Topic: More Regulation Incoming! (Read 1843 times)
bbc.reporter, We usually think that our wallets are anonymous, but in reality there are many ways to find the owner. For example, when a person looks at the blockchain explorer, his IP is recorded and analyzed. and VPN will not always help limit anonymity. But most of life does not happen on the blockchain, and a person can be punished through a social rating system if he is bad in the opinion of the country's government.
@zasad@. I am not quite certain what you are implying when you mentioned the social rating system because those wallets in the blockchain are anonymous. However, I agree that there are these wallets that were involved in receiving stolen coins but what I am arguing about are the identities of the wallets. Lazarus Group's wallet is only an allegation that it belongs to North Korean hackers. We cannot be sure that there are North Korean hackers because we do not know or cannot prove that they have good programmers and computer scientists in their country. They might not also have internet hehehehe.
Blockchain analysis and digital forensics used to blame North Korea are both examples of pseudoscience being weaponized by governments in order to take more rights away and to weaken those they see as enemies. Just like the Sony hack, the evidence wasn’t entirely convincing — North Korea is just an easy scapegoat. When people have been conditioned through endless propaganda not many are willing to question the official narrative, regardless of how dubious it might seem upon closer inspection. As long as they are told it’s for their own protection everyone just accepts that now everything will require more and more privacy invasion, they aren’t allowed to use privacy tech, and they are heavily restricted by how they can spend and transfer their money.
@zasad@. I am not quite certain what you are implying when you mentioned the social rating system because those wallets in the blockchain are anonymous. However, I agree that there are these wallets that were involved in receiving stolen coins but what I am arguing about are the identities of the wallets. Lazarus Group's wallet is only an allegation that it belongs to North Korean hackers. We cannot be sure that there are North Korean hackers because we do not know or cannot prove that they have good programmers and computer scientists in their country. They might not also have internet hehehehe.
@zasad@. However, the difference is that they have not proven that those transactions were done for terrorist financing. This is very dangerous because they can look at the blockchain, choose a group of transactions and declare that they might be transactions used for terrorist financing then use this allegation to get an executive order against their targets. The targets does not have to he the terrorists, it can be organizations they do not like. This is very headshaking that much of us in the community do not see this.
They will repeat this tactic repeatedly to get more authority and decrease the people's freedom through these executive orders. I am quite certain in the next few months the next transactions chosen will be declared to be from the Lazarus Group hehehehee.
The social rating system has existed for a long time, it’s just that people tend to remain silent about it. And all applications are considered to be accidental.They will repeat this tactic repeatedly to get more authority and decrease the people's freedom through these executive orders. I am quite certain in the next few months the next transactions chosen will be declared to be from the Lazarus Group hehehehee.
For example, if you say the wrong things, despite freedom of speech, then your bank accounts are blocked, you are not notified of benefits, if you have a business, then checks begin there, and so on, so that the person shuts up.
And for fools, the government shows opposition clowns who are subordinates and carry out assigned tasks.
@zasad@. However, the difference is that they have not proven that those transactions were done for terrorist financing. This is very dangerous because they can look at the blockchain, choose a group of transactions and declare that they might be transactions used for terrorist financing then use this allegation to get an executive order against their targets. The targets does not have to he the terrorists, it can be organizations they do not like. This is very headshaking that much of us in the community do not see this.
They will repeat this tactic repeatedly to get more authority and decrease the people's freedom through these executive orders. I am quite certain in the next few months the next transactions chosen will be declared to be from the Lazarus Group hehehehee.
They will repeat this tactic repeatedly to get more authority and decrease the people's freedom through these executive orders. I am quite certain in the next few months the next transactions chosen will be declared to be from the Lazarus Group hehehehee.
News update. Another fud campaign from the American government creared through the treasury department.
The same thing is happening in Russia. The largest bank, Sberbank, conducted a study of the shadow market and found that many people have many bank cards and make money from this by selling their bank cards.The situations are different, but the bank is lobbying for an increase in its own powers to control bank transfers.
News update. Another fud campaign from the American government creared through the treasury department.
I reckon before they inspect carefully every transaction created on bitcoin and the cryptospace, I reckon that they first should be it on the banks within their jurisdiction. The biggest currency used as a medium of exchange for terrorist financing is the American dollar!
