More Regulation Incoming! - page 2. | Bitcointalksearch.org

bbc.reporter

legendary

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I am not quite sure where to share this news, however, if this proposal is passed and approved, this might cause uncle Gary to submit his registration and end his chairmanship of the SEC eariler. It will certainly be a bullish moment for bitcoin and all of the cryptospace.

The skeptical me is thinking that this lawmaker is one of Blackrock's politicians that they carry in their pocket like nickels and dimes heehehe.

Rep. Tim Burchett of the United States introduced an amendment to the Financial Services and General Government (FSGG) bill that proposes to cut Securities and Exchange Commission (SEC) Chair Gary Gensler's compensation to $1 per year.

The amendment was submitted as part of a larger campaign to defund the regulatory agency and to dramatically slash government expenditure.

Gensler's pay as SEC Chair is now reported to be more than $300,000 per year. Burchett's proposed amendment would reduce his compensation to a symbolic $1, emphasizing the legislator's desire to limit the regulator's authority.

Source https://finance.yahoo.com/news/us-lawmaker-proposed-slash-gary-052849898.html

bbc.reporter

legendary

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@zasad. However, the importance of this news is that there are also politicians who are not against bitcoin and who are not against the people's right to self custody and also not against creating transactions in the cryptospace without a middleman. We should begin taking these politicians more serious, I reckon.

zasad@

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Quote from: bbc.reporter on November 09, 2023, 11:27:48 PM

News update.

This mignt be another good news hehe. It appears the argument can go on the opposite direction. The politicans who do not want self custody and argue that it is for everyone's safety can be argued that self custody is really for everyone's safety heheehe.

US Senator Ted Budd (R-NC) has introduced a new bill to protect the right of citizens to self-custody Bitcoin and other crypto. Indeed, Budd first introduced the bill to 118 Congress this week in a larger push for digital assets and financial freedom among United States citizens.

Dubbed the “Keep Your Coins Act”, the bill “protects an individual’s right to conduct transactions with cryptocurrency assets without the need to utilize a third-party intermediary.” Moreover, Budd has stated that the act seeks to prevent third-party risks to consumers amid the FTX collapse.

Source https://watcher.guru/news/us-senator-introduces-bill-to-protect-bitcoin-self-custody#google_vignette

I saw this news but did not attach any importance to it, because in the USA there are a lot of bills that will never become laws.
Cryptocurrencies in the United States will be controlled like bank deposits, or even more strictly if the cryptocurrencies have an unclear origin story.
According to him, such a bill simply does not have a chance.

Poker Player

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Quote from: bbc.reporter on November 09, 2023, 11:27:48 PM

~snip

It has all the logic in the world. Another thing is whether politicians follow the logic or follow other interests. Let me decide whether to assume the risks of self-custody or to leave my assets in the hands of a third party. This is more typical of totalitarian regimes than of democratic ones, wanting to impose that your Bitcoin holdings have to be guarded by third parties. Even if they don't force it, there will be a lot of people who will gladly leave their holdings in third parties, as it already happens, and as we have seen in cases such as the FTX mentioned above.

bbc.reporter

legendary

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News update.

This mignt be another good news hehe. It appears the argument can go on the opposite direction. The politicans who do not want self custody and argue that it is for everyone's safety can be argued that self custody is really for everyone's safety heheehe.

US Senator Ted Budd (R-NC) has introduced a new bill to protect the right of citizens to self-custody Bitcoin and other crypto. Indeed, Budd first introduced the bill to 118 Congress this week in a larger push for digital assets and financial freedom among United States citizens.

Dubbed the “Keep Your Coins Act”, the bill “protects an individual’s right to conduct transactions with cryptocurrency assets without the need to utilize a third-party intermediary.” Moreover, Budd has stated that the act seeks to prevent third-party risks to consumers amid the FTX collapse.

Source https://watcher.guru/news/us-senator-introduces-bill-to-protect-bitcoin-self-custody#google_vignette

bbc.reporter

legendary

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They might not be doing this for the cryptospace however, it appears that this legal battle started by Elon Musk and Mark Cuban might help many projects in the cryptospace and protect it from uncle Gary's policy of regulation through enforcement.

Tesla’s CEO, Elon Musk, has teamed up with American investor Mark Cuban to challenge the Securities and Exchange Commission [SEC]. Together, they have submitted an amicus brief to the Supreme Court, aiming to highlight the SEC’s practice of conducting internal trials without juries. Their central argument revolves around the assertion that these administrative proceedings lead to disparate outcomes for individuals facing SEC charges.

Several argue that the SEC possesses an unfair edge when engaging in legal proceedings within its own jurisdiction.

