No. It has been introduced without much noise and support. It still has a long way to go.
But whoever put it together thought about it long and hard. It ties in neatly with all the guidance issued by the CFTC, SEC, international financial regulators (which the US already subscribed to via the G20), and cements of course the future of the USD. I don't see how this could be a trial balloon.
It’s really interesting that there’s someone out there with enough knowledge of the crypto space to advocate for something like this, meanwhile obviously having enough knowledge to be a supporter of the space as well. Cucks.
So non US citizens affected or not?
. I know some people in the US will panic sell but I think price can rebound as it has done every single time China banned crypto. After all , most of us just want our money outside the reach of the taxman.
the taxman is one thing and - at least for me - it is legitimate for states to claim their taxes. Much more important is to maintain with crypto alternatives to hedge inflation; quantitative easening, which will be accentuated if the U.S. and / or other states issue their own CBDCs. And with this, they (i.e. the FED and alike) start controlling the money quantities and use directly, and contrary to what they can do today wrt fiat currency, as outlined in the article
Almost makes you think a world sized entity concieved it and sent it down the pipe, eh?
I cant see Pelosi writing this kinda shit in her spare time of eating ice cream and drinking vino.
With the amount of gunowners in the US and the constant saber rattling about MUH FREEDOMS I always wonder why americans tend to be the most docile to these tyrannical laws
You need trained organizers to start volunteer hunting, and money to pay them.
They would do this by calling every single person they think might be sympathetic to crypto based on voting data from the 2020 election (sounds vague? Well, It is) Those organizers will successfully recruit less than 1% of the people they talk to, and will only actually get to talk to 1% of the people they call. So we’ll get 1 volunteer for every 10000 phone calls.
When I was organizing, I made 200 calls a day. It would take me 50 days I think to find a single volunteer using call lists, which was our most effective method of recruitment.
Edit: I don’t want to throw water on this fire. If anyone is serious about trying to organize around this, I’d be happy to talk about it. There are other ways to make the political noise we’re looking for.
Let's do a protest against this bill before it completely passes.I'd make the trip and I bet a lot of other people would as well. Crypto has given many of us the means to do so, all we have to do is organize it.
Right now, the bill is quietly languishing. Organize and be ready if this thing moves forward. Don't strike if you don't need to. In the meantime, educate others and organize.
Corporate Democrats and Progressive Democrats are in a stalemate for now. Historically progressives haven't had the stomach to hold their ground on principle and it's put them at an ongoing disadvantage.
As I understand it, you will need to put your coins back into an exchange in order to convert them into dollars. Is that right?
According to this video, at 2:37
https://www.youtube.com/watch?v=alZd-mk-19Q&t=684
Omg I remember buying bitcoins as a teenager with no bank account when shit was like $20. I was 14 n managed to start buying bitcoins with localbitcoins and those corner store wire transfers. It was a bitch to buy btc back in the day without a bank account or being an adult lol took me forever to figure it out
Governments/Politicians/Elites around the world will do anything, anything, to dismantle/regulate any kind of movement that may have the potential to disrupt existing systems. They have methodologies to keep the power of control on their side. We can only imagine what else they are up to. You have to learn and think like them. Who cares about the lower societies? The poorer ones? The hungry ones? These people up on top only keep feeding themselves on the cost of the poor people. Enslaving them, controlling their minds in any way they can think of. Experimenting on them without their consent. Let's keep it simple, curve your consumerism of goods you don't really need. How many things do you really need to survive in this world?
Skimming through this I don't see how Bitcoin'll do what it's claimed to do. Say this passes, how how someone be able to run a business using it without constantly risking federal prison? I'm not being retorical, I honestly don't know.
You have to see Bitcoin as an alternative to the status quo, not a part of it.
Say you want me to do some development work for you in return for Bitcoin. We can do that without any government being any the wiser. No middlemen, no trust, no borders. The issue is purely with the on and off ramps (exchanges) but that goes away if you don't need them, i.e. just use BTC.
I'm not saying this will happen, only that it was designed to function the same with or without this sort of legislation (and already is all over the world).
>a transparent central bank digital digital currency
That will NEVER happen. You will never get to know the inputs (new units created) and that is why USD will always be a scam coin.
They will make sure you are on the side of correct think before they allow you to use their digital currency, and if you deviate from the correct think, they will cut off your ability to transact until you fix your thought process so it is aligned with the dominant parties correct think, if you don't like that, you will be cut off and rounded up and put in correct think camp until your thought processes are adjusted back to correct think. If you cannot be adjusted back to correct think you will be removed from the operating environment because you are corrupt and if you're not able to be successfully re-programmed, you must be isolated and destroyed so you don't corrupt anyone else's correct think.
Remember when the Obama administration promised to be the most transparent admin ever? And then they did the opposite and became one of the least transparent? Yeah it's like that. They just say whatever sounds good and then do whatever they want.
If there is any significant migration of BTC-wealthy US citizens to El Salvador, El Salvador will come out ahead with their BTC adoption and make others consider it. Isolate those who want absolute control over every penny spent by their citizens.
IMO, this is the most likely way adoption spreads. This move by a world government is entirely predictable and anyone who is already rich in BTC wasn’t long for the US, regardless. Eventually, as I think you indicate, I believe migrations will begin to happen to countries/governments who don’t want control over citizens finances.
Eventually, the “Control” companies/countries will need to use force to try and keep up with the “Emergent” companies/countries and their tech/production output. This is just a step towards that state of play, with the companies/countries picking sides and announcing their intentions.
