Is the US being too hard on crypto? | Bitcointalksearch.org

Abiky

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Quote from: DeathAngel on October 28, 2022, 08:41:43 AM

I don’t think the US is being too hard on crypto. There are many altcoin projects & tokens that are scams, run by unscrupulous actors. I do however, think that the US is being too hard on bitcoin specifically. There should be a spot bitcoin ETF by now. It’s a real joke that the SEC refuse to grant us one, citing protecting investors as a reason to keep denying one.

I understand the US is trying to legitimize the space by reducing criminal activity, but there are some measures that affect ordinary people as well. There needs to be a balance in order to help the crypto industry grow without obstacles. At least, the US is not as bad as China or Russia in its treatment towards crypto/Blockchain tech. We can tell US lawmakers are paying close attention to crypto's latest developments by embracing the revolution at a slow and steady pace. There are already talks about launching a US Digital Dollar (CBDC), so it's likely crypto will co-exist with the new currency for years to come. As long as crypto stays decentralized, there should be nothing to worry about. Just my thoughts Grin

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I don’t think the US is being too hard on crypto. There are many altcoin projects & tokens that are scams, run by unscrupulous actors. I do however, think that the US is being too hard on bitcoin specifically. There should be a spot bitcoin ETF by now. It’s a real joke that the SEC refuse to grant us one, citing protecting investors as a reason to keep denying one.

Abiky

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Quote from: mirakal on October 20, 2022, 05:28:23 AM

Because the United States of America feared that bitcoin will be used globally and their currency, the USD, which is the most dominant currency of all time won't be the same anymore when Bitcoin will be much more established. They can put pressure and sanctions they want but they can't stop Bitcoin, dollar is getting weaker as the year goes by.

I wouldn't say the "Dollar is getting weaker" since the US is still the most powerful economic force in the world. The USD's position as the global reserve currency has been untouched even with the negative effects of inflation. We now have a stronger USD compared to the EUR and other leading national currencies. What the government is doing is trying to prevent Bitcoin from replacing the Dollar by regulating it as much as possible. If it doesn't act hard on Bitcoin, then more people will abandon the USD in favor of BTC. At least, the US hasn't banned crypto yet (unlike China). As long as the US is able to tax crypto successfully, we can be sure it won't be going anywhere soon. Just my thoughts Grin

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Under normal circumstances, the United States of America should be one of the most liberal countries in this regard. In fact, the world has not been on a bipolar political axis for long, yet the USA is still the country that promises the most freedom. That's why I always expect regulations to be softer in the USA. Also, since the regulations made there will set an example for other countries, I hope that there will be softer regulations because countries such as the USA, Russia and China are in the position of countries that can be role models for the countries they influence. However, no matter what, authority and freedom cannot be found 100% in the same place. Therefore, regulations will always be restrictive for us. In other words, we can consider the regulations made in the most liberal countries of the world as harsh.

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I also heard the news of the proposal to ban Crypto-currency mining in Europe all this regulations are all planned attacks on Crypto-currency if you asked be. And ever since I joined crypto-currency I noticed that the government has been one of Crypto-currency biggest problem.

The US isn't really that hard compared to country such as mine that has already banned Crypto-currency related bank transfers but from experience in my country after the ban I have come to the conclusion that it's really not a policy that can stop crypto-currency popularity because those active that was banned still goes on.

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Quote from: GreatArkansas on October 10, 2022, 09:37:22 PM

Quote from: Abiky on October 09, 2022, 07:56:01 PM

(....)
Do you think crypto's ever-rising popularity will lead towards more regulation by the US? Or will things settle up a bit? Do you believe the US is being too hard on crypto? If not, which other country (or countries) is worst? Your input will be greatly appreciated. Thank you.

They are indeed starting toe become too hard on cryptocurrency. The United States of America is not an ordinary country, they have reasons why they are doing these sanctions/regulations on cryptocurrencies.
The more people are hopping on cryptocurrency, the more volume pouring into the cryptocurrency market, and the more they will become strict or hard. If you take a look on early days, it seems most government ignore cryptocurrencies.

That is the side effect of adoption and regulation. If a government decided to adopt any cryptocurrency, it will try to control and regulate everything that has something to do with that cryptocurrency. We all know the government always wanted to have a full grasp of everything to fully utilize it for the government "income". So basically, if the US of A decided to adopt the cryptocurrency, it will impose strict regulations on it. Since cryptocurrency users is not used to the sudden changes brought by government regulations, cryptocurrency users often feel the sudden changes of rules and feel that the government is choking them.