Financial institutions have reported $165 million in potential crypto transactions that may be tied to Hamas, according to the bureau of the U.S. Treasury department that combats terrorism financing.
The Financial Crimes Enforcement Network analyzed suspicious activity reports filed between January 2020 and October 2023, according to a letter signed by Deputy Treasury Secretary Adewale Adeyemo. The letter, reviewed by CoinDesk, was directed to the leaders of the Senate Banking and House Financial Services Committees and asked for their support in passing legislation that would broaden the Treasury Department's oversight authority over crypto transactions.
Source https://www.coindesk.com/policy/2024/03/14/fincen-is-analyzing-165m-in-transactions-that-may-tie-crypto-and-hamas-senior-official-says/
I reckon before they inspect carefully every transaction created on bitcoin and the cryptospace, I reckon that they first should be it on the banks within their jurisdiction. The biggest currency used as a medium of exchange for terrorist financing is the American dollar!
Financial institutions have reported $165 million in potential crypto transactions that may be tied to Hamas, according to the bureau of the U.S. Treasury department that combats terrorism financing.
The Financial Crimes Enforcement Network analyzed suspicious activity reports filed between January 2020 and October 2023, according to a letter signed by Deputy Treasury Secretary Adewale Adeyemo. The letter, reviewed by CoinDesk, was directed to the leaders of the Senate Banking and House Financial Services Committees and asked for their support in passing legislation that would broaden the Treasury Department's oversight authority over crypto transactions.
Source https://www.coindesk.com/policy/2024/03/14/fincen-is-analyzing-165m-in-transactions-that-may-tie-crypto-and-hamas-senior-official-says/
News update.
It appears that when these lawmakers witness that bitcoin is pumping very vigorously, it comes back on their agenda and begin their fud campaign again hehehheeh. These people who are funded by tax payer's money should ge ashamed. They certainly do not care about solving the problem on moneylaundering and terrorist financing. I reckon if they wanted to solve this problem, they would start crackdown on banks and money processors. Fiat is still the biggest medium of exchange for terrorism and crime.
The extent to which crypto is used to finance bad actors like drug dealers and militant organisations is worse than analysts estimate, Congress was told on Thursday.
The role of crypto in illicit financing is currently a topic of bitter debate among lawmakers.
The crypto industry likes to cite research showing that money laundering accounts for a tiny fraction of crypto transaction volume — 0.62% in 2022, according to Chainalysis.
But these figures underestimate the extent of crypto’s role in illicit finance, Carole House told Congress on Thursday, because they don’t account for offchain activity.
During a separate hearing in the House Financial Services Committee on Wednesday, Brian Nelson, undersecretary of Treasury’s Office of Terrorism and Financial Intelligence, conceded that crypto’s role in terror financing is limited.
“Terrorists still prefer, frankly, to use traditional products and services,” he said.
Read in full https://www.dlnews.com/articles/regulation/crypto-crime-worse-than-reported-expert-tells-lawmakers/
It appears that when these lawmakers witness that bitcoin is pumping very vigorously, it comes back on their agenda and begin their fud campaign again hehehheeh. These people who are funded by tax payer's money should ge ashamed. They certainly do not care about solving the problem on moneylaundering and terrorist financing. I reckon if they wanted to solve this problem, they would start crackdown on banks and money processors. Fiat is still the biggest medium of exchange for terrorism and crime.
The extent to which crypto is used to finance bad actors like drug dealers and militant organisations is worse than analysts estimate, Congress was told on Thursday.
The role of crypto in illicit financing is currently a topic of bitter debate among lawmakers.
The crypto industry likes to cite research showing that money laundering accounts for a tiny fraction of crypto transaction volume — 0.62% in 2022, according to Chainalysis.
But these figures underestimate the extent of crypto’s role in illicit finance, Carole House told Congress on Thursday, because they don’t account for offchain activity.
During a separate hearing in the House Financial Services Committee on Wednesday, Brian Nelson, undersecretary of Treasury’s Office of Terrorism and Financial Intelligence, conceded that crypto’s role in terror financing is limited.
“Terrorists still prefer, frankly, to use traditional products and services,” he said.
Read in full https://www.dlnews.com/articles/regulation/crypto-crime-worse-than-reported-expert-tells-lawmakers/
On the speculation that the government will only allow individuals that are on a certain wage bracket to trade cryptocoins, it appears Merril Lynch has already started this on their bitcoin ETF market desk. This might only be a rumor at present, however, there are people in social saying that if a client is not a high networth individual then he is not allowed to trade bitcoin ETFs.