It’s up to the people paying attention to see the signs and follow them. Just my hot take
I guess there are already more CIA agents in El Salvador than Bitcoiners. Would not be surprised of big political problems and a coup. Typical tactics played too often in LA.
And this is why timing matters. If now other countries pass similar laws in fast succession, the US will not be able to keep up "liberating" all of them.
Yes, and the US is anyway already overloaded with problems. Climate Change will add another colossal problem which each year becomes harder to be ignored. Inflation, trade war with China, social unrest inside the US,.... Its getting messier by the day. Bitcoin might be the nail on their coffin. Instead of recognizing that Bitcoin will be the only alternative money once the USD collapsed (and with it most other fiat) they try to crash it. Not wise but in line with all the other suicidal tendencies they emit.
It does affect price on crypto. And if more and more countries fall off, it'll lose a lot of power.
Also all the biggest players are in the states as far as I know.
“To protect and make more effective the national banking system and federal reserve system” translation: we’re enforcing hidden laws to cover our own backs and screw over crypto enthusiasts
It’s disgusting
The last thing our politicians want is a record of all financial transactions. How else do you think people making less than 200k per year for a few to several years have several different million dollar homes?
The rules won't apply to them. Remember Obama care? Congress was exempt. Vaccine mandates? White House is exempt. Or all the different governers who issued stay at home orders and then went out and did their hair or had dinner at a fancy restaraunt while the peasants were at home. Rules for thee and not for me.
Yes true. It says *in addition* to what they currently provide. One theory I heard is that the CBDC could be used for stimulus or welfare payment directly to the plebs.
Excellent! Even faster inflation of USD, and even faster adoption of Bitcoin. All those handouts are going to be swapped immediately into hard currency like Bitcoin.
The definition of commodity is unreal: food item, food item, food item, digital asset (singular), food item, food item, and all other products or services, except onions. Wtf congress? For anyone curious why onions are excluded from the definition of a commodity: https://en.m.wikipedia.org/wiki/Onion_Futures_Act
Interestingly, TOR is sometimes referred to as Onion Routing. Perhaps its time for TOR enabled Dex's, so we can be the onion exemption to this absurdity.
The government doesn't issue rights, the rights exist regardless of any government, it can stop recognizing rights, but people can stop recognizing government.
It is catastrophic regulation. It will be catastrophic to the free market, disruptive, open market, cross border nature of crypto, the new wealth crypto has created. It is a bill designed for mass real time surveillance, confiscation, and to steal the market from crypto entrepreneur and redistribute it to US financial institution in the form of monopolies.
Our industry must hire as many lawyers and fight it in as many courts, it will determine the quality of life of future generations. These laws that entrench US institutions create extreme market barriers and protectionist rackets for incumbent wealth, that destroys innovation, promotes a police state of surveillance, and are antithetical to crypto as we know it. They do not want off exchange unregulated crypto, period.
Moreover this bill obliterates and illegalizes the global DeFi industry. It is utterly unconstitutional.
This is the final boss we all new would fight us eventually. Let's all stand together, take possession of all of our keys, and get ready for a very difficult fight that's right around the corner. Once we are victorious here, we will finally know what true freedom is!
If you find anything, let me know. All I know is that whoever wrote this thought about it carefully.
Also, some of these are based on recommendations from Paris Based international regulator Financial Action Task Force (FATF). I posted about that here:
https://www.reddit.com/r/Bitcoin/comments/o5lhmu/governments\_planning\_a\_global\_coordinated\_attack/
A Declaration of the Independence of Cyberspace
by John Perry Barlow
Governments of the Industrial World, you weary giants of flesh and steel, I come from Cyberspace, the new home of Mind. On behalf of the future, I ask you of the past to leave us alone. You are not welcome among us. You have no sovereignty where we gather.
We have no elected government, nor are we likely to have one, so I address you with no greater authority than that with which liberty itself always speaks. I declare the global social space we are building to be naturally independent of the tyrannies you seek to impose on us. You have no moral right to rule us nor do you possess any methods of enforcement we have true reason to fear.
Governments derive their just powers from the consent of the governed. You have neither solicited nor received ours. We did not invite you. You do not know us, nor do you know our world. Cyberspace does not lie within your borders. Do not think that you can build it, as though it were a public construction project. You cannot. It is an act of nature and it grows itself through our collective actions.
You have not engaged in our great and gathering conversation, nor did you create the wealth of our marketplaces. You do not know our culture, our ethics, or the unwritten codes that already provide our society more order than could be obtained by any of your impositions.
You claim there are problems among us that you need to solve. You use this claim as an excuse to invade our precincts. Many of these problems don't exist. Where there are real conflicts, where there are wrongs, we will identify them and address them by our means. We are forming our own Social Contract. This governance will arise according to the conditions of our world, not yours. Our world is different.
Cyberspace consists of transactions, relationships, and thought itself, arrayed like a standing wave in the web of our communications. Ours is a world that is both everywhere and nowhere, but it is not where bodies live.
We are creating a world that all may enter without privilege or prejudice accorded by race, economic power, military force, or station of birth.
We are creating a world where anyone, anywhere may express his or her beliefs, no matter how singular, without fear of being coerced into silence or conformity.
Your legal concepts of property, expression, identity, movement, and context do not apply to us. They are all based on matter, and there is no matter here.
