteristics and principles of decentralization in order to preserve its value and independence.

[Findingnemo]

They can pass a bill which restrict the platforms operating in their state should not allow any transaction via cryptocurrencies but they can't do anything beyond that, they can't stop bitcoin until there is no more internet in this world so these bills are suppressing its growth temporarily but in long term bitcoin broke all those barriers and made many countries to legalize it so don't worry about the future of Bitcoin.

[usekevin]

The trader of bitcoin and cryptocurrency are no need to worry for this bills.It may get into the law due to some force from the capitalist of United States.The reason for the Senate against the crypto currency and specially bitcoin due to the decentralisation concept.It also the advance of the people earn good money as profit with some period.The Senate fear of the decentralisation crypto currency bitcoin will ruin the economy of United States based on their opinion.Like wise the Russian are against the cryptocurrency before and now the crypto currency was used by the Russian government for their international transactions.

[carlfebz2]

All it does is disincentivise the use of centralised services and, in turn, makes crypto more resilient.  Let them have the low-hanging fruit.  We'll adapt and become stronger for it.  That's how survival-of-the-fittest works. 

Protocols > Services 

That's the direction we should be evolving towards.  Build what they can't shut down.

Interestingly enough, the Survival of the fittest theory is that "The strong deserve success, and the weak deserve failure."

Bitcoin or cryptocurrency was able to survive until now from the onslaught of using centralized services.
But eventually, crypto became more resilient and kept pace with centralized services.

Those who have the power to regulate can't completely shut down decentralized services, they can't cover the part where we can't be regulated by anyone.

Crypto provides the freedom services need for those who don't want to be governed by anyone.
all the government needs to do now is support crypto and be able to coexist, but it still won't be able to control the crypto ecosystem.
freedom is everything.

Whether they would really be liking or not, there's no way that they could be able to shut it down and this what makes Bitcoin or crypto space even more popular just because there's no way on controlling it out.

For sure the government had been trying out their best on trying to get rid or shutting down crypto specially Bitcoin but still even on more than a decade, they do still fail on doing so.
Therefore, if you are really that a Bitcoin or crypto enthusiast on which despite of all the bills been passed and would be molded up in the future, fear not considering that there's no way
on making going to the ground. We would be still existing as long the demand and recognition by the community is there.

They can ban all they want and they could prohibit or restrict all they want but still it wouldnt really be enough for it to be completely stopped.

[karmamiu]

They can pass a bill which restrict the platforms operating in their state should not allow any transaction via cryptocurrencies but they can't do anything beyond that, they can't stop bitcoin until there is no more internet in this world so these bills are suppressing its growth temporarily but in long term bitcoin broke all those barriers and made many countries to legalize it so don't worry about the future of Bitcoin.

But not every part of this world has internet so still it's not guarantee that those bills are effective in the end. Even now there is changes on how the countries approach crypto and what are their steps and plans towards it.