New Shocking US Crypto Regulation Far More Invasive [Due Diligence]
New US Crypto Regulation Far More Invasive Than We Thought
US Congress intends to regulate crypto on a level far deeper than currently understood―They will:
- Designate Bitcoin, Ether, and their hard-forks as commodities and regulate their transactions accordingly;
- Create legal uncertainty for all other crypto projects and ICOs by allowing them to be labeled as securities;
- Ban the use of (unauthorized) stablecoins;
- Introduce penalties for the use of mixers and privacy coins;
- Rebrand smart-contracts that take longer than 24 hours to deliver as futures contracts and regulate them accordingly;
- Re-define legal tender and change the way money is created by the Federal Reserve; and authorize the issuing of a digital USD of which all transactions are recorded;
- Introduce foreign regulations into US law for all virtual asset service providers in the US (and with US clients). This would not be done to then never use it.
In short: Congress wants to bring crypto-currencies under full oversight and control.
These new regulations introduce massive regulatory burdens on existing projects, ban and criminalize current normal activities, restrain innovation and free enterprise, and even introduce a transparent central bank digital digital currency that redefines money as we know it!
According to United States representative Don Beyer, congress should incorporate “digital assets into existing financial regulatory structures.”(1) As you will see, they intend to do just that.
And it will change the way things are done for crypto forever…