Topic: FED action against bitcoin & crypto - page 3. (Read 451 times)

These two FED actions aren't against Bitcoin and crypto, they are against Fraudsters. Changpeng Zhao and Roger Ver are very shady people. Changpeng Zhao has been letting people launder money on his Binance, he also has been helping Chinese users to bypass KYC restrictions, in overall, a very shady business practice.
The majority of this forum members also know who Roger Ver is. He is a guy that for some reason which I don't know, owns Bitcoin.com domain and uses this privilege to lie to people, promotes Bitcoin Cash over the original Bitcoin and does many shady things. It's good that these two people got in trouble but it drives me crazy how CZ only got to spend 4 months in prison.

Actions against Samouri Wallet Founders and Wasabi privacy mixing service are definitely an action against Bitcoin, cryptocurrencies and our privacy.

Seems like crackdown on wallet with in built privacy tools is already end because Mercury wallet stopped their operation since the last year and Sparrow Wallet had stopped the CoinJoin feature around 2 weeks ago.

Sure they're not against Bitcoin and cryptocurrency, as we can see many Bitcoin naysayers now invest in Bitcoin, but... they won't support privacy rights.

Government: Trust me bro.

Because in conventional payment systems, the government can get a share from the money laundering, terrorism, human traffic, drug etc. They won't shutdown their service since it would affect their earnings and people's trust, instead they will say it's "human error" if they missed to frozen criminals' funds.

The case with binance and cz does not have anything to do with BTC, cz was guilty of money laundering and the other offences he was charged with, he paid fines of a large amount and is going to stay in prison for four months, so that is that. I have always said that centralized exchanges and custodial services are into a lot of shady things, and prosecuting them can serve as a deterrent to others.

However, there is an obvious attack against BTC, through privacy options that service bitcoiners and also anything that enhances privacy. The government isn't even going to stop here, many countries want to launch their cbdc's, so what better way than to attack BTC's fungibility and in turn promote their own digital currencies.

If you look deeper into this whole action of the authorities, one thing is common which is the fight against privacy. The authorities are desperately doing their best to eliminate anything privacy as it has to do with finance because the moment they lose control of finance, their powers might seem diminished.

A part of me have the feeling that most of the allegations against mixers might be fabricated because there was little evidence to support the fact that mixers were used to launder illegal funds. Even if they were, from time immemorial, conventional payment systems have been used for money laundering, terrorism financing, human trafficking, drugs and others but we have not heard of any of the channels being shutdown for the same purpose. Why then are privacy related system being targeted?

In many countries, Bitcoin and exchanges are being blamed for the devaluation of their currency and collapse of their economy, a baseless statement from government that have either lost touch of reality or are obviously trying to kill Bitcoin as they see same as a treat. I do not really know what the future look like for Bitcoin as it has to do with privacy. By the way, Theymos was right in his decision to ban mixers here, he saved this forum from the authorities even though many people will think otherwise.

Sec in various countries need to do more in terms of regulations if their ever want to create an enabling and secured cryptocurrency environment that allow wide spread adoption of this 21st century technology, because by doing that, it will reduce the chances of individual firm CEOs from committing all manar of criminal acts such as money laundering which is prominent within the cryptocurrency space today most especially centralized firms.

Currently the government in my view is taking a wrong approach at least in the case of my country sec vs cryptocurrency regulations, government need to be pro active because that is the only way they can stop those crimes before their happen in the cryptocurrency Industry,  and with good regulatory the government will draft a formidable framework that allow free flow of taxation from. Cryptocurrency ventures like exchange and other services within the cryptocurrency space.

FED, DOJ, SEC can do anti-Bitcoin, anti-cryptocurrency actions and can do some regulations to serve their fights against this market but they must now, by doing such fights, they are fighting against their citizens.

I believe there is no absolute freedom for citizens or absolute power from the governments to do every regulatory actions they want. Because in Western and developed countries, citizens, the people can use their voice and votes to fight for their freedom and rights.

Even in the US. Congress, not all politicians are against Bitcoin and cryptocurrency and they will fight for this market and for their political future too.

Apr. 24: Samourai Wallet Founders Arrested and Charged With Money Laundering
Privacy wallet devs arrested for... Developing a privacy wallet. One was unfortunate enough to be arrested in the U.S. and the other will be facing an extradition battle.

Apr. 30: Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal
CZ Got sentenced to a jail sentence in spite of him having made a very extensive plea deal with the feds only to avoid jail. He had even given up his role as CEO. CZ had willingly come to the U.S. to stand trial and he still didn't manage to avoid a sentence even though he fully cooperated. Albeit a small sentence it goes to show how ferocious feds can be.

May 1: DOJ charges ‘Bitcoin Jesus’ with $48 million tax fraud, seeks extradition
Early bitcoin supporter and investor Roger Ver, who had rescinded his U.S. citizenship and was traveling on a Saint Kitts passport he had bought, was recently arrested abroad. Now the feds are seeking his extradition.  

May 2: Wasabi Bitcoin privacy mixing service to shut down starting June 1, zkSNACKs cites legal certainty concerns
Another prominent privacy wallet shut down its privacy component proactively in light of developments from the U.S. pursuing action against privacy wallet developers.