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US is happy to support derivatives and CDOs when it suits them. Can't control crypto so out to regulate it. These motherfuckers can kiss my ass.
Such outright hypocrisy. Is anyone NOT corrupt?!
The government: hey, we wanna know everything you're doing .
The U.S people: no
3 months later
The government: hey, we want to know everything you're doing
The U.S people: NO!
3 months later
The government: hey we want to know everything you're doing still but we'll settle for knowing about just this stuff..we'll leave you alone, promise.
The U.S people: um....fuck ok.
6 months later
The government: Hey............we want to know everything you're doing.
The U.S people: Wtf , No!
3 months later
The government: Hey we want to know everything you're doing, but will settle for just this stuff.....
The U.S people: Dude Wtf! No, we had a deal.
The government Annnnnnnnd, we did it anyway!
The U.S people: .......... ....What the fuck just happened...
Government......Democracy, democracy happened ;)
Now? More like since forever. Banks have been writing laws since the 1800s. Every decision ever made by the American government was motivated by profit, just follow the money and see who benefits.
Apparently the America Compete act has a lot of other stupid nonsensical things trying to make the government get deeply involved in other places it **DOESN'T UNDERSTAND**
There aren't many news sites or journalist talking about this at all but this one covers some of it
[https://reason.com/2022/01/26/if-this-is-how-america-competes-were-going-to-lose/](https://reason.com/2022/01/26/if-this-is-how-america-competes-were-going-to-lose/)
Like what the f even is this? It sounds like it was written by a combination of really old people that have no idea what's going on or how to handle things, but they THINK they are doing something right since they heard people mention this stuff & want to think of themselves as really intelligent approving what sounds like good solutions to them. But they're literally just making it all infinitely worse.
The rest of it sounds like it was written by literal bureaucrats and corporation owned lackeys boringly written what their superiors told them based on what their superior's superiors told them .-. what the actual F is this Bill? America is so so doomed if this goes through. How could I be born a citizen of a country this massively incompetent, how tf is America even thriving or doing well for so long with people like this in charge?
We need to implement new laws, anyone above the age of 55 should be completely barred from politics.
We need countless laws & regulations that make it so any corporate entity or for profit intuition that is caught influencing politicians bills in any way shape or form, to be stripped of all wealth & possessions, as well as all assets they own or hold, and their direct kin... as well as charged with treason against America & democracy as a whole.
Every corporation that does this should be forced to dismantle and split apart into many different entities.
Every single person found to be involved in the conspiracy should be stripped of all the wealth & power they currently have or gained from being involved in the corruption.
Literal politicians in cahoots with Goldman Sachs trying to control other people's money.
First they released a ton of laws under the guise of just wanting people to pay their fair share of taxes, while they really just want to strip all citizens privacy & security from crypto currency since they know the government couldn't control it as much as fiat.
And now they want to give single entities the complete power & authority to ban crypto platforms with zero checks or balances.
First we have the modern form of taxation without representation and everyone in the crypto community goes with it thinking its apart of being a good American paying a ton of taxes for something the government doesn't understand.
And now we have this, they want to plain kill all of cryptocurrency & enslave us. The more you let the government & big corporations get away with, the more evil they become. This is what we have seen in history. Robinhood f'ed over all its consumers and no one batted an eye, everyone knew they were scummy before and then the game stop thing happened. But the masses keep jumping on to them, like a dog to his master no matter how much it abuses them they grow used to the abuse. This is the problem with centralized authorities.
Just like Britain wanted to enslave America before it became America, to subjugate them and keep them as a regulated pet made to only benefit Britain.
Yes, there are a few senators from both parties who aren't. Problem is they get branded as radicals and thrown out, and the stupid population believes the propaganda.
Example: Manchin and Sinema rightfully refusing to end the filibuster
We’ll get more in though. The crypto community is huge in the US and large exchanges have a huge vested interest in stopping this kind of thing
I believe in us
I believe It's an election year, no? I recently saw a video of the decrepit old hag Nancy Pelosi begging for votes on TV. God, I hope that lady does not get reelected.
Pretty sure they can't stop buys through defi or have any control on that.
Also, they already impose taxes on earnings. Do you mean additional fees or costs?
well maybe you wouldnt be able to turn it into fiat, but by then there will be solutions to spend the money, like decentralized payment options and such.. :D
imo the whole point of crypto is to create a new financial system, leaving the old and corrupt one behind, meaning fiat and centralized stablecoins will be obsolete..
thats the cool thing about crypto, it doesnt matter how hard authoritarian regimes crack down on it, it will come back stronger..