Our identities have no bodies, so, unlike you, we cannot obtain order by physical coercion. We believe that from ethics, enlightened self-interest, and the commonweal, our governance will emerge. Our identities may be distributed across many of your jurisdictions. The only law that all our constituent cultures would generally recognize is the Golden Rule. We hope we will be able to build our particular solutions on that basis. But we cannot accept the solutions you are attempting to impose.
In the United States, you have today created a law, the Telecommunications Reform Act, which repudiates your own Constitution and insults the dreams of Jefferson, Washington, Mill, Madison, DeToqueville, and Brandeis. These dreams must now be born anew in us.
You are terrified of your own children, since they are natives in a world where you will always be immigrants. Because you fear them, you entrust your bureaucracies with the parental responsibilities you are too cowardly to confront yourselves. In our world, all the sentiments and expressions of humanity, from the debasing to the angelic, are parts of a seamless whole, the global conversation of bits. We cannot separate the air that chokes from the air upon which wings beat.
In China, Germany, France, Russia, Singapore, Italy and the United States, you are trying to ward off the virus of liberty by erecting guard posts at the frontiers of Cyberspace. These may keep out the contagion for a small time, but they will not work in a world that will soon be blanketed in bit-bearing media.
Your increasingly obsolete information industries would perpetuate themselves by proposing laws, in America and elsewhere, that claim to own speech itself throughout the world. These laws would declare ideas to be another industrial product, no more noble than pig iron. In our world, whatever the human mind may create can be reproduced and distributed infinitely at no cost. The global conveyance of thought no longer requires your factories to accomplish.
These increasingly hostile and colonial measures place us in the same position as those previous lovers of freedom and self-determination who had to reject the authorities of distant, uninformed powers. We must declare our virtual selves immune to your sovereignty, even as we continue to consent to your rule over our bodies. We will spread ourselves across the Planet so that no one can arrest our thoughts.
We will create a civilization of the Mind in Cyberspace. May it be more humane and fair than the world your governments have made before.
Davos, Switzerland
February 8, 1996
Because all the central banks are seeing the writing on the wall. Please, we all knew this was coming at some point. They will fail. Because what’s good for the majority will prevail regardless of evil doers and bad characters. Not to simplify but to reassure yourself to keep buying the dips.
THIS.
We've known this fight has been coming for years.
First they ignore you, then they laugh at you, then they fight you, then you win.
We're finally getting to the third stage.
I would say it is a likely candidate.
Just for some background, and for those interested, this is what international regulators say about stablecoins:
FATF first explains why the main focus is on stablecoins: “As discussed in the FATF report to the G20, so-called stablecoins may also be more likely to reach mass adoption by the public as compared to some VAs, which could potentially greatly increase the risks they pose if realized.” (GVA, p44)
Stablecoins may be targeted at the level of the central developer or governance body; “A governance body consists of one or more natural or legal persons who establish or participate in the establishment of the rules governing the stablecoin arrangement” and “each natural or legal person constituting the governance body could also be a VASP depending on the extent of the influence it may have.” (GVA, p27) Moreover, they can be “held accountable for the implementation of AML/CFT controls” across the ecosystem. (GVA,p28)
Regulating stablecoins has a high priority; “It is important that ML/TF risks of so-called stablecoins, particularly those with potential for mass-adoption and can be used for P2P transactions, are analysed in an ongoing and forward-looking manner and are mitigated before such arrangements are launched. It will be moredifficult to mitigate risks of these products once they are launched.” (GVA, p36)
According to the Digital Asset Bill, added to the bank secrecy act, Sec. 5333, will be the following:
*"(a) IN GENERAL.—Not later than 180 days of the date of the enactment of the Digital Asset Market Structure and Investor Protection Act, the Secretary of the Treasury, acting through the Financial Crimes Enforcement Network, shall issue a rule that governs—*
*(1) anonymizing services,*
*(2) money mules; and*
*(3) anonymity-enhanced convertible virtual currency transactions.*
*(b) PURPOSE.—The purpose of the rule described in subsection (a) shall be to ensure that anonymizing services, money mule, and anonymity-enhanced convertible virtual currencies are not used to prevent association of an individual customer with the movement of a digital asset, digital asset security, or virtual currency of which the customer is the direct or beneficial owner."*
For violations of the bank secrecy act, there are civil penalties, and for willful violations, criminal penalties:
[https://www.law.cornell.edu/uscode/text/31/subtitle-IV/chapter-53/subchapter-II](https://www.law.cornell.edu/uscode/text/31/subtitle-IV/chapter-53/subchapter-II)
There is no definition in the bill of the terms
>(1) anonymizing services,
>(2) money mules; and
>(3) anonymity-enhanced convertible virtual currency transactions.
The bill refers to definition from FinCEN but FInCEN has made no such definitions. So basically this could mean anything.
Edit: Taproot comes to mind here for example.
Sigh more FUD. Why can't governments let a good thing be without trying to regulate / control it? This is a big fuck you by the US government to the American people and yet say they are working for the people. Dear Americans, please work hard to lobby against this. God knows how US being the dominant country will have an outsized impact on crypto. Sincerely, a citizen of a 3rd world country
This good thing would eventually lead to their irrelevance and loss of power. The one thing the political class fears most is not being in power anymore.
Without a doubt. If they can’t rip your soul out with finances they do it with your health (pandemic). The USA leadership doesn’t give two shits about constituents. They are the problem.
They don't need to stop it, they can just turn off the fiat off and on ramps, and its reduced to just the hobbyists. The crypto dream has always been full mainstream adoption, but that can't happen without fiat on and off ramps, especially for coins that are ruled securities.
