I'll just quote this from one of the admins of the Sia Foundation (decentralized cloud storage):
I'm not one to ping the entire server over something trivial. As such, this is not trivial; a congressional bill has been proposed which substantially inhibits the ability of developers to build cryptocurrency applications from the US. This is a problem for more than just the Sia Foundation, it's a problem for the entire industry. If you live in the US, today is a good day to get on the phone and call your representative. Check out the tweet linked for instructions on what to do.
https://twitter.com/jchervinsky/status/1422987836903628803
For more background on what's happening, check out this EFF article:
If you consider yourself a US citizen of crypto, then consider this a civic duty. Protect our legal rights! Make sure the US doesn't kill its crypto industry.
Of course they are going to regulate any competition to their monetary monopoly and only allow "approved" currencies which will not be real decentralized crypto.
This is why people should play with a few dollars. Buy on an exchange or wherever, practice sending to your wallet like https://electrum.org/ or whatever flavor you want.
Back it up, create your passphrase and try to restore on another machine. Do this 20x times until it is memorized.
This way you hold your keys/coins and you are playing with a small amount and if you lose it no worries.
Would hate to do a backup/restore on a large sum 100k+ and lose it!
Everybody should take this post very seriously. We're still in the baby shoes of this industry, and the sooner you start familiarizing yourself with it the better.
A few based crypto businesses could be make-or-break in the situation that we find ourselves in.
Don't let another Google, FB, Twatter become the gatekeepers of this fledgling industry.
RIP and thanks to all the (supply reducing) donations by those that lost access to their coins.
I'll TL;DR what's actually in the bill, the topic's been covered in depth on other forums.
Anyone that has a stake in crypto of any size has to file an annual form with the IRS. Because the proposed amendment is so poorly written, it could apply to developers that work on cryptocurrency projects, people that mine crypto with spare CPU cycles, even websites that display ads about crypto- even if they never bought, sold, or have investments in crypto.
When are we going to get people in elected offices that care about Americans?
Is this the Green New Deal?
No, but equally devastating for the people.
They want full control, and decentralization of any kind is in their way.