Topic: [2022-01-29] Biden Admin To Regulate Bitcoin As A Matter Of National Security (Read 436 times)
May 01, 2022, 08:16:05 PM
@Kakmakr. Agreed. Similar to any type of new technology that causes a foundational change on how we were doing things, there will always be the traditionalists like government or an outdated corporation who will fight this development to maintain the old order of things. In the cryptospace, it is also happening. There also many cryptotraditionalists who are rejecting Defi, ICOs and NFTs.
April 28, 2022, 04:29:35 AM
If we consider cryptocurrency as a threat to national security, then of course it is necessary to create a mechanism for its regulation. But is there such a possibility? I wonder how it can really be. Maybe we'll find out soon...
The threat has been designed to fit the agenda of the Banks and other Fiat based financial institutions. They used the media to push an agenda that Bitcoin is used to launder money and Bitcoin is used to fund terrorism and Bitcoin is used by hackers to attack government networks.. but most of these things are also being done by simply using "Cash". (Even fraudulent accounts in Banks or offshore Bank accounts)
The Banks hate Bitcoin and the US government cannot handle the fact that not all Bitcoin transactions can be traced. So it is just natural for them to try and regulate it, so that they can get control over it.
March 18, 2022, 02:33:46 PM
If we consider cryptocurrency as a threat to national security, then of course it is necessary to create a mechanism for its regulation. But is there such a possibility? I wonder how it can really be. Maybe we'll find out soon...
March 12, 2022, 01:35:28 AM
I also find it interesting what Canada did seizing assets from centralized entities - bitcoin, Canadian dollars etc. If anyone anywhere in the world is relying on a centralized exchange/other entity to protect them from the police power of the government they are in for a rude wakeup call eventually. If you have bitcoin at a centralized entity for anything other than trading, you should rethink that position.
Authoritarians like Trudeau want power and are willing to do whatever they can to get it. There are people like that involved in the governments the world over. Bitcoin, when you hold your own keys, helps prevent these evil people from controlling everyone else.
Authoritarians like Trudeau want power and are willing to do whatever they can to get it. There are people like that involved in the governments the world over. Bitcoin, when you hold your own keys, helps prevent these evil people from controlling everyone else.
News update.
The skeptical me thinks that this executive order might really be the Biden administration’s way to quicken the implementation and release of the American government’s CBDC. What they will certainly also do is create an envronment where it would be very hard to use bitcoin and other cryptocoins legally and begin promoting CBDC. It might be by 2024, America might make the first CBDC issuance.
U.S. President Joe Biden is expected to issue an executive order on cryptocurrency this week, an administration official familiar with the matter reportedly told Yahoo Finance. The news of the Biden administration preparing an executive order on crypto was first reported in January.
The executive order will direct a wide range of government agencies to study cryptocurrency and central bank digital currency (CBDC), and come up with a government-wide strategy to regulate crypto assets, the publication conveyed.
Source https://news.bitcoin.com/us-president-biden-issue-executive-order-on-crypto/
The skeptical me thinks that this executive order might really be the Biden administration’s way to quicken the implementation and release of the American government’s CBDC. What they will certainly also do is create an envronment where it would be very hard to use bitcoin and other cryptocoins legally and begin promoting CBDC. It might be by 2024, America might make the first CBDC issuance.
U.S. President Joe Biden is expected to issue an executive order on cryptocurrency this week, an administration official familiar with the matter reportedly told Yahoo Finance. The news of the Biden administration preparing an executive order on crypto was first reported in January.
The executive order will direct a wide range of government agencies to study cryptocurrency and central bank digital currency (CBDC), and come up with a government-wide strategy to regulate crypto assets, the publication conveyed.
Source https://news.bitcoin.com/us-president-biden-issue-executive-order-on-crypto/
However, holders of bitcoin will also be having their own wakeup call if their addresses are given restrainng orders by a judge similar to those Canadian protestor's wallets. A judge ordered that transactions going out of those wallets were illegal and the owners can be imprisoned. I am not certain what would happen to the receivers of the transactions, however. The government might have the right to take them for questioning.