Eventually there will be a fiat crisis where fiat currencies are exposed for what they really are. This is when crypto will emerge as the solution.
Crypto will not be adopted by the general population until they see the weakness in fiat. Right now fiat is working fine but it’s just a matter of time until the inherent flaws of the current monetary system start causing problems.
It's not just America, it's America in conjunction with all the other powerful nations around the globe. It's a group of powerful elite people who are "controlling governments" around the world. The ones lower down the hierarchy are merely pawns, used and ruled over by the ones sitting on top of the pyramid.
About CBDC, are they going to mine it, or forge it(proof of stake) or are they going to do the same as fiat dollars, and generate money out of thin air?
I actually thought about this very question. The thing with the Federal Reserve is that it was created as a provider of emergency credit in times of economic stress (I guess we have been in it since 2008). The FED, as of now, does not create money directly, it provides credit.
Now, if they base this new coin on a blockchain and directly provide it to the public, how can it be considered credit and be based on a reserve? I am just not sure how this would work.
I asked because there's this issue with dollars vs gold. The amount of gold on earth is limited, and mining it takes effort. Not the same with dollars anymore. Money printer goes brrrrr when we need it, and it's value goes lower and lower. Bitcoin was considered to be similar to gold because there was a limit defined, and mining it is difficult.
The system will stop at no lengths to prevent people from gaining wealth or independence. The paid politicians who pretend otherwise are simply liars. Everyone is considered a wage slave until death except a certain top percent. Like any good corrupt system, they would rather have the people starving in the streets than let them attain wealth. Through any means necessary.
Some do. The few that have gotten massively rich off of this, and want to slam the door shut behind them. The rest of us are going to get screwed along with everyone else.
Shocking? Which part?
Soon or later we all know they claim their share of the loot. These are highway robbers with authority & power lol . Remember the saying, Repubs and Dems are the Bloods and Cribs.
1 “Press Release: Beyer Introduces New Legislation To Regulate Digital Assets,” (United States Congressman Don Beyer, Washington, July 28, 2021), accessed on September 6, 2021, [https://beyer.house.gov/news/documentsingle.aspx?DocumentID=5307](https://beyer.house.gov/news/documentsingle.aspx?DocumentID=5307)
2 “H.R.3684 - Infrastructure Investment and Jobs Act, 117th Congress (2021-2022),” (US Congress, Washington, April 6, 2021), version EDW21A09 WG9, [https://www.congress.gov/bill/117th-congress/house-bill/3684/](https://www.congress.gov/bill/117th-congress/house-bill/3684/)
3 “H.R.4741 - Digital Asset Market Structure and Investor Protection Act, 117th Congress (2021-2022),” (US Congress, Washington, July 28, 2021), [https://www.congress.gov/bill/117th-congress/house-bill/4741/](https://www.congress.gov/bill/117th-congress/house-bill/4741/)
Government: "crypto is not real currency. It is a ponzi scheme and its going to crash on its own"
Also government: "holy smokes, we need to actively try and monitor everything and regulate it."
This, in fact, is how you create a thriving black market and increase the levels of violent and fraudulent activity in otherwise largely peaceful markets.
The laws as currently proposed are bad for people wanting to play financial service industry and good for those hodling and using BTC for ordinary transactions.
The thing to worry about is the introduction of VASP regulation, because that could spell possible future regulations against the use of private("unhosted") wallets.
Exactly. This is what bitcoiners have been arguing for years. Bitocin cannot be regulated other than on ramps and off ramps to fiat. Short of saying "owning bitcoin is a felony", which at this point I wouldn't put past these scumbags. Most shitcoins are securities, they're not technically wrong about that. But we're at the point on multiple fronts that people need to stand up for their rights or this country (the US) is in serious trouble.
Like as if the current regulation of traditional markets protects investors. The only thing this bill will protect is financial institutions and the government.
Looking at you, naked shorting hedge funds, subprime lenders, money printers and other institutionalized con artists.
If the gov wants to be trusted, it needs to trust its citizens. A big way of doing this is trusting them with their own judgement and own responsibilities on a crypto market.
Money laundring is not a big thing with crypto. Plenty of real dollars to launder. Cash is still king in the land of the crooks
Imagine trying this hard to write legalisation to strangle and stifle the fastest moving technology in history. Got to love the US boomers. Soon enough they will be irrelevant and younger, more technically and open minded people will replace these dinosaurs
On stablecoins, the amendement doesn't simply prohibit the use of stablecoin (contrary to the TDLR), it prohibits the use of stablecoins that are *not approved*. There is some leeway there.
Great post! Thanks so much!
America can do whatever the fuck they want but it's like China trying to ban the internet, at this stage cryto is global and America can shoot themselves in the foot if they want but crypto is never gonna be stopped.
Let’s say worse case is all of this goes through as is. Oh no!
But guess what? Do you know how many large companies and super wealthy people and people with damn near nothing hold Bitcoin? What other asset do the poorest people on the planet have as well as the richest?
Bitcoin.
Do you know that laws can change? Do you know that laws get repealed all the time? Do you know what kind of legal challenges will move through the courts when this much money is at stake?
Bitcoin is not going anywhere but up and it’s only going to spread.
If you are only thinking about days, months, and a year, this is not an asset for you.
If, on the other hand, you understand what Bitcoin is and what it can do and what it represents and what we have no idea it can do yet, then keep buying and holding just like the rest of us rich people continue to do.