Read in full https://watcher.guru/news/elon-musk-mark-cuban-join-forces-for-legal-battle-against-sec

zasad@

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Quote from: ?? on ??

More regulatory bodies are trying to fight over which of them will supposedly regulate crypto. Financial Accounting Standards Board (FASB) was once also in one article on a crypto site demanding regulation in which crypto could also be their domain.

SEC, FSOC, and CFTC have to make it clearer which of them is really going to regulate crypto. I guess all of them have thier own grand plan to have a grip on this industry, they got to take taxes. The problem is that crypto is borderless and US doesn't own the biggest CEX.

Coinbase Exchange operates in the USA. It is not the largest exchange in the world, but this exchange is certainly doing much better than Binance. And the USA is the largest financial market.
Control on the crypto market is already comparable to control over banking operations, and if there is no shadow market in the country, as in Russia, then most transactions will be under control.

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Quote from: Bushdark on October 05, 2023, 02:51:36 PM

Quote from: zasad@ on September 20, 2023, 08:14:13 AM

Quote from: HmmMAA on September 20, 2023, 06:58:54 AM

Let's see how this will evolve https://www.theblock.co/post/251910/uk-bill-to-seize-illicit-crypto-moves-to-final-stages-of-approval

my opinion here
https://bitcointalksearch.org/topic/m.62875021

Quote from: Bushdark on August 25, 2023, 07:13:48 AM

Quote from: zasad@ on August 23, 2023, 07:51:06 AM

Quote from: Bushdark on August 21, 2023, 06:13:23 PM

Quote from: zasad@ on August 18, 2023, 11:19:32 AM

I think the comparison with Forex is wrong.
It is very difficult to manipulate company shares or commodity prices in modern markets. The situation with Bitcoin is different, because most coins are not traded on markets but are stored somewhere.

It is very certain that we can't compare the forex market with cryptocurrency market based in some certain aspects but we need to understand that there are different means we can manipulate the market which might not be obvious like we could ever think about. The forex market has it own method manipulation can done which could be different from cryptocurrency. Since the crypto market is still in the infantry age, there will be a lot for adjustments and balancing for it to be well organized. The whales control the crypto to there advantage which could be difficult for an ordinary trader to make profits from the market without updates.

If it is known that there is 21 million bitcoin that is available by default and out the 21 million, 18 million is currently in circulation. This means that no bitcoin has been lost either by carelessness of the bitcoin owner or by hack and we are also sure that no bitcoin is hiding anywhere in private wallets as zasad@ has said. This will enable everyone know the volume of bitcoin in circulation and as such control manipulation.
This is the reason the stocks and including the forex is different from cryptocurrency discussion ongoing here.

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Quote from: zasad@ on September 20, 2023, 08:14:13 AM

Quote from: HmmMAA on September 20, 2023, 06:58:54 AM

Let's see how this will evolve https://www.theblock.co/post/251910/uk-bill-to-seize-illicit-crypto-moves-to-final-stages-of-approval

my opinion here
https://bitcointalksearch.org/topic/m.62875021

Quote from: Bushdark on August 25, 2023, 07:13:48 AM

Quote from: zasad@ on August 23, 2023, 07:51:06 AM

Quote from: Bushdark on August 21, 2023, 06:13:23 PM

Quote from: zasad@ on August 18, 2023, 11:19:32 AM

Warren Buffett manages a lot of money, so he knows what he's doing. Other funds are also diversifying their risks, and companies that issue stablecoins that are pegged to the US dollar have come to believe in the safety of US Treasury bonds. hehe. These companies have no real capital.

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. Bad projects and exchanges that had crashed is making the government have a rethink about the fear of there citizens getting scammed by fake projects.

There is a big difference between saying "Bitcoin is a scam" or "Bitcoin will cost $0".
Warren Buffett has seen a lot of bubbles in the market and he is right about the risks of Bitcoin. As soon as the manipulators play enough with this asset, they can reset it or come up with other problems.

There is no asset that don't have manipulators even in the forex market. The big whales are always the ones that control the market most time to there own satisfaction. Bitcoin has not gained tya ground to repel any attempt to manipulate the market. The market is gradually gaining weight that will soon make it difficult for people to control the market easily. Yes Bitcoin has it own risk and everyone that is investing should be ready to measure there own risks.

I think the comparison with Forex is wrong.
It is very difficult to manipulate company shares or commodity prices in modern markets. The situation with Bitcoin is different, because most coins are not traded on markets but are stored somewhere.

