Topic: How much longer till gov. starts regulating crypto in USA? (Read 151 times)
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As far as cryptocurrencies are concerned, US already have enforced some regulations. Question is when is Uncle Sam going to come up with more stiffer regulations which could stifle innovations. The tax bill would restrict 1031 exchanges to real estate only, loopholes gets closed and then there is Senate Bill S.1241, more of an anti-Bitcoin bill which would criminalize anyone who is intentionally concealing ownership or control of a digital currency or digital exchange account, I guess which means you can't hide the accounts you have on centralized exchanges. I don't think this bill would get passed, but I guess after the upcoming G20 summit where Bitcoin is going to be a topic of debate, we might get a clear picture, not only US, but also how other countries are going to try to regulate Bitcoin.
https://hackernoon.com/senate-bill-s-1241-a-threat-to-america-456873d4eccc
https://hackernoon.com/senate-bill-s-1241-a-threat-to-america-456873d4eccc
Are you not Indian? How come you have so indepth knowledge of US regulation? Are you a Modi bhokt in the Trump administration?
Haha
But yes, US is already regulating Bitcoin by taxing it. Recently they started. A friend in US told me the details. I wish Indian government will also follow same thing. Just like how Russian government did.
I do not know where you live, but bitcoin is regulated in the US since many years. I am not able to understand what making ppl register w the sec and all this other hooplaw red tape means, so I can not give any expected time frame to you.
ICo startups are already regulated or even prohibited and US citizens are not allowed to participate in any abroad.
ICo startups are already regulated or even prohibited and US citizens are not allowed to participate in any abroad.
I expect to happen sooner than we imagine. ICO growth was impressive and amazing so if volumes keep high, the government will be forced to regulate, in no way can ignore ICOs or let the market to self-rule...
As far as cryptocurrencies are concerned, US already have enforced some regulations. Question is when is Uncle Sam going to come up with more stiffer regulations which could stifle innovations. The tax bill would restrict 1031 exchanges to real estate only, loopholes gets closed and then there is Senate Bill S.1241, more of an anti-Bitcoin bill which would criminalize anyone who is intentionally concealing ownership or control of a digital currency or digital exchange account, I guess which means you can't hide the accounts you have on centralized exchanges. I don't think this bill would get passed, but I guess after the upcoming G20 summit where Bitcoin is going to be a topic of debate, we might get a clear picture, not only US, but also how other countries are going to try to regulate Bitcoin.
https://hackernoon.com/senate-bill-s-1241-a-threat-to-america-456873d4eccc
https://hackernoon.com/senate-bill-s-1241-a-threat-to-america-456873d4eccc
Thats a debating issue of the whole world and many officials are already on it. There are many rumours and official news coming all over the internet which says that US officials really hate the bitcoin and want to regulate it in strictest way possible.
To go through your question, I read an article on the internet as quoted here :
On the topic, Christine Lagarde's (Head of the International Monetary Fund), had very spicy words and thoughts on this matter who thinks that if they do not regulate the bitcoin in the time then there could be increased activity in the terrorism and money laundering itself.
The exact words said this,
So on this matter we the crypto users can only predict that many big heads and political giants are planning the heavy regulations to be implemented on the bitcoin soon. Its surely not easy thing because the use of the bitcoin and the investments that are locked into the bitcoin are huge and any legal action in sudden way will cause the dramatic effect on the virtual economy as well as on the real economy of each country, due to locking of the funds/fiat that is already invested in the bitcoin and other crypto currency.
I believe this will take a lot of time, and when it comes to global decision then it will take even more time for everyone to come on the same page!
To go through your question, I read an article on the internet as quoted here :
Quote
According to this Policy maker around the world actually debating on how to regulate the bitcoin or whether they should really regulate it or not!On the topic, Christine Lagarde's (Head of the International Monetary Fund), had very spicy words and thoughts on this matter who thinks that if they do not regulate the bitcoin in the time then there could be increased activity in the terrorism and money laundering itself.
The exact words said this,
Quote
"The anonymity and lack of transparency and the way in which it conceals and protects money laundering and financing of terrorism, is just unacceptable. It needs to be taken into account but then there will be innovations coming out of these movements," Lagarde told the Davos forum.
So on this matter we the crypto users can only predict that many big heads and political giants are planning the heavy regulations to be implemented on the bitcoin soon. Its surely not easy thing because the use of the bitcoin and the investments that are locked into the bitcoin are huge and any legal action in sudden way will cause the dramatic effect on the virtual economy as well as on the real economy of each country, due to locking of the funds/fiat that is already invested in the bitcoin and other crypto currency.
I believe this will take a lot of time, and when it comes to global decision then it will take even more time for everyone to come on the same page!
Well we know gov. is taking action in Korea right now making sure that business is cleaned up which is a good thing in my opinion that way institutional money can come in. How much longer until uncle sam in the us comes and starts creating laws in the cryptoverse, making ppl register w the sec and all this other hooplaw red tape? Hoping it doesn't happen for another 5 years so these ICO startups can really make some great advancement before all the gov bs comes. Thoughts on time-frame?
Yeah I think it will take minimum 5 years to regulate the cryotocurrency in all countries.Because many government not yet aware that their country people are using cryotocurrency and they are never paying taxes from that earnings.But in my country already the discussion started about cryotocurrency so soon might be a specific taxation for cryotocurrencies.So people who want to buy coims,buynas soon as possible or you have to pay extra taxes.
Well we know gov. is taking action in Korea right now making sure that business is cleaned up which is a good thing in my opinion that way institutional money can come in. How much longer until uncle sam in the us comes and starts creating laws in the cryptoverse, making ppl register w the sec and all this other hooplaw red tape? Hoping it doesn't happen for another 5 years so these ICO startups can really make some great advancement before all the gov bs comes. Thoughts on time-frame?
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