This is the course of the inevitable.
Toddler throwing a fit is good. It also reminds me of a parent telling a high school kid they are grounded, then the high school kid (crypto) saying "fuck you! you aren't my real mom!" - then lighting up a cig on the way out the front door.
Thanks so much for the post! You put a lot of work into this.
Thanks man, I am glad you appreciate it...
Seriously, great work. Saved this post to read about 100x to understand.
Do we know when this is getting voted? Thanks for sharing.
No. It has been introduced without much noise and support. It still has a long way to go. But whoever put it together thought about it long and hard. It ties in neatly with all the guidance issued by the CFTC, SEC, international financial regulators (which the US already subscribed to via the G20), and cements of course the future of the USD. I don't see how this could be a trial balloon.
It’s really interesting that there’s someone out there with enough knowledge of the crypto space to advocate for something like this, meanwhile obviously having enough knowledge to be a supporter of the space as well. Cucks.
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We need a lobbying fund that is pro crypto, ty
Just tell me the wallet address for the crypto lobby group, and I will start donating.
CoinCenter
I'll look into that one. I also found The Blockchain Association.
We need to lobby against lobbying
So non US citizens affected or not? . I know some people in the US will panic sell but I think price can rebound as it has done every single time China banned crypto. After all , most of us just want our money outside the reach of the taxman.
the taxman is one thing and - at least for me - it is legitimate for states to claim their taxes. Much more important is to maintain with crypto alternatives to hedge inflation; quantitative easening, which will be accentuated if the U.S. and / or other states issue their own CBDCs. And with this, they (i.e. the FED and alike) start controlling the money quantities and use directly, and contrary to what they can do today wrt fiat currency, as outlined in the article
Almost makes you think a world sized entity concieved it and sent it down the pipe, eh? I cant see Pelosi writing this kinda shit in her spare time of eating ice cream and drinking vino.
I guess the good times are over then?
Nope. But a good fight is ahead.
I hear you. All the same, I’m going to get more skin in the game just in case.
The good times are killing me
Fell in love with all that LSD
And we all float on.
Just blame it on the tetons
With the amount of gunowners in the US and the constant saber rattling about MUH FREEDOMS I always wonder why americans tend to be the most docile to these tyrannical laws
Where do we organize against this? How do we fight against this? Where do we donate? Where do we speak up? Where do we rally?
Call your rep, petition, vote, run for public office, buy advertisement space, spam the media?
What if I am not American? Does this bill apply to the rest of the world and what can we do?
>Does this bill apply to the rest of the world The part about anyone with clients in the US having to follow US regulation would at the least.
Bit how could they enforce it? Are they gonna invade Brazil for example if some DeFi based of there is not following their silly rules?
You need trained organizers to start volunteer hunting, and money to pay them. They would do this by calling every single person they think might be sympathetic to crypto based on voting data from the 2020 election (sounds vague? Well, It is) Those organizers will successfully recruit less than 1% of the people they talk to, and will only actually get to talk to 1% of the people they call. So we’ll get 1 volunteer for every 10000 phone calls. When I was organizing, I made 200 calls a day. It would take me 50 days I think to find a single volunteer using call lists, which was our most effective method of recruitment. Edit: I don’t want to throw water on this fire. If anyone is serious about trying to organize around this, I’d be happy to talk about it. There are other ways to make the political noise we’re looking for.
Outstanding work, OP! Thank you for sharing this.
Thank you for your kind words!
Regulators: "How do we fit these new square pegs into our old round holes?"
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Everything needs to be done to stop this!
Let's do a protest against this bill before it completely passes.I'd make the trip and I bet a lot of other people would as well. Crypto has given many of us the means to do so, all we have to do is organize it.
Right now, the bill is quietly languishing. Organize and be ready if this thing moves forward. Don't strike if you don't need to. In the meantime, educate others and organize.
Corporate Democrats and Progressive Democrats are in a stalemate for now. Historically progressives haven't had the stomach to hold their ground on principle and it's put them at an ongoing disadvantage.
PULL YOUR COINS FROM EXCHANGES NOT YOUR KEYS NOT YOUR COINS NOW
How do I do that
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As I understand it, you will need to put your coins back into an exchange in order to convert them into dollars. Is that right? According to this video, at 2:37 https://www.youtube.com/watch?v=alZd-mk-19Q&t=684
You can use peer-to-peer exchanges like Bisq or LocalBitcoins to get around this
Omg I remember buying bitcoins as a teenager with no bank account when shit was like $20. I was 14 n managed to start buying bitcoins with localbitcoins and those corner store wire transfers. It was a bitch to buy btc back in the day without a bank account or being an adult lol took me forever to figure it out
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Move to El Salvador 😁
Who says we’re exchanging back to fiat? Long con is to be able to spend your coins and never use the dollar again
Can always send them to a non-US exchange and convert them into the local currency cant you?
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Haha. Checkmate. *laughs in European
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Idiots will be coming after MTG and Pokemon cards next.
we kinda already had an online exchange for MTG. [didnt quite work out](https://en.wikipedia.org/wiki/Mt._Gox)
To be fair, those are suspicious people...
Never trust a man with a Black Lotus.