The skeptical me thinks this is a method to restrict ordinary people from having entry to good investment opportunities. The SEC would use the reason that they are only protecting consumers, however, I reckon they are there only to protect the rich.
The skeptical me thinks this is a method to restrict ordinary people from having entry to good investment opportunities. The SEC would use the reason that they are only protecting consumers, however, I reckon they are there only to protect the rich.
Warren Buffett is still a Bitcoin sadist till today and he doesn't believe that Bitcoin have any monetary value at all but that one is left to him. There are many people that had been asking for the regulation of Bitcoin by the government because of so many big scams that had happened before now. If Bitcoin ever get regulated, it are not going to be the same again like we used to enjoy it.
I'm not a big fan of Warren Buffett, but I like his thoughts and sometimes agree with them. Warren Buffett said one brilliant phrase that "Bitcoin will someday cost $0". This should not be taken literally. He understands that the price of Bitcoin will be manipulated and says that the price of Bitcoin will first reach certain heights, and then will remain at the bottom for a very long time, because manipulators will no longer be interested in this asset. But he doesn't tell us when this will happen.Warren Buffett is still a Bitcoin sadist till today and he doesn't believe that Bitcoin have any monetary value at all but that one is left to him. There are many people that had been asking for the regulation of Bitcoin by the government because of so many big scams that had happened before now. If Bitcoin ever get regulated, it are not going to be the same again like we used to enjoy it.
Bitcoin will never be at a fixed price because it is a crypto currency 💹 and every country's economy can never fix it to a fixed price so it will never be what you think it will be.
It is these types of news articles that manipulate the minds of the people who do not participate in the cryptospace or are not part of the community. It is very head shaking because those types of people will believe anything they read from the manipulative and corrupt mainstream news industry.
My argument against this is, it might be because the cryptospace for finance is faster, cheaper, more anonymous, more private and much better to use for everyone including criminals.
US Treasury says criminals and scammers are increasingly turning toward crypto
Source https://www.theblock.co/post/276548/us-treasury-says-criminals-and-scammers-are-increasingly-turning-toward-crypto
My argument against this is, it might be because the cryptospace for finance is faster, cheaper, more anonymous, more private and much better to use for everyone including criminals.
US Treasury says criminals and scammers are increasingly turning toward crypto
Source https://www.theblock.co/post/276548/us-treasury-says-criminals-and-scammers-are-increasingly-turning-toward-crypto
Warren Buffett is still a Bitcoin sadist till today and he doesn't believe that Bitcoin have any monetary value at all but that one is left to him. There are many people that had been asking for the regulation of Bitcoin by the government because of so many big scams that had happened before now. If Bitcoin ever get regulated, it are not going to be the same again like we used to enjoy it.
“If we wish to prevent wash trading…is there any alternative to having both sides of every crypto transaction associated with a traceable digital identity and have that digital identity issued by a government with which we have extradition treaties and a common concept of financial fraud, is there any alternative to that?” Foster asked the panel of witnesses.
In India, it appears there might be no regulations incoming for the cryptospace hehehe. They will ban the websites of 9 of the most popular exchanges which will include Kucoin, Binance and Kraken. What I am afraid of is this might also start spreading in other jurisdictions and they also will start banning the websites of these exchanges from being accessed in their countries.
According to recent reports, India is set to ban 9 crypto exchange URLs in a move from the country’s Financial Intelligence Unit. indeed, they have called for the Ministry of Electronics and Information Technology to block the URLs for exchanges like Binance, Kraken, and others.
The move will also affect Huobi, Kucoin, Bittrex, Gate.io, Bitstamp, Bitfinix, and MEXC Global. Moreover, a press release revealed that the ban occurred after these virtual asset service providers (VASP) were not in compliance with the Prevention of Money Laundering Act.
Source https://watcher.guru/news/india-to-ban-9-crypto-exchange-urls-including-binance-kraken
According to recent reports, India is set to ban 9 crypto exchange URLs in a move from the country’s Financial Intelligence Unit. indeed, they have called for the Ministry of Electronics and Information Technology to block the URLs for exchanges like Binance, Kraken, and others.
