The US crypto regulation

[Lens]

The ex Chairman of the Securities and Exchange Commission (SEC), Jay Clayton, urged the administration to begin the procedure to cryptocurrency regulation

According to Clayton, despite the commotion, the government should first acknowledge the benefits of cryptocurrencies to the financial system before enacting any rules, as stated in a press release issued by the Wall Street Journal on August 25.

 

[Yugocean]

Let them regulate, who is stopping them?
Oh wait, different US states have different laws, and most of the states will object federal regulations if they are not made as per demand by the state.
Plus Bitcoin cannot be touched.

 

[Monster Masterpiece]

Let them regulate, who is stopping them?
Oh wait, different US states have different laws, and most of the states will object federal regulations if they are not made as per demand by the state.
Plus Bitcoin cannot be touched.

Yes you are right since if unfortenally United States Of America ban the use of bitcoin will be a red market and bad news for bitcoin holders since everything is related.

 

[Yugocean]

Yes you are right since if unfortenally United States Of America ban the use of bitcoin will be a red market and bad news for bitcoin holders since everything is related.

Won't happen, China is also tired of banning Bitcoin multiple times, when there is no one to stop Govt there. US policy is already divided over ban/ regulation and ignoring things.

 

[GoldenLady]

It may happen, but there will surely be backlash from their citizens. Besides, they have greater concerns now with the Russia-Ukraine war and inflation.

 

[Abigael]

I hope that they don't end up banning crypto currencies like China did. They should for sure consider the benefits that they have to citizens so that they don't reap them of great investment options.

 

[Nomad]

I think we need some kind of law to govern crypto because in recent times we have seen the collapse of a lot of crypto companies.

 

[Yugocean]

I think we need some kind of law to govern crypto because in recent times we have seen the collapse of a lot of crypto companies.

Law to govern companies, not to govern crypto, crypto is for economic freedom, not for governed by. But companies should be.

 

[Nomad]

Law to govern companies, not to govern crypto, crypto is for economic freedom, not for governed by. But companies should be.

Agreed. But if you check the crypto market, you will find a private firms control more than 90 percent of crypto, despite being decentralized money. FTX collapsed, what will happen when Binance and Coinbase also collapse?

 

[Yugocean]

Agreed. But if you check the crypto market, you will find a private firms control more than 90 percent of crypto, despite being decentralized money. FTX collapsed, what will happen when Binance and Coinbase also collapse?

Its the investors choice, they invest in private companies to earn intrest, this is another issue, there are private banks too, what will happen if they collapse?

 

[Nomad]

Its the investors choice, they invest in private companies to earn intrest, this is another issue, there are private banks too, what will happen if they collapse?

Private banks are governed by the central bank's laws, so when private banks are on the verge of collapse, the central bank will take over and control them. Collaspe of a bank is not somehting like a shutting down of a shop.

 

[Yugocean]

Private banks are governed by the central bank's laws, so when private banks are on the verge of collapse, the central bank will take over and control them. Collaspe of a bank is not somehting like a shutting down of a shop.

When corruption runs, not everywhere this happens, however if it's controlled, then it does. Crypto isn't Bank controlled, it will remain different unless something like El Salvador accepts

 

[Nomad]

When corruption runs, not everywhere this happens, however if it's controlled, then it does. Crypto isn't Bank controlled, it will remain different unless something like El Salvador accepts

Crypto is decentralized money, but crypto is managed by centralized exchanges and crypto companies, I believe there should be laws to control these companies, otherwise more cases of FTX and LUNA will happen.