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I think the US country is too heavy to accept crypto as a financial or commodity adoption in its country because they are the center of the world's currency of course they will go against the original nature of crypto which is decentralized. The difficulty of controlling crypto makes it difficult for countries with strict regulations to adopt crypto.

That's a fact and that's why US is trying to play safe here and don't want to wholly advertise the usage of crypto whether as an alternative payment or an asset or security.
Regardless of that, those countries that have been soft on crypto, they're doing good and that's what they must look at because it won't change a lot and directly to them but has to look at the positive side that it'll be one of the factors that could add up and help their economic growth.

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Quote from: Abiky on October 09, 2022, 07:56:01 PM

Do you think crypto's ever-rising popularity will lead towards more regulation by the US? Or will things settle up a bit? Do you believe the US is being too hard on crypto? If not, which other country (or countries) is worst? Your input will be greatly appreciated. Thank you.

You could say it's strict because the use of crypto in the US is increasing enough and forcing the government to tighten crypto regulations to be organized. No wonder the US continues to provide sufficient space even with increasingly stringent regulations. Instead of the state as others have said, China banned it by a single decree. The US has a democratic system that is also seen in crypto regulation. Provide warnings, sanctions, and final decisions. But in China, you won't see gradual regulation like in the US.

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Quote from: GreatArkansas on October 10, 2022, 09:37:22 PM

Quote from: Abiky on October 09, 2022, 07:56:01 PM

(....)
Do you think crypto's ever-rising popularity will lead towards more regulation by the US? Or will things settle up a bit? Do you believe the US is being too hard on crypto? If not, which other country (or countries) is worst? Your input will be greatly appreciated. Thank you.

They are indeed starting toe become too hard on cryptocurrency. The United States of America is not an ordinary country, they have reasons why they are doing these sanctions/regulations on cryptocurrencies.
The more people are hopping on cryptocurrency, the more volume pouring into the cryptocurrency market, and the more they will become strict or hard. If you take a look on early days, it seems most government ignore cryptocurrencies.

Because the United States of America feared that bitcoin will be used globally and their currency, the USD, which is the most dominant currency of all time won't be the same anymore when Bitcoin will be much more established. They can put pressure and sanctions they want but they can't stop Bitcoin, dollar is getting weaker as the year goes by.

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Quote from: BobK71 on October 20, 2022, 01:47:50 AM

No country has a clear stance on cryptocurrency. They give different kinds of blessings one at a time. The situation in the United States is also obscure. But they are thinking about it. I think many people want to use crypto as a global diplomatic issue. For example, a few days ago when Russia was restricted from various issues, crypto was going through a big challenge. And in world politics, when someone leave from crypto, someone else keeps it as seen between China and America.

People give more trust to crypto when they see support from the government which could eventually increase adoptions but what we see is a little bit different, many countries are opposing this due to some reasons. Like the US, restrictions have to expect from them due to battling against crimes, it was their views towards crypto but some countries, look at crypto as an opportunity for their people and improve their economic system. Might their stance towards crypto is not acceptable my many but we can't urge them to change it knowing their powers when it comes to politics.

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No country has a clear stance on cryptocurrency. They give different kinds of blessings one at a time. The situation in the United States is also obscure. But they are thinking about it. I think many people want to use crypto as a global diplomatic issue. For example, a few days ago when Russia was restricted from various issues, crypto was going through a big challenge. And in world politics, when someone leave from crypto, someone else keeps it as seen between China and America.

Abiky

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That's also the reason why some countries are restricting cryptocurrency. The number of scam cases related to crypto is continuously rising so they really have to implement regulations to control it. It's just hard on crypto users' part because they're deeply affected by what scammers are doing. However, the implementation of a law controlling the number of scam cases will still benefit us in the long run. They want to prioritize the security and safety of investors' funds.

While I admit the government is trying to limit criminal activity in the industry, sometimes it goes too far by adopting strict regulations which makes an average person's life harder. There needs to be some sort of flexibility for crypto/Blockchain tech to grow without limitations. Countries like China and Russia (especially China) have completely banned crypto from widespread use, so maybe the US is not too hard after all. There's a long road ahead before governments devise proper regulations against the ever-improving crypto/Blockchain space. After all, it's only been 13 years since the first cryptocurrency (Bitcoin) was launched to the public.

