More Regulation Incoming! - page 5. | Bitcointalksearch.org

Woodie

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Quote from: Ayers on December 17, 2022, 05:52:25 AM

I don't like regulations, not only about privacy, but I fear that regulations will slow down the growth of the market.

Don't you think this regulation stance is 50/50, investors love to reduce their risk were possiblea and if regulation can minimise this risk I actually think the markets will actually grow.
Imagine trying to get a financing because of an illegal asset, this can never be approved and its a whitelisted one and this can happen with regulation.

Quote from: Ayers on December 17, 2022, 05:52:25 AM

I believe most people enter the market because they like the volatility of cryptocurrencies, but once there is regulation, I fear that will disappear along with our privacy. Look at the stock market or the forex market, they are regulated, and they become more stable because they are tightly managed.

But I think markets arent as volatileas they were back then were losing or gaining a thousand dollars on price was easy.

Quote from: Ayers on December 17, 2022, 05:52:25 AM

Regulations are inevitable, but we can only hope they won't be too strict with us.

Crypto will always have its way around regulation, and strictnessa should not worry anybody

zasad@

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Quote from: bbc.reporter on May 12, 2023, 10:34:22 PM

@zasad@. Centers for cryptocurrencies in other countries. This does not solve the problem of regulatory inclarity for the people who want to invest and use the cryptospace in America.

It also appears that it is not only the businesses that are focused on the cryptospace that want regulatory clarity. The US chamber of commerce has filed a brief questioning the SEC for acting unlawfully vs. Coinbase.

The SEC’s actions are not just harmful policy; they are unlawful; and the consequences of the SEC’s continued delay are severe for that reason too.

The SEC’s unwillingness to announce the rules of the road ex ante, combined with its use of enforcement actions to impose or threaten liability ex post, conflicts with the Due Process Clause and basic principles of administrative law. And the SEC’s continued inaction on Coinbase’s rulemaking petition compounds these violations.

Source https://www.uschamber.com/assets/documents/U.S.-Chamber-Amicus-Brief-In-re-Coinbase-Third-Circuit.pdf

Let me tell you my opinion, if I'm wrong, then you tell me where I'm wrong.
In the US, democracy, they do not have bribes, but there is lobbying. Binance in the US is declared a criminal and almost an accomplice of terrorists, so many officials are afraid to lobby for the interests of this company. The Coinbase exchange has a lobby, so they influence the SEC from different angles. This is how American democracy works.

bbc.reporter

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@zasad@. Centers for cryptocurrencies in other countries. This does not solve the problem of regulatory inclarity for the people who want to invest and use the cryptospace in America.

It also appears that it is not only the businesses that are focused on the cryptospace that want regulatory clarity. The US chamber of commerce has filed a brief questioning the SEC for acting unlawfully vs. Coinbase.

The SEC’s actions are not just harmful policy; they are unlawful; and the consequences of the SEC’s continued delay are severe for that reason too.

The SEC’s unwillingness to announce the rules of the road ex ante, combined with its use of enforcement actions to impose or threaten liability ex post, conflicts with the Due Process Clause and basic principles of administrative law. And the SEC’s continued inaction on Coinbase’s rulemaking petition compounds these violations.

Source https://www.uschamber.com/assets/documents/U.S.-Chamber-Amicus-Brief-In-re-Coinbase-Third-Circuit.pdf

zasad@

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Quote from: bbc.reporter on May 10, 2023, 09:32:31 PM

I am not quite certain where to share this news article. This will become another attempt to disable the innovation being brought and enjoyed in the cryptospace.

A Democratic representative laid into witnesses during Wednesday’s joint hearing on crypto regulation, arguing that there is no way to effectively regulate crypto markets when they are subject to such “massive market manipulation.”

House Financial Services Committee member Bill Foster, D-Illi., argued that wash trading cannot be controlled without establishing federally-regulated “traceable digital identities” for all wallets and users.

“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.

Source https://blockworks.co/news/self-custody-wallets-need-identities

In any case, I have argued against some people in the forum who tells everyone that regulations are good for adoption. However, it appears that they do not have any understanding on what regulations might imply on the cryptospace.