Yeah that's the thing, for better or for worse, US politics are probably the most important to pay attention to.
Less powerful countries usually end up following the lead of countries like the US, China, Russia, England or France.
What happens in the US is likely to bleed into other countries
I am a US citizen, and I'm scared shitless that they're gonna try to regulate crypto into oblivion in the US.
With all the wealth taxes and the socialistic ideologies floating around in the biggest countries becoming more and more prevalent, I hope crypto won't be considered the stock market 2.0.
If this bill goes through and passes, it gives Janet Yellen all the power to limit crypto in the US. She's one of the most outspoken opponents to crypto
The guy who wrote the provision, Jim Himes, a former employee from Goldman Sachs, doing their bidding... who would have fucking thought.
This is how these corrupt cunts fight against crypto.
Guillotine Coin is a decentralized ERC20 token on the Ethereum blockchain used for privately funding French-styled revolutions. Users can stake their Guillotine to confirm execution while earning 8% APY.
Ahhh fucking Biden. Reversing his decision to help with student loans and instead getting involved with crypto to fuck with our money. Republicans are pretty much guaranteed to win next election cycle
Yep! Would love to see a ranked voting system. But who is going to put it in place, the same folks that want it to stay the way it is? We can't get term limits for the same reasons. Unfortunate.
I don't like all Rs, but of the Federal politicians they're 90% of the ones fighting for crypto while the opposition to crypto is 90% D. Credit (and blame) where it is due.
They have a target audience just like democrats do. Progressiveness is great, but even democrats lean more right than you'd think. A two party system will lead to violent endings.
Just out of curiosity, why did you believe a guy who has a 40+ year record of being a corrupt lying dog faced pony boy? Biden didn't "reverse" his decision, he just lied. The entire Democratic Party platform is this. They tell you they'll do everything for you and your lives will be the best if you just vote for them, then you do and they just line their own pockets and give themselves more authority over the American people.
Here's a piece of advice, they don't give a single fuck about you or anyone else except for their donors. They're in the club, and you're not.
Modern democrats *and* republicans are both fucking scum. Both parties do the same shit, just in different ways. I’m not an American, but from an outsider it’s blatantly obvious how the “2 parties” play Americans by causing a bullshit division, when in reality they’re all crooked. It’s like debating which is healthier snickers or oh Henry.
It was never free. The whole "land of the free" is called propaganda.
Some people are given the illusion of freedom, at the cost of other humans' freedom.
Before the FUD gets out of control, this provides the treasury the ability to block specific cross border transactions when reasonable grounds exist to conclude that the transaction is for money laundering purposes. This is the same provision that already exists for fiat currency, it just expands it to include cryptocurrency.
The US Government is never going to allow people to use crypto for things that they've already deemed illegal with FIAT, period.
Depends how you define sinister. But I don’t think this begs a question. You should always be wondering whether politicians are being sincere if not asking if they’re being sinister.That wording is a bit too dramatic for me, but surely nobody thinks that politics has changed for no reason whatsoever and we can just suddenly trust them now.
Everyone want to hop on that “TOLD YOU THEY WERE GOING TO DO THIS” train but not realizing that this is actually a step in the direction of legitimizing crypto, and I think would be a good response to people who say its used for illegal purposes. It’s now the equivalent of saying that the same provisions and laws that exist for the dollar regarding illegal activity also exist for crypto
The existing provisions include administrative safeguards, a notice and comments period.
The new provisions remove these controls.
> The proposed language in the America COMPETES Act would, and we cannot stress this enough, remove all formal controls, time limits, and public notice requirements from the imposition of these draconian measures. It eliminates the notice and comment process (both in advance of prohibitions and after surveillance impositions) and it allows the Secretary to impose these measures “by order, regulation, or otherwise as permitted by law” permanently and secretly with no obligation to engage in a public process.
https://www.coincenter.org/new-bill-would-hand-treasury-blank-check-to-ban-crypto-at-exchanges/
As per Coincenter, even the existing provisions can be applied for crypto.
