They finally fucking did it. They found a way to destroy crypto.
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Take a good read through this shit. Crypto is basically being treated as money and as such operators of any kind of transaction system for crypto are now broadly construed as money transmitters and require AML and KYC regulation.
Im growing tired Jow Forums
Empty threats, if they haven't done anything in 10 years they won't start now. Especially with a GOP-led Presidency and Senate.
Normally I'd be thinking along the same lines as you, but look at this in the context of the iFinex/Tether situation and I think its safe to say the money cartel is ready to carve their slice.
Oh I agree it's coming...someday. Especially if Dems gain control again. I just think now is not the time, don't kid yourself if you don't think alot of rich Republicans are quietly dabbling in crypto in the background and I bet you 100% Trumps knows at least the basics of it all but he has more important things to worry about. But yeah a shithead Democrat like the NY AG may try something on the local level.
The us government also thought they could stop people from smoking weed.
>America is the whole world
Faggot
See thats the difference here. This isnt prohibition its (((regulation))).
Well considering the US military is the one who will push in the shit of anybody in the world who doesnt follow (((their rules))). Id say it would be beneficial to pay attention to the ones making the rules there.
>Faggot.
Cringe. Imagine unironically believing the SEC can enforce or even know about p2p transactions on a decentralized currency.
Ok so then we agree that mainstream and insitutional adoption of crypto is unlikely then.
>Re-read OP
> Running LN nodes requires a license
more like it kills corecucks
Not to mention this doesnt even involve the SEC. Did you even read the fucking publication?
Yes it does. Which Im somewhat grateful for. It also defines any crypto token a currency, which almost all tokens in the ecosystem fall under and systems including dapps that operate to utilize them now are considered money services and fall under fincen guidelines.
This is broad regulation but in a manner that funnels the entirety of crypto into a blanket definition and forcing the crypto economy into financial regulator control. This doesnt benefit the spread of crypto systems, it chokes it.
No longer will we be able to build systems to transact and build our new economy. Only large corporations with money and pull will be able to meet the definitions and therefore centralize the use of said economy.
Fuck.
they'll keep trying. eventually blockchain will control the government. not the other way round
You are about a year late to this party.
i was just typing out almost exactly what you said here. i had about the same initial takeaway.
Glad someone else on Jow Forums is reading through this thing.
I guess that's a silver lining? It's not explicitly outright banning anything.
>Only large corporations with money and pull will be able to meet the definitions
C H A I N L I N K
I do not see the problem. That is what we want. we want to reinvent the wheel. Make large institutions buy up bitcoin, eth and litecoin. This will propel crypto to the moon and some of us who bought early will get rich. Thats it. Eventually nothing will really change. Its not like crypto is financial freedom for everyone, because that doesn't make any sense.
Yeah an outright ban wouldnt be great either. But this is just a complete swing to the opposite. Its not beneficial for US developers to build for the crypto economy unless under permission from the very same controllers they wish to evolve away from.
Not to mention this will explicitly lead to punishment for individuals collaborating with crypto organizations in which activity can be declared within US fincen jurisdiction.
This will further detach crypto from US users.
In the end crypto adoption for the US will only happen within the bankers narrow self preserving ideals. Completely antithetical to the purpose of crypto to begin with.
In short...they found a way to control it.
This isnt institutions putting money in and raising he price of your favorite coin Patel.
This is the money cartel forcing institutions into basically acting as another fiat based organization.
This isnt the 'regulation' you think it is.
This was the way LN was always going to go. This exact criticism happened well over a year ago and everyone just yelled and screamed fud.
LN is barely scratching the surface of this.
Dapps that utilize a token designed for the purpose of acting like a currency, are now considered money service businesses and require licensing.
Only a small amount of exception exists.
For a while now if it wasnt a fiat currency or involved a trade into or out of fiat it didnt fall under regulation.
In one fell swoop this has changed.
Crypto is basically fiat now.
So should I sell everything?
If anything, this shows they are gearing up for mass adoption. Stay out of Monero, but for everything other than privacy coins, this is bullish af.
So basically this also ends the crypto-crypto tax? Because there's no tax on money conversion.
Who cares you basically hold a bunch of fiat anyway.
The only difference is the infrastructure to use that fiat doesnt fully exist yet and may never fully exist in most cases now.
Incorrect, this is an addition to any other agencies regulation.
Why would I use crypto if its treated like fiat?
Why are you contradicting yourself?
Where is the contradiction?