This is how I understand how regulations might be implemented and it will certainly not be good for adoption.

https://bitcointalksearch.org/topic/m.62196665

They still cannot determine which token or token is a commodity and which shares.
They learned how to track transactions on wallets and deal with scammers. Money does not like bans, and while they want to tighten regulation, there is hope for the emergence of new financial centers for cryptocurrencies in other countries.

bbc.reporter

legendary

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I am not quite certain where to share this news article. This will become another attempt to disable the innovation being brought and enjoyed in the cryptospace.

A Democratic representative laid into witnesses during Wednesday’s joint hearing on crypto regulation, arguing that there is no way to effectively regulate crypto markets when they are subject to such “massive market manipulation.”

House Financial Services Committee member Bill Foster, D-Illi., argued that wash trading cannot be controlled without establishing federally-regulated “traceable digital identities” for all wallets and users.

“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.

Source https://blockworks.co/news/self-custody-wallets-need-identities

In any case, I have argued against some people in the forum who tells everyone that regulations are good for adoption. However, it appears that they do not have any understanding on what regulations might imply on the cryptospace.

This is how I understand how regulations might be implemented and it will certainly not be good for adoption.

https://bitcointalksearch.org/topic/m.62196665

safar1980

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SEC Issues Largest-Ever Whistleblower Award

The Securities and Exchange Commission today announced the largest-ever award, nearly $279 million, to a whistleblower whose information and assistance led to the successful enforcement of SEC and related actions. This is the highest award in the SEC’s whistleblower program’s history, more than doubling the $114 million whistleblower award the SEC issued in October 2020.

zasad@

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https://blockchain.news/news/coinme-fined-4-million-by-sec
"The US Securities and Exchange Commission (SEC) has fined Coinme, a cryptocurrency exchange, nearly $4 million for allegedly offering unregistered securities and making "misleading statements" about its crypto token, UpToken. Coinme, its subsidiary Up Global SEZC, and its CEO, Neil Bergquist, were charged by the SEC on April 28, with Up Global agreeing to pay a $3.52 million penalty, for which Coinme was also held liable. The SEC alleged that Coinme's Initial Coin Offering (ICO) of UpToken between October and December 2017 was an investment contract under the Howey test and was an unregistered securities offering. The ICO raised around $3.6 million to expand Coinme's fleet of Bitcoin ATMs, with the funds used to add 30 ATMs, and UP holders received benefits such as discounted fees and cashback when using the ATMs. However, in January 2019, Coinme changed its offering and partnered with Coinstar to use its cash-counting kiosks to facilitate cash-to-crypto transactions instead of its own ATMs. Coinme shut down all of its ATMs by July 2019, and there is currently no use for UpToken, with its market cap falling to around $50,000 and 24-hour trading volumes topping just over $180."
___
This exchange got off with a small fine.

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Quote from: Plaguedeath on December 24, 2022, 04:47:49 AM

Mt Gox and FTX aren't both company should be blamed, but the whole centralized exchanges should be blamed especially if they're included in this list [1]

It's not surprising regulation will keep coming because hacker is always clever and better rather than the current security, this is why everyone should avoid to use centralized exchange. If people are move all from centralized exchange to decentralized exchange, there's will no regulation coming due to security excuse, they only want to control everyone activity.

[1] https://bitcointalksearch.org/topic/hacked-exchanges-since-2011-5090869

It is essential to know that regulations can aid in improved security and protect investors, even though it’s important to hold centralized exchanges responsible for security violations.
Nevertheless, it is up to individuals to evaluate the risk and benefits of using centralized vs decentralized exchanges and make a decision based on their personal choice.

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https://www.coinbase.com/blog/coinbase-takes-another-formal-step-to-seek-regulatory-clarity-from-sec-for
"Today Coinbase filed a narrow action in federal court to compel the SEC to respond yes or no to our July 2022 petition asking the SEC to use its formal rulemaking process to provide guidance for the crypto industry. The rulemaking process exists so that agencies can develop regulation with the benefit of public input, and have their position tested through judicial review. To date, more than 1,700 entities and individuals have submitted comments to Coinbase’s petition echoing the request for clarity. "

safar1980

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Crypto effort in House gathers steam, could gain allies in Lummis, Gillibrand

An effort to overhaul how U.S. securities and commodities laws govern crypto markets is picking up momentum.
The House-led effort now has interest in the Senate, with the goal of releasing the legislation in late May.

https://www.theblock.co/post/227474/crypto-markets-bill-congress

sha420hashcollision

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Quote from: aoluain on April 20, 2023, 04:32:06 PM

Quote from: Kryptowerk on April 16, 2023, 02:26:19 AM

Quote from: Plaguedeath on December 24, 2022, 04:47:49 AM

Mt Gox and FTX aren't both company should be blamed, but the whole centralized exchanges should be blamed especially if they're included in this list [1]

It's not surprising regulation will keep coming because hacker is always clever and better rather than the current security, this is why everyone should avoid to use centralized exchange. If people are move all from centralized exchange to decentralized exchange, there's will no regulation coming due to security excuse, they only want to control everyone activity.

