US Congress: Yet another Omnibus Bill has been introduced in Congress, that contains provisions that seeks to prohibit crypto transactions, damage privacy and constitutional rights. Once again, we have to fight these laws.
After the Infrastructure bill debacle where anti-crypto laws were introduced in a must pass bill, now a new America COMPETES act has just been filed in Congress. This Bill on the surface seeks to make US more competitive against China.
But hidden deep in its 2900 pages, this Bill contains provisions that give the Treasury unlimited powers to prohibit and block crypto exchanges.
Currently, the Treasury cannot take unilateral decisions to block crypto transactions without a formal notice and a public process, and give a 120 day period to challenge any decision. However, under the new Bill, the Treasury can take decisions without any formal process, based solely on its own apprehensions.
The new bill allows the Treasury headed by Yellen to block transmission of funds if the Treasury deems so. It can quickly order blocking any transaction or exchange without any review process or administrative controls. This gives the Treasury unchecked control over all crypto exchanges and transactions.
This language was already included in a bill from last year, however there was opposition and it was removed. However yet again this has been sneaked into a must pass bill. The very idea of sneaking in such clauses in 2900 pages of incomprehensible regulations stinks. How are even the legislators going to read any of this?
Just pointing out that banning crypto exchanges is NOT banning crypto.
Infact exchanges are what allows manipulation of crypto and exchanges are the antithesis to the crypto. When you have true defi, you wont need exchanges and this bill cant do anything.
I am not arguing that this bill is being passed for good reasons. However, I am arguing that the end effects of this bill is actually going to be a positive for crypto.
But won’t it be harder for ordinary folks to funnel their cash into bitcoin? How will you cash out bitcoin for dollars without an exchange? Do decentralized exchanges work the same as Coinbase — and if so, wouldn’t they be subject to the tyranny currently being discussed?
There are couple answers to this on-ramp question.
First answer already exists - Lets say you trust me. You can send me money via paypal and I can send you crypto directly from my wallet to yours. You can do this with anyone you trust. Your family, friends, local community etc. Problem really is finding people you can trust and scalability.
The second asnwer is that you can create a proper defi system with smart contracts where I send you crypto and you send me money via bank transfer and no one else is in the middle. Check out veritaseum. I think its poised to be able to do this, and its inventor finally got the patent awarded.
However the final answer is that in future we may not even need the regular currency anymore. The people's crypto will be backed by assets, and everyone will accept it as legal tender and hence there is no need to convert it to dollars. It is the dollar.
When all the people that I don't trust are shilling harder than ever for crypto that tells me what I need to know. I still will invest but carefully and move profits to physical metals.
Copied from Reddit
https://www.reddit.com/r/CryptoCurrency/comments/sdam8b/us_congress_yet_another_omnibus_bill_has_been/
US Congress: Yet another Omnibus Bill has been introduced in Congress, that contains provisions that seeks to prohibit crypto transactions, damage privacy and constitutional rights. Once again, we have to fight these laws.
After the Infrastructure bill debacle where anti-crypto laws were introduced in a must pass bill, now a new America COMPETES act has just been filed in Congress. This Bill on the surface seeks to make US more competitive against China.
But hidden deep in its 2900 pages, this Bill contains provisions that give the Treasury unlimited powers to prohibit and block crypto exchanges.
Currently, the Treasury cannot take unilateral decisions to block crypto transactions without a formal notice and a public process, and give a 120 day period to challenge any decision. However, under the new Bill, the Treasury can take decisions without any formal process, based solely on its own apprehensions.
The new bill allows the Treasury headed by Yellen to block transmission of funds if the Treasury deems so. It can quickly order blocking any transaction or exchange without any review process or administrative controls. This gives the Treasury unchecked control over all crypto exchanges and transactions.
This language was already included in a bill from last year, however there was opposition and it was removed. However yet again this has been sneaked into a must pass bill. The very idea of sneaking in such clauses in 2900 pages of incomprehensible regulations stinks. How are even the legislators going to read any of this?
The new bill: https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-117HR4521RH-RCP117-31.pdf
Coincenter's legal arguments: https://www.coincenter.org/new-bill-would-hand-treasury-blank-check-to-ban-crypto-at-exchanges/
Yellen should be thrown in a gulag for multiple reason but so should many exchanges.
Tether is likely to cause a crypto crash
https://youtu.be/-whuXHSL1Pg?t=110
Haha, you explained in one sentence what I did in 2 pages!
I agree with Tether crashing, algorithmic stablecoins will be the way to go.
Just pointing out that banning crypto exchanges is NOT banning crypto.
Infact exchanges are what allows manipulation of crypto and exchanges are the antithesis to the crypto. When you have true defi, you wont need exchanges and this bill cant do anything.
I am not arguing that this bill is being passed for good reasons. However, I am arguing that the end effects of this bill is actually going to be a positive for crypto.
But won’t it be harder for ordinary folks to funnel their cash into bitcoin? How will you cash out bitcoin for dollars without an exchange? Do decentralized exchanges work the same as Coinbase — and if so, wouldn’t they be subject to the tyranny currently being discussed?
There are couple answers to this on-ramp question.
First answer already exists - Lets say you trust me. You can send me money via paypal and I can send you crypto directly from my wallet to yours. You can do this with anyone you trust. Your family, friends, local community etc. Problem really is finding people you can trust and scalability.
The second asnwer is that you can create a proper defi system with smart contracts where I send you crypto and you send me money via bank transfer and no one else is in the middle. Check out veritaseum. I think its poised to be able to do this, and its inventor finally got the patent awarded.
However the final answer is that in future we may not even need the regular currency anymore. The people's crypto will be backed by assets, and everyone will accept it as legal tender and hence there is no need to convert it to dollars. It is the dollar.
I hope you’re right, but the reptilians in charge won’t give us “the people’s money” without a huge fight. Thank God Satoshi is anon,
When all the people that I don't trust are shilling harder than ever for crypto that tells me what I need to know. I still will invest but carefully and move profits to physical metals.
That sounds like a good idea 👍