The move will also affect Huobi, Kucoin, Bittrex, Gate.io, Bitstamp, Bitfinix, and MEXC Global. Moreover, a press release revealed that the ban occurred after these virtual asset service providers (VASP) were not in compliance with the Prevention of Money Laundering Act.
Source https://watcher.guru/news/india-to-ban-9-crypto-exchange-urls-including-binance-kraken
Statement on the Denial of a Rulemaking Petition Submitted on behalf of Coinbase Global, Inc
Existing laws and regulations already apply to the crypto securities markets.
There is nothing about the crypto securities markets that suggests that investors and issuers are less deserving of the protections of our securities laws. Congress could have said in 1933 or in 1934 that the securities laws applied only to stocks and bonds. Instead, Congress included a long list of 30-plus items in the definition of a security, including the term “investment contract.”
As articulated in the famous Supreme Court decision, SEC v. W.J. Howey Co., an investment contract exists when there is the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others. The Howey Court said that the definition of an investment contract “embodies a flexible, rather than a static, principle, one that is capable of adaptation to meet the countless and variable schemes devised by those who seek the use of the money of others on the promise of profits.” This test has been reaffirmed by the Supreme Court numerous times—the Court cited Howey as recently as 2019.
Existing laws and regulations already apply to the crypto securities markets.
There is nothing about the crypto securities markets that suggests that investors and issuers are less deserving of the protections of our securities laws. Congress could have said in 1933 or in 1934 that the securities laws applied only to stocks and bonds. Instead, Congress included a long list of 30-plus items in the definition of a security, including the term “investment contract.”
As articulated in the famous Supreme Court decision, SEC v. W.J. Howey Co., an investment contract exists when there is the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others. The Howey Court said that the definition of an investment contract “embodies a flexible, rather than a static, principle, one that is capable of adaptation to meet the countless and variable schemes devised by those who seek the use of the money of others on the promise of profits.” This test has been reaffirmed by the Supreme Court numerous times—the Court cited Howey as recently as 2019.
More news from uncle Gary and the SEC. It appears for uncle Gary, he does not care that Binance has made a settlement with the department of justice. The cases filed by the SEC against Binance will continue.
Maybe they realized that they could take more 
https://www.warren.senate.gov/newsroom/press-releases/warren-expands-coalition-of-banking-committee-support-for-bill-cracking-down-on-cryptos-use-in-money-laundering-drug-trafficking-sanctions-evasion
"Warren Expands Coalition of Banking Committee Support for Bill Cracking Down on Crypto’s Use in Money Laundering, Drug Trafficking, Sanctions Evasion
5 New Senators Join as Cosponsors, Including 3 Members of Banking Committee
Digital Asset Anti-Money Laundering Act Closes Loopholes and Combats Money Laundering, Ransomware Attacks, Sanctions Evasion, Drug Trafficking, Elder Fraud, and Other Illicit Financial Activities Using Crypto "
More news from uncle Gary and the SEC. It appears for uncle Gary, he does not care that Binance has made a settlement with the department of justice. The cases filed by the SEC against Binance will continue.
The skeptical me thinks that because the DOJ has extorted $4 billion from Binance, uncle Gary wants his share also heheheh.
The Securities and Exchange Commission says Binance Holdings Ltd.’s recent $4.3 billion settlement with the Justice Department and other US authorities bolsters its own case against the world’s biggest crypto exchange.
Despite not being part of the agreement, the SEC argued on Friday that the federal court in Washington hearing its case should weigh admissions by Binance and the firm’s former chief executive, Changpeng Zhao, in the Nov. 21 settlement. The firm and Zhao have asked the court to dismiss the SEC’s lawsuit.
The agreement didn’t include the SEC, which sued the exchange and Zhao in June for allegedly mishandling customer funds, misleading investors and regulators, and breaking securities rules.
Source https://www.bloomberg.com/news/articles/2023-12-08/sec-says-its-binance-case-should-advance-despite-doj-settlement
Why was uncle Gary's department not included with the deal?
The skeptical me thinks that because the DOJ has extorted $4 billion from Binance, uncle Gary wants his share also heheheh.
The Securities and Exchange Commission says Binance Holdings Ltd.’s recent $4.3 billion settlement with the Justice Department and other US authorities bolsters its own case against the world’s biggest crypto exchange.