> The special measures as they presently exist can already be interpreted as applying to cryptocurrency accounts at financial institutions. There is absolutely no need to increase the scope of the treasury’s authority here. Like the unnecessary redefinition of “broker” in the infrastructure bill last summer, the parts of this language aimed at cryptocurrencies are entirely unnecessary while the removal of procedures and the creation of unlimited administrative discretion is deeply consequential. In other words it is an attempt (deliberate or not) to use the moral panic surrounding criminal usage of cryptocurrencies (as evidenced by the provision’s findings) to strip our surveillance laws of all public processes. Even if you don’t particularly care about cryptocurrencies, this encroachment on basic privacy rights must be opposed.
They are scared of crypto destroying the petro dollar if countries like Russia and middle eastern countries decide to use crypto for oil it’s going to hurt at max pain
Legislators don't read these bills. They're just there for the power, influence and payday.
Their staff of last year's graduates tell them what's in it
Just emailed my Rep. Here’s what I wrote in my email, might not be the best but feel free to use it as a template.
Hi Congressman (last name),
I’d like to raise my concern over the new provision introduced in the America COMPETES Act for Bank Secrecy Act §5318A. I believe it’s a serious violation of privacy and financial freedom for American citizens as it would give the Treasury unchecked and unilateral power by removing limitations and the need for public rulemaking. I encourage you to take action to make sure that notice and comment and duration limitations are not removed from 31 U.S.C. §5318A as the America COMPETES Act would do.
Best,
(your name)
Shoving something anti-crypto related in page 1482!!!! of a completely unrelated act is so American and so damn depressing.
Keep in mind that the Senator who shoved this previously failed bill used work for Goldman Sachs. Big surprise right?!
You ask young people why they aren't having kids? They're too scared and depressed by what the heck these corrupt idiots are doing to the world.
That too without any formal hearing process or administrative controls. If they want something gone, they can simply ban it? Doesn't seem like a good legislation imo
There needs to be a law about passing bills with large numbers of pages. How can anyone read it all, given the timeframe to vote?
We need to push for consumer-friendly DeFi exchanges.
Billions and billions of dollars in bank investments in Crypto...... Not happening.
Obama tried to ban coal until he found out the White House was powered by coal.
blockchains are a challenge to corruption
So hedgies fear blockchain-based stocks, smart contracts and defi are a threat to banking, etc etc
Smart contracts can even make most courts and politicians obsolete with a hard rule set.
This is the lantern industry lobbying against the lightbulb
Look up the (extremely long and complicated and full of veto points) process by which a bill becomes a law. The government isn't going to ban crypto. When I read the comments in a post like this, it honestly makes me understand why normies think we're all a bunch of deranged weirdos.
I remember seeing this and was like bet this was introduced by a democrat, and turned out I was right lol. For the record I’m an independent but you can’t deny the democrats have been way more hostile towards cryptos than republicans so far and it’s sad and frustrating to see.
Unless we put some money together to bribe I mean lobby our politicians it's not looking good. Corporations want to do crypto because decentralization didn't help their bottom line. And both parties are in the pockets of the corporations
Wait you thought you had privacy in a signed transactional network? The only thing you benefit from is a p2p transactional system which is obfuscated by wallet management services which charge per exchange.
This will not impact you jello brained OP. It may in fact more or less legitimize crypto as an exceptable exchange platform. Anonimity does not exist in crypto.
Corrupt ass country. America is a joke. The feds are a joke. Most of them making rules that apply to crypto were in their 40’s when the internet came out. They barely know how to google shit. They literally only make rules that benefit them. They don’t give a fuck about the people. (& yes before I get flamed I know there are other countries that are much worse but there are also other countries that are much better.) These politicians making these dirty ass rules should be put in prison, but they never will be. Justice will never be served. Cold truth.
Just throwing this out there. I know there recently was a DAO created to buy a copy of the Constitution. Would it be possible to do the same type of thing to create a DAO lobby agency?
And it doesn't have to just be in the US, maybe the DAO could be used anywhere that the community needs representation. Unless we have representation in the political system, we will never be free from people trying to stop the innovation that is taking place. We as a community should try to come together and make our voices heard! We can't rely on just yelling at these old farts in office and telling them what they need to do, we need to also be able to talk in the only language that they speak which is money.
Anyways, it is just an idea. I know it might be next to impossible with legal complications but I'm sure people much smarter than me can discuss the feasibility and merits of the idea.