March 11, 2022, 01:37:51 AM
President Joe Biden signed an executive order Wednesday that directs federal agencies to address Bitcoin and other digital assets, so this news spread panic through the Bitcoin and Crypto currency community and speculators dumped like crazy.
I personally think it will not be as bad as most people are saying. The trigger for this was Russia using Crypto currency to bypass the financial sanctions that were imposed on them. The Puppet masters does not like it when their power are challenged and when loop-holes are used to nullify their actions to force countries to follow their agenda.
On the other hand..... many countries made Crypto donations to the Ukraine... when the Banking system failed. Stake.com donated $1 000 000 to the Ukraine to support them.
I personally think it will not be as bad as most people are saying. The trigger for this was Russia using Crypto currency to bypass the financial sanctions that were imposed on them. The Puppet masters does not like it when their power are challenged and when loop-holes are used to nullify their actions to force countries to follow their agenda.
On the other hand..... many countries made Crypto donations to the Ukraine... when the Banking system failed. Stake.com donated $1 000 000 to the Ukraine to support them.
February 22, 2022, 01:08:56 PM
I also find it interesting what Canada did seizing assets from centralized entities - bitcoin, Canadian dollars etc. If anyone anywhere in the world is relying on a centralized exchange/other entity to protect them from the police power of the government they are in for a rude wakeup call eventually. If you have bitcoin at a centralized entity for anything other than trading, you should rethink that position.
Authoritarians like Trudeau want power and are willing to do whatever they can to get it. There are people like that involved in the governments the world over. Bitcoin, when you hold your own keys, helps prevent these evil people from controlling everyone else.
Authoritarians like Trudeau want power and are willing to do whatever they can to get it. There are people like that involved in the governments the world over. Bitcoin, when you hold your own keys, helps prevent these evil people from controlling everyone else.
News update.
The skeptical me thinks that this executive order might really be the Biden administration’s way to quicken the implementation and release of the American government’s CBDC. What they will certainly also do is create an envronment where it would be very hard to use bitcoin and other cryptocoins legally and begin promoting CBDC. It might be by 2024, America might make the first CBDC issuance.
U.S. President Joe Biden is expected to issue an executive order on cryptocurrency this week, an administration official familiar with the matter reportedly told Yahoo Finance. The news of the Biden administration preparing an executive order on crypto was first reported in January.
The executive order will direct a wide range of government agencies to study cryptocurrency and central bank digital currency (CBDC), and come up with a government-wide strategy to regulate crypto assets, the publication conveyed.
Source https://news.bitcoin.com/us-president-biden-issue-executive-order-on-crypto/
The skeptical me thinks that this executive order might really be the Biden administration’s way to quicken the implementation and release of the American government’s CBDC. What they will certainly also do is create an envronment where it would be very hard to use bitcoin and other cryptocoins legally and begin promoting CBDC. It might be by 2024, America might make the first CBDC issuance.
U.S. President Joe Biden is expected to issue an executive order on cryptocurrency this week, an administration official familiar with the matter reportedly told Yahoo Finance. The news of the Biden administration preparing an executive order on crypto was first reported in January.
The executive order will direct a wide range of government agencies to study cryptocurrency and central bank digital currency (CBDC), and come up with a government-wide strategy to regulate crypto assets, the publication conveyed.
Source https://news.bitcoin.com/us-president-biden-issue-executive-order-on-crypto/
February 21, 2022, 08:06:34 PM
News update.
The skeptical me thinks that this executive order might really be the Biden administration’s way to quicken the implementation and release of the American government’s CBDC. What they will certainly also do is create an envronment where it would be very hard to use bitcoin and other cryptocoins legally and begin promoting CBDC. It might be by 2024, America might make the first CBDC issuance.
U.S. President Joe Biden is expected to issue an executive order on cryptocurrency this week, an administration official familiar with the matter reportedly told Yahoo Finance. The news of the Biden administration preparing an executive order on crypto was first reported in January.
The executive order will direct a wide range of government agencies to study cryptocurrency and central bank digital currency (CBDC), and come up with a government-wide strategy to regulate crypto assets, the publication conveyed.