There are a lot of people who still don't know what crypto is, so I'd say this is just the mere beginning. Who knows if the US softens its stance towards crypto someday? Just my thoughts Grin

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To be honest, I love these developments on crypto. All these regulations help the transparency and accountability of many projects that wouldn't have been there if SEC hadnt stepped up. And it is showing mainstream investors that we aint all criminals in the crypro realm

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Quote from: Abiky on October 09, 2022, 07:56:01 PM

Do you believe the US is being too hard on crypto? If not, which other country (or countries) is worst? Your input will be greatly appreciated. Thank you.

Well, as someone who wants cryptos to continue its rise I would say anything that tries to inhibit its continuous rise will be frowned on. However, from an objective assessment I don't think the US is too hard or harsh on cryptos. We should see China (what a big shame) as the most draconic of them all towards crypto. It's a shame because China was very supportive to crypto in the beginning and had more miners than other countries. China's hostility to crypto now is a big lesson on how things change.

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Considering the situation in the country they are definitely targeting all the crypto space and want to take out the cash from it back to the American ecosystem. However, there is one problem with this and major factor is SEC. It’s still unclear why SEC wants to be part of crypto through the reasons of securities? This means governments also do not want to ban the crypto completely and they also want to regulate it on one side. So what’s the point being aggressive against the users if you still want it to regulate through different government bodies?
Don’t you guys find it doggy from the government itself?

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Quote from: Abiky on October 09, 2022, 07:56:01 PM

Do you think crypto's ever-rising popularity will lead towards more regulation by the US? Or will things settle up a bit? Do you believe the US is being too hard on crypto?

There is a need for the government to put an eye on the crypto sector as the number of scam cases are increasing and the number of people setting up and promoting scam tokens is also on the rise. I don't think the United States is being too hard on crypto, they are just trying to protect citizens from dubious projects and I see nothing wrong there. If they make the crypto space difficult for scammers to flaunt dubious projects, it will be of tremendous benefit to us.

Abiky

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Quote from: Tony116 on October 13, 2022, 08:23:30 AM

We always want cryptocurrencies to become more popular or even mass-adopted, regulations are inevitable. The government is still the one who runs and manages the whole world so don't expect something to set us free without any government control. Bitcoin can only help a part of us, not all of us.

The US is the number 1 country in the world and they are like a leader, once they make the regulations then all the rest of the countries won't want to go against them. I believe the regulations will not stop until they feel satisfied.

There's nothing we can do other wait and see what happens regarding governments' stance towards crypto. As you've said before, regulations are inevitable. You can't expect something popular to slip under the radar of the government. The US knows how successful crypto has been since day one, so it's trying to "legitimize" it by regulating it as much as possible. This is good in the sense that it reduces the level of criminal activities in the industry, but it's bad because people will be forced to submit their ID to be able to participate in it.

Of course, there are decentralized exchanges and other means which you can access crypto without KYC. But it's something not everyone is willing to do due to its high level of difficulty. Giving out your personally-identifiable information to centralized exchanges is a much easier way to get access to the world of crypto/Blockchain tech with Fiat (in this case, the US Dollar). The US is just beginning to regulate crypto seriously, so let's give it some time to determine whenever it's being too hard on this emerging industry or all the other way around. Other countries like China and Russia are faring worse that the US, so I guess current regulations aren't so bad after all. Just my opinion

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My friend who lives in the US tells me that he is nervous about buying and selling his crypto. With the SEC and US president Joe Biden’s administration wanting people to pay taxes on their cryptocurrency things are very up in the air for taxes.
Especially if Biden’s administration is working with the SEC to create a crypto tax law, it would not be good for any US customers. My friend told me that with his losses and his gains he may only be able even out his investment.

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The United States is the worst on cryptocurrencies and maybe China will come after them, the United States by nature loves control and has a desire to control the whole world and cryptocurrencies are out of control due to their decentralized nature, so I expect the United States to continue its hostility towards cryptocurrencies and will issue more Strict regulations in an attempt to completely control cryptocurrencies. But I am sure it will fail in the end.

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I think you already know, there is a 30% tax of crypto transactions in India, I think that is pretty big and it has culled the Indian crypto communities enthusiasm in crypto trading and led to OTC deals being done more.

Comparing to that I think the US has better options for traders in their country. There are so many crypto companies based on US and Europe while few from India.

Even BTC ATMs exist in max number in US compared to any other country as shown in https://www.bitcoin.com/bitcoin-atm/

So I think every country is being hard on crypto from their own side. But we are a resilient community and have to deal with hardships just like any revolutionary.

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