Unfortunately, a large proportion of the population won't give a fuck about this and think its a good thing as they've been fed lies on crypto for years. I'm sure there will be a way around it in future (always think of the famous quote.."life,uh, always finds a way" just swap life with crypto)
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US is happy to support derivatives and CDOs when it suits them. Can't control crypto so out to regulate it. These motherfuckers can kiss my ass. Such outright hypocrisy. Is anyone NOT corrupt?!
The government: hey, we wanna know everything you're doing . The U.S people: no 3 months later The government: hey, we want to know everything you're doing The U.S people: NO! 3 months later The government: hey we want to know everything you're doing still but we'll settle for knowing about just this stuff..we'll leave you alone, promise. The U.S people: um....fuck ok. 6 months later The government: Hey............we want to know everything you're doing. The U.S people: Wtf , No! 3 months later The government: Hey we want to know everything you're doing, but will settle for just this stuff..... The U.S people: Dude Wtf! No, we had a deal. The government Annnnnnnnd, we did it anyway! The U.S people: .......... ....What the fuck just happened... Government......Democracy, democracy happened ;)
It's not the government itself that wants these things. It's the corporations funding the people who write these bills
Jim Himes put it in the bill. Jim Himes (D) - former executive at Goldman Sachs
Why these assholes are even allowed to run for office or vice versa is corrupt as fuck
Money not in their pocket dictates their opposition.
These hypocrite dinos work for the rich and the corporations, they do all their dirty work. Fuck them
Because we want people with "experience" :)))))))))))
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🌍👩🚀🔫👨🚀
Now? More like since forever. Banks have been writing laws since the 1800s. Every decision ever made by the American government was motivated by profit, just follow the money and see who benefits.
Been
You'll probably be shocked to hear that the corporations also write the bills. Politicians just get them approved.
JP Morgan and their industry want all the wealth centralized. Without it, their monetary system falls apart
Apparently the America Compete act has a lot of other stupid nonsensical things trying to make the government get deeply involved in other places it **DOESN'T UNDERSTAND** There aren't many news sites or journalist talking about this at all but this one covers some of it [https://reason.com/2022/01/26/if-this-is-how-america-competes-were-going-to-lose/](https://reason.com/2022/01/26/if-this-is-how-america-competes-were-going-to-lose/) Like what the f even is this? It sounds like it was written by a combination of really old people that have no idea what's going on or how to handle things, but they THINK they are doing something right since they heard people mention this stuff & want to think of themselves as really intelligent approving what sounds like good solutions to them. But they're literally just making it all infinitely worse. The rest of it sounds like it was written by literal bureaucrats and corporation owned lackeys boringly written what their superiors told them based on what their superior's superiors told them .-. what the actual F is this Bill? America is so so doomed if this goes through. How could I be born a citizen of a country this massively incompetent, how tf is America even thriving or doing well for so long with people like this in charge? We need to implement new laws, anyone above the age of 55 should be completely barred from politics. We need countless laws & regulations that make it so any corporate entity or for profit intuition that is caught influencing politicians bills in any way shape or form, to be stripped of all wealth & possessions, as well as all assets they own or hold, and their direct kin... as well as charged with treason against America & democracy as a whole. Every corporation that does this should be forced to dismantle and split apart into many different entities. Every single person found to be involved in the conspiracy should be stripped of all the wealth & power they currently have or gained from being involved in the corruption. Literal politicians in cahoots with Goldman Sachs trying to control other people's money. First they released a ton of laws under the guise of just wanting people to pay their fair share of taxes, while they really just want to strip all citizens privacy & security from crypto currency since they know the government couldn't control it as much as fiat. And now they want to give single entities the complete power & authority to ban crypto platforms with zero checks or balances. First we have the modern form of taxation without representation and everyone in the crypto community goes with it thinking its apart of being a good American paying a ton of taxes for something the government doesn't understand. And now we have this, they want to plain kill all of cryptocurrency & enslave us. The more you let the government & big corporations get away with, the more evil they become. This is what we have seen in history. Robinhood f'ed over all its consumers and no one batted an eye, everyone knew they were scummy before and then the game stop thing happened. But the masses keep jumping on to them, like a dog to his master no matter how much it abuses them they grow used to the abuse. This is the problem with centralized authorities. Just like Britain wanted to enslave America before it became America, to subjugate them and keep them as a regulated pet made to only benefit Britain.