Source https://news.bitcoin.com/us-president-biden-issue-executive-order-on-crypto/
The skeptical me thinks that this executive order might really be the Biden administration’s way to quicken the implementation and release of the American government’s CBDC. What they will certainly also do is create an envronment where it would be very hard to use bitcoin and other cryptocoins legally and begin promoting CBDC. It might be by 2024, America might make the first CBDC issuance.
U.S. President Joe Biden is expected to issue an executive order on cryptocurrency this week, an administration official familiar with the matter reportedly told Yahoo Finance. The news of the Biden administration preparing an executive order on crypto was first reported in January.
The executive order will direct a wide range of government agencies to study cryptocurrency and central bank digital currency (CBDC), and come up with a government-wide strategy to regulate crypto assets, the publication conveyed.
Source https://news.bitcoin.com/us-president-biden-issue-executive-order-on-crypto/
February 18, 2022, 12:13:32 AM
This appears to be the American cryptofirms’ solution to be compliant on the Biden administration’s executive order to strictly regulate the cryptospace that will begin next week according to some articles. I reckon putting restraining orders on public addresses that break the rules will be easy which criminalizes all transactions going out of the address, however, enforcing the restraining order will certainly be difficult.
A coalition of some of the US's largest crypto firms is rolling out a solution to heightened anti-money laundering standards.
The so-called Travel Rule Universal Solution Technology, or "TRUST," allows crypto firms to securely collect and transmit customer data in accordance with the travel rule.
Now, a group of the US's biggest crypto players have rolled out their solution in the form of TRUST. Anchorage, Avanti, Bitgo, bitFlyer, Bittrex, BlockFi, Circle, Coinbase, Fidelity Digital AssetsSM, Gemini, Kraken, Paxos, Robinhood, Standard Custody & Trust, Symbridge, Tradestation, Zero Hash and Zodia Custody make up the founding members.
Coinbase heads up the coalition, announcing a white paper for a peer-to-peer information network operated by a governance body of participants. TRUST is the result. Though Coinbase kicked off the effort, members have equal stake and say in the decision-making, according to Anchorage's head of compliance Jennifer Lee.
Source https://www.theblockcrypto.com/post/134408/coalition-of-us-crypto-firms-unveils-travel-rule-compliance-platform-trust
A coalition of some of the US's largest crypto firms is rolling out a solution to heightened anti-money laundering standards.
The so-called Travel Rule Universal Solution Technology, or "TRUST," allows crypto firms to securely collect and transmit customer data in accordance with the travel rule.
Now, a group of the US's biggest crypto players have rolled out their solution in the form of TRUST. Anchorage, Avanti, Bitgo, bitFlyer, Bittrex, BlockFi, Circle, Coinbase, Fidelity Digital AssetsSM, Gemini, Kraken, Paxos, Robinhood, Standard Custody & Trust, Symbridge, Tradestation, Zero Hash and Zodia Custody make up the founding members.
Coinbase heads up the coalition, announcing a white paper for a peer-to-peer information network operated by a governance body of participants. TRUST is the result. Though Coinbase kicked off the effort, members have equal stake and say in the decision-making, according to Anchorage's head of compliance Jennifer Lee.
Source https://www.theblockcrypto.com/post/134408/coalition-of-us-crypto-firms-unveils-travel-rule-compliance-platform-trust
February 09, 2022, 01:33:18 PM
The Biden admin is using the specter of "national security" to try to regulate bitcoin. Their real goal is to protect and preserve the security state and protect the oligarchs like Bezos, Buffett, Soros et al who fund them. They used to pay lip service to looking out for the little guy, but it is about money and power. Bitcoin threatens both since it is outside their control.
If you scratch a liberal, you'll find a fascist, socialist or communist.
If you scratch a liberal, you'll find a fascist, socialist or communist.
February 02, 2022, 02:28:59 AM
Well, looking at the US Dept calculator.. I think the Biden administration should rather focus on something like that with more urgency. Bitcoin has created 1000's of job opportunities and people have made millions in profits from trading it.
