Bitcoin Clarity act, a trap from the government.

[Olotu20]

With the Bitcoin clarity act in the process of been passed as a bill in the United States many crypto followers are happy, as this bill seeks to creating a formal regulatory framework as the bill will be giving government agencies such as the CFTC and sec to have an oversight power over Bitcoin and crypto in general. This bill has its merit but as someone who believes in Bitcoin am a little bit skeptical about the true intentions of this bill, this type of bill is another well prepared plan from the government to once again restrict and exercise much power concerning Bitcoin and crypto with the view of regulating the crypto community. Especially Bitcoin which is standing on the premise of decentralization the very thing government is afraid of.

Here are some of my fears concerning this bill.

Government oversight will expand concerning crypto this will eventually take away much power from holders.

A path towards surveillance will increase from the government concerning Bitcoin and crypto as a whole from the government.

Institutionalization of Bitcoin was designed as a decentralized, permissionless network.


I don't know if am wrong or Maybe someone too is thinking along my line of thought.

[Aanuoluwatofunmi]

Government oversight will expand concerning crypto this will eventually take away much power from holders.

Never forget that bitcoin is a decentralized digital currency and government cannot control or sensor it for any reason because the network is built in such a way that resist any form of centralization, this is why not your keys not your coin and we are more safer with the use of a non-costal dealer wallet than making use of a custodial storage.

A path towards surveillance will increase from the government concerning Bitcoin and crypto as a whole from the government.

Anyone is permitted to make a surveillance concerning the use of Bitcoin because it's works on an open distributed ledger which is the blockchain technology and it is also a decentralized digital network.

[Luzin]

Until now, the two main US crypto regulators, CFTC and SEC, have been considered to have similar authority. It seems this Clarity Act was created to provide clear regulatory power. As for its contents, I don't fully understand them yet. But if the government implements a new regulation, then it is almost certain that the government will regulate Bitcoin. I think the rules will be clear if exchanges, ETFs, custodians, and public companies are only external, and we don't need to worry Bitcoin will remain unaffected. This situation is unavoidable; it will continue to develop. So, if Bitcoin is only regulated from its external ecosystem, that is still safe for me. Because I understand that Bitcoin cannot fully replace fiat, coexistence is therefore the most realistic scenario. IMO

[SilverCryptoBullet]

Never forget that bitcoin is a decentralized digital currency and government cannot control or sensor it for any reason because the network is built in such a way that resist any form of centralization, this is why not your keys not your coin and we are more safer with the use of a non-costal dealer wallet than making use of a custodial storage.

Historically they tried to force MARA mining pool censoring Bitcoin transactions but that attempt failed but fortunately, such attempt and its failure only proved the strength of Bitcoin and how actual decentralized it is.

You can have details about it with Bitcoin Mining pool observer project from @0xB10C.
https://b10c.me/projects/016-miningpool-observer/

Some press releases from MARA mining pool years ago.
https://ir.mara.com/news-events/press-releases/detail/1239/marathon-digital-holdings-becomes-the-first-north-american-enterprise-miner-to-produce-fully-aml-and-ofac-compliant-bitcoin
https://ir.mara.com/news-events/press-releases/detail/1233/correction-marathon-digital-holdings-to-launch-the-first-north-american-based-bitcoin-mining-pool-fully-compliant-with-u-s-regulations

[RoseAPT]

Wtf is this FUD?

It’s not the bitcoin clarity act, it’s for the entire crypto industry.

Clarity act will codify the cftc’s authority over crypto industry. Sec has proven in the past that it is not a good faith actor, so this is good.

Clarity act will ensure btc is classified as a commodity. And thus sec has no authority over it.

Clarity act is also bullish for tokenization and defi, and broader crypto markets. This is all bullish for btc

[Smartprofit]

Wtf is this FUD?

It’s not the bitcoin clarity act, it’s for the entire crypto industry.

Clarity act will codify the cftc’s authority over crypto industry. Sec has proven in the past that it is not a good faith actor, so this is good.

Clarity act will ensure btc is classified as a commodity. And thus sec has no authority over it.

Clarity act is also bullish for tokenization and defi, and broader crypto markets. This is all bullish for btc

In my opinion, to understand how government regulation affects Bitcoin, just look at its current price... Do you like this price? 🙋

The new US laws, in my opinion, are not good for Bitcoin, DeFi, or other cryptocurrencies. They are aimed against decentralization, against anonymity, against privacy... In other words, against all the core values ​​of Bitcoin.

Bitcoin is a direct financial instrument. You don't need permission from the SEC or the CFTC to conduct a transaction on the Bitcoin network. Moreover, Bitcoin is a global asset. It cannot be regulated by national legislation. The US is just one of 193 countries. How can it regulate a global asset? The virtual space was created by people from all continents. And Bitcoin is a protocol for transferring value within this virtual space. Accordingly, it should not be regulated by any laws.💁

[Joy_learns_crypto]

Never forget that bitcoin is a decentralized digital currency and government cannot control or sensor it for any reason because the network is built in such a way that resist any form of centralization, this is why not your keys not your coin and we are more safer with the use of a non-costal dealer wallet than making use of a custodial storage.

I concede to this and I was going to write this. Bitcoin is a decentralized currency that is digital I do not see how possible the government will control and oversee something as decentralized as bitcoin, although I do not concede with you where you said bitcoin network was built to resist any form of centralized because now that system has been compromised with centralized exchanges and the government can have an oversight of users who uses the centralized exchanges that’s why some bitcoin holders has had their bitcoin seized or they have been indicted for fraud or theft through connection to their centralized exchange accounts.

[tbct_mt2]

They will aim at Altcoins, stable coins which are mostly centralized and more easily for governments to regulate and control while they know that Bitcoin blockchain is decentralized, and there is no tool from Bitcoin protocol to freeze bitcoins in Bitcoin users' non custodial wallets. People who are altcoin enthusiasts and have all or most of their capital in altcoins will have many reasons to feel fearful about the future.

It's not the same fearful feeling with Bitcoin owners or users, as with a decentralized blockchain, with non custodial wallets, they will always control their wallets, private keys and bitcoins they spent money to buy and hold.

There are other things to do with governments like tax reports which need to be done legally but it's not challenge at all. Following existing laws and tax policy to do tax reports, pay tax accurately to governments, and no issues with your bitcoins.