How the US Wants to Pillar Bitcoin from Regulation

How the US Wants to Pillar Bitcoin from Regulation

The end of cryptos? – What is being prepared against Bitcoin (BTC) and cryptocurrencies in the US political backstage really isn’t not a pretty sight. Corridor noises insinuate that Joe Biden and his democratic majority would be maneuvering to pose a heavy regulatory straightjacket in the crypto-asset market.

First threat against Bitcoin: the White House

Almost everywhere around the world, governments, central bankers and financial watchdogs are showing their intentions to firmly frame (stifle?) the cryptocurrency sector, even if it means bridle violently theinnovation.

According to well-placed sources quoted by Barron’s magazine, the White House of Joe Biden would be preparing a executive order which could be described as murderer against the protection of private life transactions on Bitcoin and other cryptos.

Crypto-assets would be the subject of a future oversight of federal agencies on the grounds of “national security” from the country. According to the source, these agencies would be responsible for“analyze digital assets”ranging from classic cryptos like Bitcoin, to stablecoinspassing through the non-fungible tokens (NFT):

“It’s going to be about looking at digital assets holistically, and developing a set of policies that give coherence to what the government is trying to do in this space (…) As digital assets don’t stay in one country , there is a need to work with other countries on the coordination [des politiques de surveillance] »

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The Democratic Majority Threatens Cryptos Too

In what looks like a deliberate attempt to put the cryptosphere in a regulatory stranglehold, the Democrats of the House of Representatives (House) have also introduced legislation more than restrictive (and worrying) against companies in the crypto sector.

This law, called “America COMPETES Act”proposes outright to forbid any cryptocurrency exchange that has not first received theprior approval from the office of the US Treasury Secretary.

It is in particular, Jerry Britoexecutive director of Coin Center who sounded the alarm on Twitter:

” L’America COMPETES Act, which has just been introduced in the House of Representatives and which will most likely be passed in some form, contains a provision that would be disastrous not only for cryptocurrencies, but also for privacy and compliance procedures in general. »

Posted by Jerry Brito – Source: Twitter

The situation of Bitcoin and its ilk in the United States would only eventually become hardly more favorable what about Russia. Indeed, although the Russian Central Bank exposes ardor of prohibition cryptos, the president Vladimir Putin has clearly calmed things downindicating that a regulation (probably severe) is certainly necessary there, but that the economic stakeespecially crypto-mining – is too important to consider a ban.

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