[1] https://bitcointalksearch.org/topic/hacked-exchanges-since-2011-5090869

While we talk about blame, I think especially in the case of FTX it has become apparant that as long as everybody involved (from the huge fish at FTX headquaters down to all the youtubers and other shills promoting FTX) makes good money, nobody even tries to take a look at all the red flags. So my personal stance on the matter is, money speaks, the responsibility for the FTX mess may be mostly within SBF and associates but goes a long way down to thousands of people involved that allowed the corrupt system to keep running for so long.

100% and I would add a big percentage of people trying to make a profit from $hitcoins
dont realise that they are feeding that system, I didnt realise it when I was trading
$hitcoins.

Like wise the youtubers and ordinary people following and promoting FTX werent aware
of the corruption.

Stuff like this also gives the likes of the FED and ECB more excuses and reason to
lump Bitcoin in along with $hitcoins under the general term of Crypto.

They can make up whatever BS they want as they have been for the entirety of Bitcoin's existence. This is a particular problem with shitcoins specifically. This is a problem with centralized companies acting like they provide the same guarantees as Bitcoin. They can blame themselves for not doing the research, lying to themselves and the public, and going all in on their own centralized pre-mined IOU receipt token of which there are thousands.

aoluain

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Quote from: Kryptowerk on April 16, 2023, 02:26:19 AM

Quote from: Plaguedeath on December 24, 2022, 04:47:49 AM

Mt Gox and FTX aren't both company should be blamed, but the whole centralized exchanges should be blamed especially if they're included in this list [1]

It's not surprising regulation will keep coming because hacker is always clever and better rather than the current security, this is why everyone should avoid to use centralized exchange. If people are move all from centralized exchange to decentralized exchange, there's will no regulation coming due to security excuse, they only want to control everyone activity.

[1] https://bitcointalksearch.org/topic/hacked-exchanges-since-2011-5090869

While we talk about blame, I think especially in the case of FTX it has become apparant that as long as everybody involved (from the huge fish at FTX headquaters down to all the youtubers and other shills promoting FTX) makes good money, nobody even tries to take a look at all the red flags. So my personal stance on the matter is, money speaks, the responsibility for the FTX mess may be mostly within SBF and associates but goes a long way down to thousands of people involved that allowed the corrupt system to keep running for so long.

100% and I would add a big percentage of people trying to make a profit from $hitcoins
dont realise that they are feeding that system, I didnt realise it when I was trading
$hitcoins.

Like wise the youtubers and ordinary people following and promoting FTX werent aware
of the corruption.

Stuff like this also gives the likes of the FED and ECB more excuses and reason to
lump Bitcoin in along with $hitcoins under the general term of Crypto.

Kryptowerk

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Disobey.

Quote from: Plaguedeath on December 24, 2022, 04:47:49 AM

Mt Gox and FTX aren't both company should be blamed, but the whole centralized exchanges should be blamed especially if they're included in this list [1]

It's not surprising regulation will keep coming because hacker is always clever and better rather than the current security, this is why everyone should avoid to use centralized exchange. If people are move all from centralized exchange to decentralized exchange, there's will no regulation coming due to security excuse, they only want to control everyone activity.

[1] https://bitcointalksearch.org/topic/hacked-exchanges-since-2011-5090869

While we talk about blame, I think especially in the case of FTX it has become apparant that as long as everybody involved (from the huge fish at FTX headquaters down to all the youtubers and other shills promoting FTX) makes good money, nobody even tries to take a look at all the red flags. So my personal stance on the matter is, money speaks, the responsibility for the FTX mess may be mostly within SBF and associates but goes a long way down to thousands of people involved that allowed the corrupt system to keep running for so long.

sha420hashcollision

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scam coin pump and dumps ARE securities, bitcoin is a commodity

zasad@

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https://www.fsb.org/wp-content/uploads/P200223-1.pdf
20 February 2023
"The financial stability outlook remains challenging. Inflation persists above target in many
jurisdictions. Despite easing recently, global financial conditions are significantly tighter than a
year ago and may undergo further tightening in the months to come. Economic growth has
slowed markedly in recent months. Whilst expectations of a ‘soft landing’ for the global
economy have grown, the outlook remains clouded by uncertainty. Emerging market and
developing economies (EMDEs) have been largely resilient thus far, but this backdrop may
present challenges to them as we move forward."

