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The US House and Senate moves closer on crypto regulation in the US, a step I perceived as desperate and can't be crypto friendly.
If want the government to somehow support cryptocurrency then regulation is something we must welcome and it's not that their regulation plan will regulate crypto per se what they want to regulate is Centralized platform that's dealing with crypto-related business.
The confidence surprised me, but the more fear is futuristic in that any careless bill passed by the House and Senate could be an excuse for other countries and might be reducing the independence of cryptocurrency more than how it is.
No bill passed by the House will reduce the liberation of decentralized coins like Bitcoin crypto enthusiasts will just switch to the next alternative. An example is what happened in China and some of Africa.
decentralization system may blind them but can not be transacted only by self-custody wallets that can help that, the centralized system will keep it better lively as it is and will be infringed upon by the US legislature decision.
There's always a solution to everything but I wonder why you believe that only the centralized system will keep Bitcoin better lively when everything started from DEX and Bitcoin was lively then.
They claim it will target Security concern and Cybercrime, I don't have problem with that. I know when they get away with this, it will not end there, they will pass another stiffer bills in the future and will gradually be weakening cryptocurrency status.
If we're talking about decentralized crypto the government can not weaken it and they already have enough problems than focusing on weakening the crypto market. They are just addicted to power to control people or settings and the worse thing they will do with their regulation is restrict, limit, and possibly huge tax on crypto.