Now, we know the Trump administration was "Pro Bitcoin" in the early stages or during the first election, so I guess the Biden administration must be against Bitcoin, if the apposing party supported it.
Also look out for a "GovCoin" or Crypto version of the US Dollar to be developed in the future, where all people using it will be identified and all transactions being tracked by the US Government agencies. (So they will have to restrict other Crypto coins now, to pave the way for the GovCoin in the future)
Now, we know the Trump administration was "Pro Bitcoin" in the early stages or during the first election, so I guess the Biden administration must be against Bitcoin, if the apposing party supported it.
Also look out for a "GovCoin" or Crypto version of the US Dollar to be developed in the future, where all people using it will be identified and all transactions being tracked by the US Government agencies. (So they will have to restrict other Crypto coins now, to pave the way for the GovCoin in the future)
February 01, 2022, 08:35:11 PM
@DaveF. I am afraid that you are mistaken. Market capitalization does not measure the market’s liquidity, only the volume and the health of the orderbooks measure liquidity. Tether has more volume than Bitcoin and Ethereum if you add their volume together. Also, Tether is being used by much of the exchanges in the cryptospace in their orderbooks and also by the market makers. If you add all volume and compare USDT and USD, Tether clearly also has more volume and liquidity.
https://coinmarketcap.com/
I am not quite certain why the hyperdollarization of the cryptospace by Tether remains arguable for many people.
https://coinmarketcap.com/
I am not quite certain why the hyperdollarization of the cryptospace by Tether remains arguable for many people.
February 01, 2022, 09:05:39 AM
...Also, very many of them cannot accept the reality that Tether’s liquidity is supporting much of market. ...
Not anymore, it's no longer 2017 USDT can move the market no where in the way it could back then.
USDT has a market cap of $78 billion
BTC is 9.5x that
ETH is 4x that
Assuming USDT went to zero later today, and took BTC and ETH down with it. The WORST it could really do is about 20%. Which is less then the drops that we have seen now and then. There are so many other stable coins that it's not that important anymore.
-Dave
January 31, 2022, 10:33:31 PM
@DooMAD. No, this is the thread. The Big Short movie thread, BTC edition hehehe.
https://bitcointalksearch.org/topic/the-big-short-movie-btc-edition-5250676
Much of the people who replied appear to think it was only fud without considering the actions of Tether, iFinex and Bitfinex. Some of the others might be in denial.
Also, very many of them cannot accept the reality that Tether’s liquidity is supporting much of market. They also have an argument that if Tether is taken down, the market would pump because USDT holders would buy bitcoin. They did not consider that no one would sell for a taken down USDTcoin. This is very head shaking hehe.
https://bitcointalksearch.org/topic/the-big-short-movie-btc-edition-5250676
Much of the people who replied appear to think it was only fud without considering the actions of Tether, iFinex and Bitfinex. Some of the others might be in denial.
Also, very many of them cannot accept the reality that Tether’s liquidity is supporting much of market. They also have an argument that if Tether is taken down, the market would pump because USDT holders would buy bitcoin. They did not consider that no one would sell for a taken down USDTcoin. This is very head shaking hehe.
January 31, 2022, 04:25:55 PM
@DooMAD. Did you see my thread in the speculation subforum? There is much information there that would make anyone shake their heads in wonderment why tether, iFinex and Bitfinex are not yet taken down.
I hadn't, no. I don't generally tend to spend much time in that particular subform. Did you mean this topic? I'll give it a look.
January 31, 2022, 06:56:27 AM
Quote
The White House wants to set out a cohesive set of policies to regulate Bitcoin and cryptocurrencies as currently legislation and its enforcement are scattered across sectors and agencies, according to multiple reports.
It would be nice if there is one cryptocurrency law in the USA,rather than a bunch of vague regulations being imposed by different agencies and sectors.There's nothing wrong with making the rules and regulations regarding cryptocurrencies more cohesive and simpler to understand.
I also would like the USA the ban multiple shitcoins,memecoins,stablecoins and the NFT market.