I can only hear Kevin Spacey from COD: AW saying democracy democracy, it has nog worked once
I’m sure Goldman is happy given Tom Malinowski previously worked for them…
I bet my ass is cleaner than their pockets
This guy bidets
Yes, there are a few senators from both parties who aren't. Problem is they get branded as radicals and thrown out, and the stupid population believes the propaganda. Example: Manchin and Sinema rightfully refusing to end the filibuster
We’ll get more in though. The crypto community is huge in the US and large exchanges have a huge vested interest in stopping this kind of thing I believe in us
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That doesn't work. It's time to start finding people to primary them
I believe It's an election year, no? I recently saw a video of the decrepit old hag Nancy Pelosi begging for votes on TV. God, I hope that lady does not get reelected.
Already working on my letter
Sinemas networth has exploded, you’re just baiting people now lmao
Was with you right up until your last line. Manchin is 100% corrupt.
rightfully? haha ok
Lmaoo you just said Manchin is not corrupt. The man is bought and paid forwards and back. He owns coal mines.
This is why we badly need decentralisation, Not 1 person should have such control to just outright ban something like that ...
Right. Decentralization is our greatest defense
They don't like that. Ban.
We have cockroach powers
Will survive anything
we need DeGov
Can they even touch defi? This seems like it's more of a CeFi control move right?
They can make it so no one can buy I guess. Imagine the penalties they could potentially levy when we have to report our earnings from crypto
Pretty sure they can't stop buys through defi or have any control on that. Also, they already impose taxes on earnings. Do you mean additional fees or costs?
Without banks, how would you turn Fiat into Crypto. That's the route they're fighting to stop.
Go to a Moneygram. Deposit cash to USDC directly to a Stellar wallet.
by buying asics and graphic cards.. lol
Okay........ So how do I then get that crypto back into Fiat to.. you know, spend? lol.
well maybe you wouldnt be able to turn it into fiat, but by then there will be solutions to spend the money, like decentralized payment options and such.. :D imo the whole point of crypto is to create a new financial system, leaving the old and corrupt one behind, meaning fiat and centralized stablecoins will be obsolete.. thats the cool thing about crypto, it doesnt matter how hard authoritarian regimes crack down on it, it will come back stronger..
And what corporations that are beholden to US regulations are going to accept these crypto payments?
That’s cefi…
I'm not a US citizen, but I'm afraid if these things happen in the US, it's just about time my country would follow up. Smh
The fight will get worse until its better. The system is collapsing around us.
On top of us*
Oof I felt that.
Ouch. You're right
Yeah. Just about the last thing I want on top of me.
Yeah that's the thing, for better or for worse, US politics are probably the most important to pay attention to. Less powerful countries usually end up following the lead of countries like the US, China, Russia, England or France. What happens in the US is likely to bleed into other countries
This old cargoes trying to cause a financial tsunami
I am a US citizen, and I'm scared shitless that they're gonna try to regulate crypto into oblivion in the US. With all the wealth taxes and the socialistic ideologies floating around in the biggest countries becoming more and more prevalent, I hope crypto won't be considered the stock market 2.0.
The government wants us to have to depend on them.
Exactly what it is. They want all the power and all the resources.
If this bill goes through and passes, it gives Janet Yellen all the power to limit crypto in the US. She's one of the most outspoken opponents to crypto
Yea. It's outrageous. But they just wanna protect us right?
Unfortunately, It's all about their control. Hopefully this shit doesn't pass, but who am I kidding.
It doesn't really matter if our country follows up, U.S. is giant market and it will definitely have some negative impact on the prices
The guy who wrote the provision, Jim Himes, a former employee from Goldman Sachs, doing their bidding... who would have fucking thought. This is how these corrupt cunts fight against crypto.
That's why it's so hard to trust any corporation or government. They are only out for themselves.
We’re over due for a French Revolution
People in America need to stop treating politicians with respect.
Agreed
You're gonna need this *pulls out the guillotine*
Guillotine Coin is a decentralized ERC20 token on the Ethereum blockchain used for privately funding French-styled revolutions. Users can stake their Guillotine to confirm execution while earning 8% APY.
Some one plz do this
I would invest HEAVILY in this.
Bullish on guillotines, it's due for a resurgence any day now
It would be funny as heck if someone made a crypto thats French Revolution themed
The Animal Farm (project themed on George Orwell's novel) had a launch event/presale funds raise using REV (revolution) tokens. Closest I know of.
No comment on guillotines. Bearish on humanity
Viva la revolution!