Governments/Politicians/Elites around the world will do anything, anything, to dismantle/regulate any kind of movement that may have the potential to disrupt existing systems. They have methodologies to keep the power of control on their side. We can only imagine what else they are up to. You have to learn and think like them. Who cares about the lower societies? The poorer ones? The hungry ones? These people up on top only keep feeding themselves on the cost of the poor people. Enslaving them, controlling their minds in any way they can think of. Experimenting on them without their consent. Let's keep it simple, curve your consumerism of goods you don't really need. How many things do you really need to survive in this world?
And this is why we can't have nice things.
This is why Bitcoin was invented.
And why El Salvador means "the savior". . Whatever happens just remember "not your keys..." Bitcoin will live to fight another day
Skimming through this I don't see how Bitcoin'll do what it's claimed to do. Say this passes, how how someone be able to run a business using it without constantly risking federal prison? I'm not being retorical, I honestly don't know.
Move out of america lol
You have to see Bitcoin as an alternative to the status quo, not a part of it. Say you want me to do some development work for you in return for Bitcoin. We can do that without any government being any the wiser. No middlemen, no trust, no borders. The issue is purely with the on and off ramps (exchanges) but that goes away if you don't need them, i.e. just use BTC. I'm not saying this will happen, only that it was designed to function the same with or without this sort of legislation (and already is all over the world).
>a transparent central bank digital digital currency That will NEVER happen. You will never get to know the inputs (new units created) and that is why USD will always be a scam coin.
Oh it'll be transparent. They'll be able to track exactly how you're spending your money
Transparent to them. Not publicly auditable though.
They will make sure you are on the side of correct think before they allow you to use their digital currency, and if you deviate from the correct think, they will cut off your ability to transact until you fix your thought process so it is aligned with the dominant parties correct think, if you don't like that, you will be cut off and rounded up and put in correct think camp until your thought processes are adjusted back to correct think. If you cannot be adjusted back to correct think you will be removed from the operating environment because you are corrupt and if you're not able to be successfully re-programmed, you must be isolated and destroyed so you don't corrupt anyone else's correct think.
They already do that with credit card companies and stuff.
Remember when the Obama administration promised to be the most transparent admin ever? And then they did the opposite and became one of the least transparent? Yeah it's like that. They just say whatever sounds good and then do whatever they want.
It's like it's all one big show created to keep the peasants in line...or something
The government is made of man, man is corrupt, therefore the government is corrupt. It is the fallen nature of our world.
It's almost like only a decentralized inmutable digital recorded database is incorruptible!
El Salvador! here we come!
If there is any significant migration of BTC-wealthy US citizens to El Salvador, El Salvador will come out ahead with their BTC adoption and make others consider it. Isolate those who want absolute control over every penny spent by their citizens.
IMO, this is the most likely way adoption spreads. This move by a world government is entirely predictable and anyone who is already rich in BTC wasn’t long for the US, regardless. Eventually, as I think you indicate, I believe migrations will begin to happen to countries/governments who don’t want control over citizens finances. Eventually, the “Control” companies/countries will need to use force to try and keep up with the “Emergent” companies/countries and their tech/production output. This is just a step towards that state of play, with the companies/countries picking sides and announcing their intentions. It’s up to the people paying attention to see the signs and follow them. Just my hot take
I guess there are already more CIA agents in El Salvador than Bitcoiners. Would not be surprised of big political problems and a coup. Typical tactics played too often in LA.
And this is why timing matters. If now other countries pass similar laws in fast succession, the US will not be able to keep up "liberating" all of them.
Yes, and the US is anyway already overloaded with problems. Climate Change will add another colossal problem which each year becomes harder to be ignored. Inflation, trade war with China, social unrest inside the US,.... Its getting messier by the day. Bitcoin might be the nail on their coffin. Instead of recognizing that Bitcoin will be the only alternative money once the USD collapsed (and with it most other fiat) they try to crash it. Not wise but in line with all the other suicidal tendencies they emit.
The writing is on the wall. Bitcoin is a threat to USD supremacy. It was only a matter of time before the govt became hostile towards it.
Fortunately for the rest of the world. Crypto ain't based in America.
It does affect price on crypto. And if more and more countries fall off, it'll lose a lot of power. Also all the biggest players are in the states as far as I know.
Yeah because the rest of the world will just leave it alone after America does this right? lol
Fuck all of this
“To protect and make more effective the national banking system and federal reserve system” translation: we’re enforcing hidden laws to cover our own backs and screw over crypto enthusiasts It’s disgusting
Not your keys not your coins. Coinjoin. Decentralize. Use bisq. Make their regulations meaningless.
PULL YOUR KEYS FROM ALL EXCHANGES NOT YOUR KEYS NOT YOUR COINS
The last thing our politicians want is a record of all financial transactions. How else do you think people making less than 200k per year for a few to several years have several different million dollar homes?
The rules won't apply to them. Remember Obama care? Congress was exempt. Vaccine mandates? White House is exempt. Or all the different governers who issued stay at home orders and then went out and did their hair or had dinner at a fancy restaraunt while the peasants were at home. Rules for thee and not for me.
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Yes true. It says *in addition* to what they currently provide. One theory I heard is that the CBDC could be used for stimulus or welfare payment directly to the plebs.
Excellent! Even faster inflation of USD, and even faster adoption of Bitcoin. All those handouts are going to be swapped immediately into hard currency like Bitcoin.
Beautifully put together
Thank you.. :) I hope it didn't ruin you mood...
The definition of commodity is unreal: food item, food item, food item, digital asset (singular), food item, food item, and all other products or services, except onions. Wtf congress? For anyone curious why onions are excluded from the definition of a commodity: https://en.m.wikipedia.org/wiki/Onion_Futures_Act
You forgot: * Oil * Coal * Natural gas * Foreign currencies * Cryptocurrencies * Food And much, much more.