____
Before

https://www.fsb.org/2022/10/fsb-proposes-framework-for-the-international-regulation-of-crypto-asset-activities/
FSB proposes framework for the international regulation of crypto-asset activities

15 December 2022
https://www.circle.com/hubfs/Circle%20Internet%20Financial%20-%20Comments%20on%20FSB%20Consultation%20v2.pdf
RE: Proposed framework for the international regulation of crypto-asset activities and “global
stablecoins” – consultative response

____
USDC will probably continue to work

zasad@

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Quote from: bmwister on February 14, 2023, 02:46:19 AM

I don't think much will change. Thus, the state will only tighten control over cryptocurrencies and computers. But these new rules will not protect companies from collapse or failure. Unfortunately, this does not depend on the rules.

But this is just my opinion. The authorities know what they are doing, after all.

Yes, I also think that SEC will not have enough resources for all crypto projects, but they will make a lot of noise and make many people very nervous. The mass adoption of stablecoins is still very far away, I think 3-5 years, but for now it is necessary to reduce the growing number of stablecoins.

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I don't think much will change. Thus, the state will only tighten control over cryptocurrencies and computers. But these new rules will not protect companies from collapse or failure. Unfortunately, this does not depend on the rules.

But this is just my opinion. The authorities know what they are doing, after all.

zasad@

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Quote from: virasog on February 11, 2023, 10:00:50 AM

Quote from: zasad@ on February 10, 2023, 06:40:02 AM

https://www.coindesk.com/policy/2023/02/09/stablecoin-issuer-paxos-is-being-investigated-by-new-york-regulator/
Stablecoin Issuer Paxos Is Being Investigated by New York Regulator
"The scope of the crypto-related investigation is not yet clear.
The full scope of the investigation is unclear. Paxos’ stablecoins include the Pax dollar (USDP) and Binance USD (BUSD), a Binance-branded stablecoin offered through a white-label service.
A NYDFS spokesperson said the agency could not comment on ongoing investigations."
__

Tether has already faced such investigation and now these investigations against USDP and BUSD will add to the panic in the market. Also it is strange that the scope of these investigation is not clear or is deliberately not made the scope public.

I am not sure what will be the end result of these investigation but i am confident that BUSD will come out clean from these investigations.

For the last 3 months, very negative news about crypto regulation has been released. The situation with Protego and Paxos's petitions is also unclear.

With crypto banking on the brink, rumors are flying
https://fortune.com/crypto/2023/02/08/with-crypto-banking-on-the-brink-rumors-are-flying/

free
https://archive.is/jnxFx
"Unlike Anchorage, the final status of Protego and Paxos’s petitions remains uncertain. The OCC has dragged out the approval process—and with it, the companies’ ability to operate as national banks—beyond the 18-month deadline."

Some people are rumored to want to disrupt the connection between the banking world and the worlds of cryptocurrencies.

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Quote from: zasad@ on February 10, 2023, 06:40:02 AM

https://www.coindesk.com/policy/2023/02/09/stablecoin-issuer-paxos-is-being-investigated-by-new-york-regulator/
Stablecoin Issuer Paxos Is Being Investigated by New York Regulator
"The scope of the crypto-related investigation is not yet clear.
The full scope of the investigation is unclear. Paxos’ stablecoins include the Pax dollar (USDP) and Binance USD (BUSD), a Binance-branded stablecoin offered through a white-label service.
A NYDFS spokesperson said the agency could not comment on ongoing investigations."
__

Tether has already faced such investigation and now these investigations against USDP and BUSD will add to the panic in the market. Also it is strange that the scope of these investigation is not clear or is deliberately not made the scope public.

I am not sure what will be the end result of these investigation but i am confident that BUSD will come out clean from these investigations.

Topic: More Regulation Incoming! - page 5. (Read 1843 times)