Despite not being part of the agreement, the SEC argued on Friday that the federal court in Washington hearing its case should weigh admissions by Binance and the firm’s former chief executive, Changpeng Zhao, in the Nov. 21 settlement. The firm and Zhao have asked the court to dismiss the SEC’s lawsuit.
The agreement didn’t include the SEC, which sued the exchange and Zhao in June for allegedly mishandling customer funds, misleading investors and regulators, and breaking securities rules.
Source https://www.bloomberg.com/news/articles/2023-12-08/sec-says-its-binance-case-should-advance-despite-doj-settlement
Why was uncle Gary's department not included with the deal?
https://cointelegraph.com/news/jp-morgan-ceo-jamie-dimon-hypocrite-crypto-criminals-shut-down
"Crypto is for criminals? JPMorgan has been fined $39B and has its own token
Crypto proponents on X wasted no time pointing out the hypocrisy of JPMorgan CEO Jamie Dimon’s recent remarks about Bitcoin and crypto to the U.S. Senate Committee on Banking, Housing, and Urban Affairs."
https://twitter.com/JohnEDeaton1/status/1732474820078588309?
"Talk about being a fucking hypocrite! Who’s the criminal Jamie Dimon? Let me ask you a question: In the last 5 years when jpmorgan
has been FINED over THIRTY FIVE BILLION DOLLARS ($35,000,000,000) for illicit and fraudulent activities, did any of your staff use #Bitcoin or Crypto?"
"Crypto is for criminals? JPMorgan has been fined $39B and has its own token
Crypto proponents on X wasted no time pointing out the hypocrisy of JPMorgan CEO Jamie Dimon’s recent remarks about Bitcoin and crypto to the U.S. Senate Committee on Banking, Housing, and Urban Affairs."
https://twitter.com/JohnEDeaton1/status/1732474820078588309?
"Talk about being a fucking hypocrite! Who’s the criminal Jamie Dimon? Let me ask you a question: In the last 5 years when jpmorgan
has been FINED over THIRTY FIVE BILLION DOLLARS ($35,000,000,000) for illicit and fraudulent activities, did any of your staff use #Bitcoin or Crypto?"
Uncle Gary's SEC mafia appears to have been scolded by a judge for giving false information. This type of trickery is beginning to become more noticeable and it appears that different judges have been not agreeing to their statements and their methods.
I speculate on 2024 we might witness more requests to remove Uncle Gary from office. There are lawmakers that have proposed to cut his salary to $1.
A judge rebuked the SEC over its conduct involving crypto firm DEBT Box, saying the agency had made “materially false and misleading representations” in order to freeze the company’s assets, Fortune reported.
In August, the SEC alleged DEBT Box had defrauded investors out of $50 million, obtained a temporary restraining order and seized company assets.
US District Judge Robert Shelby explained in a filing this week that he had granted the SEC’s urgent request because it claimed DEBT Box had closed bank accounts within the previous 48 hours in preparation to move beyond the reach of US regulators, the report said.
The claim regarding bank accounts turned out to be false. Shelby said that some of the SEC’s arguments were “entirely without merit and misstate the record.” Still, research from blockchain analytics firm TRM Labs supported the SEC’s central allegation that DEBT Box misled investors, according to the report.
Source https://www.dlnews.com/articles/snapshot/judge-scolds-sec-over-methods-in-freezing-crypto-assets/
I speculate on 2024 we might witness more requests to remove Uncle Gary from office. There are lawmakers that have proposed to cut his salary to $1.
A judge rebuked the SEC over its conduct involving crypto firm DEBT Box, saying the agency had made “materially false and misleading representations” in order to freeze the company’s assets, Fortune reported.
In August, the SEC alleged DEBT Box had defrauded investors out of $50 million, obtained a temporary restraining order and seized company assets.
US District Judge Robert Shelby explained in a filing this week that he had granted the SEC’s urgent request because it claimed DEBT Box had closed bank accounts within the previous 48 hours in preparation to move beyond the reach of US regulators, the report said.
The claim regarding bank accounts turned out to be false. Shelby said that some of the SEC’s arguments were “entirely without merit and misstate the record.” Still, research from blockchain analytics firm TRM Labs supported the SEC’s central allegation that DEBT Box misled investors, according to the report.
Source https://www.dlnews.com/articles/snapshot/judge-scolds-sec-over-methods-in-freezing-crypto-assets/
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