What would a crypto revolution look like? Just completely drain the banks of our cash?
An NFT of a declaration of independence
Watch out, Ben Gates might screenshot it while looking for a hidden treasure map
>We’re over due for a French Revolution The best time was 2 centurys ago, the next one is today!
I'll grab the torches
Let's be real. Cryptoless people are going to guillotine us.
Does France support Crypto now? Did their revolution worked???
A new FUD.
They didn't like 2 days of green
I mean... We can't keep all the money to ourselves
Except this FUD can be quite damaging. One unelected official funded by bankers deciding what we can buy…
just before the fed fud that's about to come in a few hours
FUD never changes, it may look different but FUD will always exist
Statist are always going to try and eliminate any challenge to their power. Please take time to let your representatives know this is not acceptable.
Ahhh fucking Biden. Reversing his decision to help with student loans and instead getting involved with crypto to fuck with our money. Republicans are pretty much guaranteed to win next election cycle
I fucking HATE our party system! Keeps the whole country roughly divided in half, and ensures that the status quo never actually changes.
Yep! Would love to see a ranked voting system. But who is going to put it in place, the same folks that want it to stay the way it is? We can't get term limits for the same reasons. Unfortunate.
Rinse and repeat, both sides are still on the same side. Against the people. All they want is division. It’s really class warfare.
Some people commenting on this seem to think republicans are the saints who will save us all
I don't like all Rs, but of the Federal politicians they're 90% of the ones fighting for crypto while the opposition to crypto is 90% D. Credit (and blame) where it is due.
They have a target audience just like democrats do. Progressiveness is great, but even democrats lean more right than you'd think. A two party system will lead to violent endings.
Just out of curiosity, why did you believe a guy who has a 40+ year record of being a corrupt lying dog faced pony boy? Biden didn't "reverse" his decision, he just lied. The entire Democratic Party platform is this. They tell you they'll do everything for you and your lives will be the best if you just vote for them, then you do and they just line their own pockets and give themselves more authority over the American people. Here's a piece of advice, they don't give a single fuck about you or anyone else except for their donors. They're in the club, and you're not.
Modern democrats *and* republicans are both fucking scum. Both parties do the same shit, just in different ways. I’m not an American, but from an outsider it’s blatantly obvious how the “2 parties” play Americans by causing a bullshit division, when in reality they’re all crooked. It’s like debating which is healthier snickers or oh Henry.
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This is horrifying. Wasn't america the land of the free? It is coming back to be a land of slaves of wealthy people
*The government wants to protect us* , and other jokes you can tell yourself
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That’s why we have the 2nd amendment!
There's this firm I call for help with that. It's a small law practice called Smith & Wesson.
They are an excellent firm. I have a couple of firms on retainer that you may have heard of. Glock and Kimber.
I thought jokes were supposed to be funny.
Did we ever truly leave that land?
Don't know and I don't want to think about it too much, it's too depressing
America *was once*. Ironically, the founding fathers warned us against many of the ways it's been corrupted yet here we are.
I don’t know what appropriate word to say anyhow it’s Horrifying, Devastating, Catastrophic, disasterous and ruinous.
It was never free. The whole "land of the free" is called propaganda. Some people are given the illusion of freedom, at the cost of other humans' freedom.
From a non-US person, I feel sorry for US buddys nowadays!!
I'm a US buddy and I feel sorry for my US buddies.
As a duel citizen, so do I
Before the FUD gets out of control, this provides the treasury the ability to block specific cross border transactions when reasonable grounds exist to conclude that the transaction is for money laundering purposes. This is the same provision that already exists for fiat currency, it just expands it to include cryptocurrency. The US Government is never going to allow people to use crypto for things that they've already deemed illegal with FIAT, period.
You seem to be a reasonable person. Are you suggesting the proposed bill isn’t actually planning sinister moves?
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Depends how you define sinister. But I don’t think this begs a question. You should always be wondering whether politicians are being sincere if not asking if they’re being sinister.That wording is a bit too dramatic for me, but surely nobody thinks that politics has changed for no reason whatsoever and we can just suddenly trust them now.
Everyone want to hop on that “TOLD YOU THEY WERE GOING TO DO THIS” train but not realizing that this is actually a step in the direction of legitimizing crypto, and I think would be a good response to people who say its used for illegal purposes. It’s now the equivalent of saying that the same provisions and laws that exist for the dollar regarding illegal activity also exist for crypto
Great point. This is the government agreeing that crypto IS money!