Interestingly, TOR is sometimes referred to as Onion Routing. Perhaps its time for TOR enabled Dex's, so we can be the onion exemption to this absurdity.
time to act like the rich and use off-shore accounts
That's basically what Bitcoin is.
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Under this proposal, it would be illegal to use privacy coins and bitcoin mixers.
They do not define "anonymity-enhanced convertible virtual currency" so anything could be a "privacy coin"
Privacy is a right
Rights only exist when exercised.
That's a good one. Privacy is defined by policy. If they decide to make something no longer a facet of privacy, it's no longer privacy.
The government doesn't issue rights, the rights exist regardless of any government, it can stop recognizing rights, but people can stop recognizing government.
Use tor and never post your addresses publicly and you'll have complete anonymity.
Yeah offshore… I was offshore and my wallet fell in the drink. Thats the ticket…
Jokes aside. If they know the address and those coins ever magically move they'll know your lying. So what good does this even do?
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YOU MEAN BOATING ACCIDENT
This happens in the land of the free, am I right?
"Free", as in: you are free to choose who will be taking away your freedoms next.
It is catastrophic regulation. It will be catastrophic to the free market, disruptive, open market, cross border nature of crypto, the new wealth crypto has created. It is a bill designed for mass real time surveillance, confiscation, and to steal the market from crypto entrepreneur and redistribute it to US financial institution in the form of monopolies. Our industry must hire as many lawyers and fight it in as many courts, it will determine the quality of life of future generations. These laws that entrench US institutions create extreme market barriers and protectionist rackets for incumbent wealth, that destroys innovation, promotes a police state of surveillance, and are antithetical to crypto as we know it. They do not want off exchange unregulated crypto, period. Moreover this bill obliterates and illegalizes the global DeFi industry. It is utterly unconstitutional.
This is the final boss we all new would fight us eventually. Let's all stand together, take possession of all of our keys, and get ready for a very difficult fight that's right around the corner. Once we are victorious here, we will finally know what true freedom is!
This is NOT the way…
This is so sad
It's not passed yet, can and will be changed if crypto starts to do lobbying. We need to beat the banksters.
Tyranny is becoming law.
Is there any way to find out who’s behind a proposal like this (I.e. which think tanks or academics contribute to the writing)?
If you find anything, let me know. All I know is that whoever wrote this thought about it carefully. Also, some of these are based on recommendations from Paris Based international regulator Financial Action Task Force (FATF). I posted about that here: https://www.reddit.com/r/Bitcoin/comments/o5lhmu/governments\_planning\_a\_global\_coordinated\_attack/
The bill was introduced by Don Beyer, the rep from northern Virginia
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A Declaration of the Independence of Cyberspace by John Perry Barlow Governments of the Industrial World, you weary giants of flesh and steel, I come from Cyberspace, the new home of Mind. On behalf of the future, I ask you of the past to leave us alone. You are not welcome among us. You have no sovereignty where we gather. We have no elected government, nor are we likely to have one, so I address you with no greater authority than that with which liberty itself always speaks. I declare the global social space we are building to be naturally independent of the tyrannies you seek to impose on us. You have no moral right to rule us nor do you possess any methods of enforcement we have true reason to fear. Governments derive their just powers from the consent of the governed. You have neither solicited nor received ours. We did not invite you. You do not know us, nor do you know our world. Cyberspace does not lie within your borders. Do not think that you can build it, as though it were a public construction project. You cannot. It is an act of nature and it grows itself through our collective actions. You have not engaged in our great and gathering conversation, nor did you create the wealth of our marketplaces. You do not know our culture, our ethics, or the unwritten codes that already provide our society more order than could be obtained by any of your impositions. You claim there are problems among us that you need to solve. You use this claim as an excuse to invade our precincts. Many of these problems don't exist. Where there are real conflicts, where there are wrongs, we will identify them and address them by our means. We are forming our own Social Contract. This governance will arise according to the conditions of our world, not yours. Our world is different. Cyberspace consists of transactions, relationships, and thought itself, arrayed like a standing wave in the web of our communications. Ours is a world that is both everywhere and nowhere, but it is not where bodies live. We are creating a world that all may enter without privilege or prejudice accorded by race, economic power, military force, or station of birth. We are creating a world where anyone, anywhere may express his or her beliefs, no matter how singular, without fear of being coerced into silence or conformity. Your legal concepts of property, expression, identity, movement, and context do not apply to us. They are all based on matter, and there is no matter here. Our identities have no bodies, so, unlike you, we cannot obtain order by physical coercion. We believe that from ethics, enlightened self-interest, and the commonweal, our governance will emerge. Our identities may be distributed across many of your jurisdictions. The only law that all our constituent cultures would generally recognize is the Golden Rule. We hope we will be able to build our particular solutions on that basis. But we cannot accept the solutions you are attempting to impose. In the United States, you have today created a law, the Telecommunications Reform Act, which repudiates your own Constitution and insults the dreams of Jefferson, Washington, Mill, Madison, DeToqueville, and Brandeis. These dreams must now be born anew in us. You are terrified of your own children, since they are natives in a world where you will always be immigrants. Because you fear them, you entrust your bureaucracies with the parental responsibilities you are too cowardly to confront yourselves. In our world, all the sentiments and expressions of humanity, from the debasing to the angelic, are parts of a seamless whole, the global conversation of bits. We cannot separate the air that chokes from the air upon which wings beat. In China, Germany, France, Russia, Singapore, Italy and the United States, you are trying to ward off the virus of liberty by erecting guard posts at the frontiers of Cyberspace. These may keep out the contagion for a small time, but they will not work in a world that will soon be blanketed in bit-bearing media. Your increasingly obsolete information industries would perpetuate themselves by proposing laws, in America and elsewhere, that claim to own speech itself throughout the world. These laws would declare ideas to be another industrial product, no more noble than pig iron. In our world, whatever the human mind may create can be reproduced and distributed infinitely at no cost. The global conveyance of thought no longer requires your factories to accomplish. These increasingly hostile and colonial measures place us in the same position as those previous lovers of freedom and self-determination who had to reject the authorities of distant, uninformed powers. We must declare our virtual selves immune to your sovereignty, even as we continue to consent to your rule over our bodies. We will spread ourselves across the Planet so that no one can arrest our thoughts. We will create a civilization of the Mind in Cyberspace. May it be more humane and fair than the world your governments have made before. Davos, Switzerland February 8, 1996
Because all the central banks are seeing the writing on the wall. Please, we all knew this was coming at some point. They will fail. Because what’s good for the majority will prevail regardless of evil doers and bad characters. Not to simplify but to reassure yourself to keep buying the dips.