It is very certain that we can't compare the forex market with cryptocurrency market based in some certain aspects but we need to understand that there are different means we can manipulate the market which might not be obvious like we could ever think about. The forex market has it own method manipulation can done which could be different from cryptocurrency. Since the crypto market is still in the infantry age, there will be a lot for adjustments and balancing for it to be well organized. The whales control the crypto to there advantage which could be difficult for an ordinary trader to make profits from the market without updates.

bbc.reporter

legendary

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Uncle Gary is being very cautious in what he might say in this testimony because it might be taken as a precedent by lawmakers and judges that other cryptocoins could also be argued as commodities. Also, he declared that bitcoin can be a security according to the interpetation of other laws. This Gensler should not be underestimated. Bitcoin maximalists cheer for him when he said that everything except bitcoin is a security, however, if he can find an interpretation in the law that bitcoin is a security, he will do it.

I also speculate that he is a bagholder of a token. This might be causing his hatred on the cryptospace hehehe. Did everyone watch the video of him where he shilled Algorand? He said Uber could exist inside of Algorand hehehehehe.

During recent testimony before Congress, SEC Chair Gary Gensler reiterated his belief that Bitcoin is not a security but declined to state whether it is a commodity.

When asked by Congressman Patrick McHenry if he believes Bitcoin is a security, Gensler responded that he, SEC staff, and prior chairs have said it does not meet the Howey Test that defines securities under US law.

However, when McHenry followed up, asking if that meant Bitcoin was therefore a commodity, Gensler showed reluctance. He stated that Bitcoin is not a security but that “the test is otherwise for other laws” regarding its categorization.

During the testimony, McHenry also criticized SEC Chair Gary Gensler over his lack of transparency around interactions with collapsed crypto exchange FTX and its founder, Sam Bankman-Fried.

Source https://watcher.guru/news/secs-gary-gensler-says-bitcoin-is-not-a-security

zasad@

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Quote from: HmmMAA on September 20, 2023, 06:58:54 AM

Let's see how this will evolve https://www.theblock.co/post/251910/uk-bill-to-seize-illicit-crypto-moves-to-final-stages-of-approval

my opinion here
https://bitcointalksearch.org/topic/m.62875021

Quote from: Bushdark on August 25, 2023, 07:13:48 AM

Quote from: zasad@ on August 23, 2023, 07:51:06 AM

Quote from: Bushdark on August 21, 2023, 06:13:23 PM

Quote from: zasad@ on August 18, 2023, 11:19:32 AM

Warren Buffett manages a lot of money, so he knows what he's doing. Other funds are also diversifying their risks, and companies that issue stablecoins that are pegged to the US dollar have come to believe in the safety of US Treasury bonds. hehe. These companies have no real capital.

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. Bad projects and exchanges that had crashed is making the government have a rethink about the fear of there citizens getting scammed by fake projects.

There is a big difference between saying "Bitcoin is a scam" or "Bitcoin will cost $0".
Warren Buffett has seen a lot of bubbles in the market and he is right about the risks of Bitcoin. As soon as the manipulators play enough with this asset, they can reset it or come up with other problems.

There is no asset that don't have manipulators even in the forex market. The big whales are always the ones that control the market most time to there own satisfaction. Bitcoin has not gained tya ground to repel any attempt to manipulate the market. The market is gradually gaining weight that will soon make it difficult for people to control the market easily. Yes Bitcoin has it own risk and everyone that is investing should be ready to measure there own risks.

I think the comparison with Forex is wrong.
It is very difficult to manipulate company shares or commodity prices in modern markets. The situation with Bitcoin is different, because most coins are not traded on markets but are stored somewhere.

HmmMAA

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Let's see how this will evolve https://www.theblock.co/post/251910/uk-bill-to-seize-illicit-crypto-moves-to-final-stages-of-approval

bbc.reporter

legendary

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It appears that even if they had judges ruling against their regulatory claims, the SEC has again begun issuing another warning that more charges will be brought to more exchanges and DeFi platforms. I speculate that the SEC is only using their position to collect fines and settlement money from projects that they know will not fight them in court. Uncle Gary knows that the have lost already.

The U.S. Securities and Exchange Commission (SEC) isn’t done chasing down crypto exchanges and decentralized finance (DeFi) projects it sees as violating securities laws in the same vein as Coinbase Inc. (COIN) and Binance, said David Hirsch, head of the agency’s Crypto Assets and Cyber Unit.

Source https://www.coindesk.com/policy/2023/09/19/us-secs-crypto-enforcement-chief-warns-more-charges-coming-to-exchanges-defi/

YOSHIE

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Quote from: Blawpaw on December 17, 2022, 05:38:14 AM

So, we will see new regulations coming in through the following months. Usually, regulation comes at a price and is more damaging than the other way around. I just hope that it isn't regulation that could stifle innovation and slow down the industry to a freezing point.

