Topic: Americans need to lobby their legislators - page 2. (Read 380 times)

Actually, I really like the way things are arranged in the United States of America regarding legislative law.  Recently I read the information that some States of America are adopting their personal laws regarding the cryptocurrency market and digital assets, where the cryptocurrency will be recognized by numbers as securities and real digital assets of citizens.  Of course, against the background of this, a scandal flares up over the fact that some users of cryptocurrency are trying to avoid paying taxes using cryptocurrency, and therefore the United States, London, the Netherlands, Canada and Australia decided to jointly combat this phenomenon, creating a certain international structure.

But the FATF is only enforcing KYC for transactions that are above $1k, right? This might be not the best barrier, but even people who have thousands of dollars can manage to perform multiple transactions and thus avoid KYC. As for super-rich people - well, if they got their money fairly, they got nothing to hide. If they didn't - that's what KYC is for. Why can't the US citizens trade anymore, by the way? I can see the news about Bittrex not allowing US-based users to trade certain cryptos, but I don't see any explanations of that. Moreover, the recent fuss about the whole FATF thing is not very justified, because the document is not even published yet!

Do you get it yet?
FATF hasnt even made anything into law. they have a week of discussions 16th-21st of the month to talk about issues. if binance has changed its policies from $10k to $1k then thats off binances own back.

people can still trade above $1k value. but ofcourse. when using a exchange thats fiat regulated. expect the regulations

if you dont like regulations dont use a regulated exchange..

i actually didnt just read bloombergs INTERPRETATION. but looked to the sources
https://www.mof.go.jp/english/international_policy/convention/g20/communique.htm
https://www.fincen.gov/sites/default/files/2019-05/FinCEN%20CVC%20Guidance%20FINAL.pdf

having read it all. its not exactly an attack on crypto's... its a note of guideance for fiat regulated exchanges to report more the handling of CVC (mysql balances of fiat & crypto assets(stablecoins))

this is about the mediums of exchanges that represent fiat but are not true fiat. emphasis being stable coins for instance.
G20 governments only have jurisdiction  over fiat as its their 'product' so yea expect them to want to monitor their product and the convertibles that are made to represent them.

how would this most impact people.
well for one example arbitraging.
imagine just 1 allotment of $1k being circled several times via arbitraging between a few exchanges

one exchange will see the crypto to stablecoin swaps. which then would put the account holder as doing multiple $1k+ trades resulting in CVC. thus on one exchange the reports would show as many thousands in fiat being withdrawn
though the truth bing the user only has $1k being played with back and forth

arbitraging will come under great scrutiny due to AML risks. as it will look like your trying to 'clean' dirty fiat by cycling it around exchanges

This is inevitable for a government that doesn't listen to the woes of the minority and just proceeds on to bully the rights of other people including other countries as well. The current administration of the US government is proactive in denying facts and science and building a wall than to fix domestic and international relations that they have disrupted. Even if there are lobbyists with great points in regards to crypto trading platforms, I doubt that the legislators would listen one bit. Binance's move to just blacklist the Americans for the mean time is the last thing they can do for now in order to avoid complications with the US government and sadly, it further divides the cryptocommunity and market even more.

Yes US citizens can't trade anymore, I guess. Every platform follow this rules. Even Bittrex following now.

I agree with what you are hinting here. It seems that the government is making things hard for ordinary guys like you and me to play with the cryptocurrency market. While I do understand why many exchanges are imposing KYC, there should be rational parameters with this...meaning that KYC should not be extended to users who are just transacting small amount of funds (is Binance changing this policy?). Sometimes it is ludicrous that many small exchanges imposing stricter KYC policies when compared to Binance. This is what we get when there is no clear-cut laws regarding cryptocurrency use, possession and trading. Anyway, as the market is expanding, am sure that the time will come when a comprehensive law is passed recognizing and regulating this industry.

I posted at least four different threads in the last week about what FATF would do.

Now you see it. Binance is forcing KYC on the globe and kicking americans off. Do you get it yet? Do you understand how this is going down? Do you realize how much financial opportunity is going to be taken from you as you are barred from the global cryptocurrency economy? While the rich are allowed to do series A accreddited investing, institutional swap trading, and foreign trading of the most speculative altcoins. Do you realize this is a tax grab and a corral, this is not about fraud, it is about classism. Don't be deluded.