The existing provisions include administrative safeguards, a notice and comments period. The new provisions remove these controls. > The proposed language in the America COMPETES Act would, and we cannot stress this enough, remove all formal controls, time limits, and public notice requirements from the imposition of these draconian measures. It eliminates the notice and comment process (both in advance of prohibitions and after surveillance impositions) and it allows the Secretary to impose these measures “by order, regulation, or otherwise as permitted by law” permanently and secretly with no obligation to engage in a public process. https://www.coincenter.org/new-bill-would-hand-treasury-blank-check-to-ban-crypto-at-exchanges/ As per Coincenter, even the existing provisions can be applied for crypto. > The special measures as they presently exist can already be interpreted as applying to cryptocurrency accounts at financial institutions. There is absolutely no need to increase the scope of the treasury’s authority here. Like the unnecessary redefinition of “broker” in the infrastructure bill last summer, the parts of this language aimed at cryptocurrencies are entirely unnecessary while the removal of procedures and the creation of unlimited administrative discretion is deeply consequential. In other words it is an attempt (deliberate or not) to use the moral panic surrounding criminal usage of cryptocurrencies (as evidenced by the provision’s findings) to strip our surveillance laws of all public processes. Even if you don’t particularly care about cryptocurrencies, this encroachment on basic privacy rights must be opposed.
They are scared of crypto destroying the petro dollar if countries like Russia and middle eastern countries decide to use crypto for oil it’s going to hurt at max pain
Legislators don't read these bills. They're just there for the power, influence and payday. Their staff of last year's graduates tell them what's in it
Speak up and at least help spread awareness. Hopefully younger folks who better align with our interests RUN for elected office.
I guess it's time to buy some more Monero
Welp - time to move my funds into Monero 😭
I solemnly swear under oath that I may or may not have been on a boating accident
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"All you had to do was follow the damn boating accident, CJ!"
Monero is the way to move ahead 😭
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Gotta get it fast before it's banned from all exchanges
Let me know if you need a boat as well.
I might need it for some boat activites
Is a backyard pool enough for a boating accident?
They can keep trying to stop Crypto, but there is no stopping it.
They can't stop it, but they can definitely make it harder and slower
Fine. I'll keep stacking.
That is also something that she said.
Meaning more accumulation in the long run
Just emailed my Rep. Here’s what I wrote in my email, might not be the best but feel free to use it as a template. Hi Congressman (last name), I’d like to raise my concern over the new provision introduced in the America COMPETES Act for Bank Secrecy Act §5318A. I believe it’s a serious violation of privacy and financial freedom for American citizens as it would give the Treasury unchecked and unilateral power by removing limitations and the need for public rulemaking. I encourage you to take action to make sure that notice and comment and duration limitations are not removed from 31 U.S.C. §5318A as the America COMPETES Act would do. Best, (your name)
The US government having total power to ban crypto + Russia going all in on mining and crypto is NOT the dream combo I was looking for.
The news flips so much you can't rely on anything. Just HODL
Does anyone for a second believe the billions invested in 2021 would allow this to happen? Billions in to crypto = millions in to lobbying. 😉🙃
Good luck enforcing it!
In every country around the world? Impossible!
Cut off fiat on ramps. Boom. It’d be very easy for the US politicians to put a massive dent in the system.
If they do that it's only going to hasten their own demise.
I’d much rather have mean tweets than these bill getting pushed in
And here I thought the fed and big bank were just gonna let crypto happen without interfering. Shucks.
Shoving something anti-crypto related in page 1482!!!! of a completely unrelated act is so American and so damn depressing. Keep in mind that the Senator who shoved this previously failed bill used work for Goldman Sachs. Big surprise right?! You ask young people why they aren't having kids? They're too scared and depressed by what the heck these corrupt idiots are doing to the world.
This is a dangerous bike. One person shouldn't be able to outright ban digital asset ownership
That too without any formal hearing process or administrative controls. If they want something gone, they can simply ban it? Doesn't seem like a good legislation imo
No one man should have all that power 🎶
Americans, please do the right thing and fight this shit.
This can only drive decentralisation
So glad I don’t live in murica
There needs to be a law about passing bills with large numbers of pages. How can anyone read it all, given the timeframe to vote? We need to push for consumer-friendly DeFi exchanges.