There's no real value in the above mentioned "crypto" instruments.Only pump and dumps,ponzi scams and fractional reserve banking stablecoins,which don't have enough fiat reserves to cover all their coins in circulation.
China had proven that a total crypto ban is not the right solution.
January 30, 2022, 08:32:14 PM
@DooMAD. Did you see my thread in the speculation subforum? There is much information there that would make anyone shake their heads in wonderment why tether, iFinex and Bitfinex are not yet taken down. However, I am not certain why some people were saying it, they told me that everything was only fud but the information is clear that we should be skeptical.
In any case, tether would have found a real use case if Jack Mallers continued his original roadmap for his Stike application. It would have only used bitcoin as the underlying infrastructure for the usage of USDT in El Salvador and hyperdollarize the country without depending on America and without owning a money printer. This would have been an exciting experiment hehe.
In any case, tether would have found a real use case if Jack Mallers continued his original roadmap for his Stike application. It would have only used bitcoin as the underlying infrastructure for the usage of USDT in El Salvador and hyperdollarize the country without depending on America and without owning a money printer. This would have been an exciting experiment hehe.
January 30, 2022, 08:29:41 AM
@DooMAD. Taking down stablecoins might bring liquidity of the market to levels before 2017. We should not hope for this hehe.
I speculate what the regulators might do is create policies to control stablecoin issuers to also control the liquidity that goes in and out of the cryptospace. This might create an argument for the need for algorithmic stablecoins which will be harder to regulate.
I speculate what the regulators might do is create policies to control stablecoin issuers to also control the liquidity that goes in and out of the cryptospace. This might create an argument for the need for algorithmic stablecoins which will be harder to regulate.
Yeah, I'm certainly not saying stop them entirely. But some of them look very shady at the moment and that doesn't instil confidence. If something does go seriously wrong and there's a complete loss of trust in some of those stablecoins, it leaves us in the same situation with a sudden disappearance of liquidity. As DaveF said, it's about the unaudited nature of them. Any company can claim their tokens are backed by sufficient assets, but regularly updated proof of that should be supplied before a bunch of traders take those claims at face value.
Otherwise, if there isn't sufficient backing, that's misrepresentation. More commonly known as fraud.
A large chunk of market liquidity based on fraud = bad.
January 30, 2022, 08:15:40 AM
And, while it might be an unpopular opinion, I personally hope they do rein in the stablecoins. Defuse those ticking time-bombs.
Getting rid of unaudited / fake audit stablecoins would be good.
USDT is a joke and although the world loves it, it's a joke in terms of audit.
USDC although pushed / promoted through places like Coinbase that are not liked in the crypto world, are at least able to account it a public way of what they have.
Regulation cuts both ways. On one side, it hurts quick and easy widespread adoption and makes it another tool of the government.
On the other side, there are people with lots of money and power who only invest / deal with regulated things because they want that safety.
I look at it like this, here in the US you have the FDIC. It's just insurance for people who have money in banks. Bank becomes insolvent, what you have in it is covered up to $250000. On the other side, the banks have to have certain things in place and undergo regular audits so the FDIC knows what they are covering. BUT there are many small banks that are not FDIC insured. They offer higher risk loans at higher rates and pay their clients with money in the bank higher interest. However, it can, and frequently does, implode.
Just a bit of a rambling post, but it's stuff to think about.
-Dave
January 29, 2022, 10:17:42 PM
"China had to ban it completely to remove the problem" what?
They didn't remove any problem, they created new ones. Or, they washed their hands off any responsibility to regulate or intervene -- I always suspected that the crypto-related scams in China led to a lot of pressure from the government to act. They installed a blanket ban as they couldn't understand enough on who to license, and who not to. Regulating would mean enforcement and they'd rather just criminalise now until they figure it out.
Regulating Bitcoin of course at face value is not possible but I'm sure we're not meant to take the decision at face value.
They didn't remove any problem, they created new ones. Or, they washed their hands off any responsibility to regulate or intervene -- I always suspected that the crypto-related scams in China led to a lot of pressure from the government to act. They installed a blanket ban as they couldn't understand enough on who to license, and who not to. Regulating would mean enforcement and they'd rather just criminalise now until they figure it out.