Since the phenomenon and bad things happened to MTGOX and FTX, many governments in every country are regulating or legalizing crypto asset trading nowadays, Various rules apply from all sides to exchanges and crypto, ranging from taxation and revenue operating rules in the country to dealing with losses for crypto users as a whole.

I am positive about the new existing Regulations against crypto, rules that contain strong definitions, principles, laws and conditions for every exchange and crypto asset that should be traded around the world, I hope that in the future it will be important to build a comprehensive foundation and legal framework for crypto, to ensure that every user is safe using the crypto industry, as a whole whether it's asset security, trading, investment and everything, for the future progress of crypto.

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Quote from: zasad@ on August 23, 2023, 07:51:06 AM

Quote from: Bushdark on August 21, 2023, 06:13:23 PM

Quote from: zasad@ on August 18, 2023, 11:19:32 AM

Warren Buffett manages a lot of money, so he knows what he's doing. Other funds are also diversifying their risks, and companies that issue stablecoins that are pegged to the US dollar have come to believe in the safety of US Treasury bonds. hehe. These companies have no real capital.

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. Bad projects and exchanges that had crashed is making the government have a rethink about the fear of there citizens getting scammed by fake projects.

There is a big difference between saying "Bitcoin is a scam" or "Bitcoin will cost $0".
Warren Buffett has seen a lot of bubbles in the market and he is right about the risks of Bitcoin. As soon as the manipulators play enough with this asset, they can reset it or come up with other problems.

There is no asset that don't have manipulators even in the forex market. The big whales are always the ones that control the market most time to there own satisfaction. Bitcoin has not gained tya ground to repel any attempt to manipulate the market. The market is gradually gaining weight that will soon make it difficult for people to control the market easily. Yes Bitcoin has it own risk and everyone that is investing should be ready to measure there own risks.

zasad@

legendary

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Quote from: Bushdark on August 21, 2023, 06:13:23 PM

Quote from: zasad@ on August 18, 2023, 11:19:32 AM

Warren Buffett manages a lot of money, so he knows what he's doing. Other funds are also diversifying their risks, and companies that issue stablecoins that are pegged to the US dollar have come to believe in the safety of US Treasury bonds. hehe. These companies have no real capital.

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. Bad projects and exchanges that had crashed is making the government have a rethink about the fear of there citizens getting scammed by fake projects.

There is a big difference between saying "Bitcoin is a scam" or "Bitcoin will cost $0".
Warren Buffett has seen a lot of bubbles in the market and he is right about the risks of Bitcoin. As soon as the manipulators play enough with this asset, they can reset it or come up with other problems.

Bushdark

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Quote from: zasad@ on August 18, 2023, 11:19:32 AM

Warren Buffett manages a lot of money, so he knows what he's doing. Other funds are also diversifying their risks, and companies that issue stablecoins that are pegged to the US dollar have come to believe in the safety of US Treasury bonds. hehe. These companies have no real capital.

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. Bad projects and exchanges that had crashed is making the government have a rethink about the fear of there citizens getting scammed by fake projects.

zasad@

legendary

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Warren Buffett manages a lot of money, so he knows what he's doing. Other funds are also diversifying their risks, and companies that issue stablecoins that are pegged to the US dollar have come to believe in the safety of US Treasury bonds. hehe. These companies have no real capital.

bbc.reporter

legendary

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@zasad@. Uncle Warren is one of the most successful and greatest of investors in the traditional market. How could we not like hehehe.

On why he does not invest everything in US treasuries, who can be certain on his investment tactics? We do not know. However, we can be certain that he wants to have cash that will always be prepared to buy certain value stocks that might be undervalued.

zasad@

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Quote from: bbc.reporter on August 16, 2023, 11:51:53 PM

@zasad@. I am not quite certain why hehehe. I also do not know what would be the best financial decision to manage $72 billion. However, if Tether and Paypal have trust the in American government and also have trust in their ability to once again get out of another economic crisis then for them it would be a good financial decision because they earn yield.

It is very much similar to us DeFi enjoyers who farm our stablecoins for yield but also taking the risk that the platform might be hacked or might be a rugpull hehehehe.

Do you like Warren Buffett?
I do not agree with all of his statements, although I begin to understand his phrase that "Bitcoin will cost 0 dollars."
It will happen, but maybe not soon.
I like his portfolio and investor approach
https://www.buffett.online/portfolio/
"Warren Buffett's Berkshire Hathaway holds $127 billion in cash and cash equivalents (as investments in very short-term bonds are called)"
This is risk diversification. Why doesn't he invest in US Treasuries all in?

Topic: More Regulation Incoming! - page 2. (Read 1843 times)