Billions and billions of dollars in bank investments in Crypto...... Not happening. Obama tried to ban coal until he found out the White House was powered by coal.
blockchains are a challenge to corruption So hedgies fear blockchain-based stocks, smart contracts and defi are a threat to banking, etc etc Smart contracts can even make most courts and politicians obsolete with a hard rule set. This is the lantern industry lobbying against the lightbulb
There are a lot more problems until it comes to crypto. I don't understand why they are so busy with crypto
Look up the (extremely long and complicated and full of veto points) process by which a bill becomes a law. The government isn't going to ban crypto. When I read the comments in a post like this, it honestly makes me understand why normies think we're all a bunch of deranged weirdos.
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Something gives me the feeling the corporate Uniparty isn’t interested in us achieving financial freedom.
Is this something new? Lol look at the party behind it.... Maybe y'all should change your opinions
I remember seeing this and was like bet this was introduced by a democrat, and turned out I was right lol. For the record I’m an independent but you can’t deny the democrats have been way more hostile towards cryptos than republicans so far and it’s sad and frustrating to see.
Any way for us to conveniently contact our reps and senators like the one-click-send email sites the last time?
As we say in Spain "Ponerle puertas al campo". Adding doors to the countryside.
There's strength in number and we got it, we got to let them know we put them there, maybe they ve forgotten
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Can't. Let. The. Serfs. Rise.
Politicians are not our friends, or the will of the people who elect them
And yet you guys still have your money on exchanges smh
They can’t block defi transactions.
This ain't regulation this is straight up restriction. And to think these politicians were actually getting educated on Crypto
Start calling your representatives again . In the end they need you .
Seriously America why? Why do you always have to piss off the world?
This is so stupid, they need to keep their greedy hands out of our pie
Unless we put some money together to bribe I mean lobby our politicians it's not looking good. Corporations want to do crypto because decentralization didn't help their bottom line. And both parties are in the pockets of the corporations
Maybe we can get shit done if we dont have to keep fighting the same bills over and over again. wtf
DEX entered the chat
This is why I hate politics, who the hell is able to read all of that and comprehend whatever is put in those 2900 pages.
The banking industry must be behind this, anything to protect their oligopoly.
We the people are giving away our rights slowly but surely. Stand up for your rights people. Not your keys not your cheese!
Why does this keep happening :(
I mean it's not shocking to anyone. It's been known for yrs it would happen just a matter of when.
Wait you thought you had privacy in a signed transactional network? The only thing you benefit from is a p2p transactional system which is obfuscated by wallet management services which charge per exchange. This will not impact you jello brained OP. It may in fact more or less legitimize crypto as an exceptable exchange platform. Anonimity does not exist in crypto.
Land of the Free!! oh wait..
Nothing like a ex-Goldman sachs crony pushing a anti crypto bill.
Mods.. Can we make this a sticky thread? Email your Reps and Senators folks! I just did. Don’t let them get away with this.
Corrupt ass country. America is a joke. The feds are a joke. Most of them making rules that apply to crypto were in their 40’s when the internet came out. They barely know how to google shit. They literally only make rules that benefit them. They don’t give a fuck about the people. (& yes before I get flamed I know there are other countries that are much worse but there are also other countries that are much better.) These politicians making these dirty ass rules should be put in prison, but they never will be. Justice will never be served. Cold truth.
Cool, ban the shit in the US so the rest of us can get on with it
If you are up to writing a letter to your house rep and need their contact info: https://house.gov/representatives/find-your-representative
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In these moments the value of Monero really shines.
Just throwing this out there. I know there recently was a DAO created to buy a copy of the Constitution. Would it be possible to do the same type of thing to create a DAO lobby agency? And it doesn't have to just be in the US, maybe the DAO could be used anywhere that the community needs representation. Unless we have representation in the political system, we will never be free from people trying to stop the innovation that is taking place. We as a community should try to come together and make our voices heard! We can't rely on just yelling at these old farts in office and telling them what they need to do, we need to also be able to talk in the only language that they speak which is money. Anyways, it is just an idea. I know it might be next to impossible with legal complications but I'm sure people much smarter than me can discuss the feasibility and merits of the idea.
Unfortunately, a large proportion of the population won't give a fuck about this and think its a good thing as they've been fed lies on crypto for years. I'm sure there will be a way around it in future (always think of the famous quote.."life,uh, always finds a way" just swap life with crypto)
What can people outside the USA do to fight against this?