Regulating Bitcoin of course at face value is not possible but I'm sure we're not meant to take the decision at face value.
I am shaking my head, did you read the whole post? I also said it is arguable if it worked. I also mentioned that there are news updates that reported there are small mining farms still mining bitcoin and there are also people still using bitcoin and other cryptocoins in China.
@DooMAD. Taking down stablecoins might bring liquidity of the market to levels before 2017. We should not hope for this hehe.
I speculate what the regulators might do is create policies to control stablecoin issuers to also control the liquidity that goes in and out of the cryptospace. This might create an argument for the need for algorithmic stablecoins which will be harder to regulate.
January 29, 2022, 06:17:15 PM
It all sounds a bit vague. I can't tell if this means new regulations, or simply aiming to get all the various governmental departments singing from the same hymn sheet. I'm assuming most of it will be focused on custodial services and payment processors, since (for BTC, at least) there's not much else they can really touch.
And, while it might be an unpopular opinion, I personally hope they do rein in the stablecoins. Defuse those ticking time-bombs.
And, while it might be an unpopular opinion, I personally hope they do rein in the stablecoins. Defuse those ticking time-bombs.
January 29, 2022, 04:44:28 AM
"China had to ban it completely to remove the problem" what?
They didn't remove any problem, they created new ones. Or, they washed their hands off any responsibility to regulate or intervene -- I always suspected that the crypto-related scams in China led to a lot of pressure from the government to act. They installed a blanket ban as they couldn't understand enough on who to license, and who not to. Regulating would mean enforcement and they'd rather just criminalise now until they figure it out.
Regulating Bitcoin of course at face value is not possible but I'm sure we're not meant to take the decision at face value.
They didn't remove any problem, they created new ones. Or, they washed their hands off any responsibility to regulate or intervene -- I always suspected that the crypto-related scams in China led to a lot of pressure from the government to act. They installed a blanket ban as they couldn't understand enough on who to license, and who not to. Regulating would mean enforcement and they'd rather just criminalise now until they figure it out.
Regulating Bitcoin of course at face value is not possible but I'm sure we're not meant to take the decision at face value.
January 28, 2022, 11:03:03 PM
The Biden administration can use the full power of the executive branch, however, they certainly will have an unpleasant discovery that the cryptospace cannot be regulated similar to how they regulate traditional financial institutions. If an authoritarian government similar to China cannot control it, how would a government with distributed powers do it? China had to ban it completely to remove of the problem. This remains arguable if it worked, however. There are some news updates that some people still use bitcoin and altcoins in China. There are also some small mining farms.
The White House wants to set out a cohesive set of policies to regulate Bitcoin and cryptocurrencies as currently legislation and its enforcement are scattered across sectors and agencies, according to multiple reports.
The Biden administration will release an executive order in the coming weeks to task federal agencies with assessing the risks and opportunities that Bitcoin and cryptocurrencies pose, Bloomberg first reported.
The regulatory efforts would reportedly involve the State Department, Treasury Department, National Economic Council, and Council of Economic Advisers, as well as the White House National Security Council as the administration gauges that cryptocurrencies have “economic implications for national security,” per the Barron’s report.
Read in full https://www.nasdaq.com/articles/biden-administration-to-regulate-bitcoin-as-a-matter-of-national-security%3A-report
The White House wants to set out a cohesive set of policies to regulate Bitcoin and cryptocurrencies as currently legislation and its enforcement are scattered across sectors and agencies, according to multiple reports.
The Biden administration will release an executive order in the coming weeks to task federal agencies with assessing the risks and opportunities that Bitcoin and cryptocurrencies pose, Bloomberg first reported.
The regulatory efforts would reportedly involve the State Department, Treasury Department, National Economic Council, and Council of Economic Advisers, as well as the White House National Security Council as the administration gauges that cryptocurrencies have “economic implications for national security,” per the Barron’s report.
Read in full https://www.nasdaq.com/articles/biden-administration-to-regulate-bitcoin-as-a-matter-of-national-security%3A-report
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