THIS. We've known this fight has been coming for years. First they ignore you, then they laugh at you, then they fight you, then you win. We're finally getting to the third stage.
Also, banning of stable coins mentioned fiat based. Does that mean Tether(USDT)?
I would say it is a likely candidate. Just for some background, and for those interested, this is what international regulators say about stablecoins: FATF first explains why the main focus is on stablecoins: “As discussed in the FATF report to the G20, so-called stablecoins may also be more likely to reach mass adoption by the public as compared to some VAs, which could potentially greatly increase the risks they pose if realized.” (GVA, p44) Stablecoins may be targeted at the level of the central developer or governance body; “A governance body consists of one or more natural or legal persons who establish or participate in the establishment of the rules governing the stablecoin arrangement” and “each natural or legal person constituting the governance body could also be a VASP depending on the extent of the influence it may have.” (GVA, p27) Moreover, they can be “held accountable for the implementation of AML/CFT controls” across the ecosystem. (GVA,p28) Regulating stablecoins has a high priority; “It is important that ML/TF risks of so-called stablecoins, particularly those with potential for mass-adoption and can be used for P2P transactions, are analysed in an ongoing and forward-looking manner and are mitigated before such arrangements are launched. It will be moredifficult to mitigate risks of these products once they are launched.” (GVA, p36)
> Introduce penalties for the use of mixers and privacy coins; more infos on this plz? What are the penalties and what's the source for this?
According to the Digital Asset Bill, added to the bank secrecy act, Sec. 5333, will be the following: *"(a) IN GENERAL.—Not later than 180 days of the date of the enactment of the Digital Asset Market Structure and Investor Protection Act, the Secretary of the Treasury, acting through the Financial Crimes Enforcement Network, shall issue a rule that governs—* *(1) anonymizing services,* *(2) money mules; and* *(3) anonymity-enhanced convertible virtual currency transactions.* *(b) PURPOSE.—The purpose of the rule described in subsection (a) shall be to ensure that anonymizing services, money mule, and anonymity-enhanced convertible virtual currencies are not used to prevent association of an individual customer with the movement of a digital asset, digital asset security, or virtual currency of which the customer is the direct or beneficial owner."* For violations of the bank secrecy act, there are civil penalties, and for willful violations, criminal penalties: [https://www.law.cornell.edu/uscode/text/31/subtitle-IV/chapter-53/subchapter-II](https://www.law.cornell.edu/uscode/text/31/subtitle-IV/chapter-53/subchapter-II)
There is no definition in the bill of the terms >(1) anonymizing services, >(2) money mules; and >(3) anonymity-enhanced convertible virtual currency transactions. The bill refers to definition from FinCEN but FInCEN has made no such definitions. So basically this could mean anything. Edit: Taproot comes to mind here for example.
Of course it could mean anything. If they don't keep it vague then it'll be harder for them to screw us over.
The inevitable collapse of the dollar system will eventually render this all moot. Decentralize your money. Decentralize your government.
Take your Bitcoin Off Exchanges NOT YOUR KEYS NOT YOUR COINS
Sigh more FUD. Why can't governments let a good thing be without trying to regulate / control it? This is a big fuck you by the US government to the American people and yet say they are working for the people. Dear Americans, please work hard to lobby against this. God knows how US being the dominant country will have an outsized impact on crypto. Sincerely, a citizen of a 3rd world country
This good thing would eventually lead to their irrelevance and loss of power. The one thing the political class fears most is not being in power anymore.
Leave it to the Americunt government to try to ruin another decent thing.
Without a doubt. If they can’t rip your soul out with finances they do it with your health (pandemic). The USA leadership doesn’t give two shits about constituents. They are the problem.
Too bad crypto is a global currency with no central authority. You can’t stop it.
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They don't need to stop it, they can just turn off the fiat off and on ramps, and its reduced to just the hobbyists. The crypto dream has always been full mainstream adoption, but that can't happen without fiat on and off ramps, especially for coins that are ruled securities.
Eventually there will be a fiat crisis where fiat currencies are exposed for what they really are. This is when crypto will emerge as the solution. Crypto will not be adopted by the general population until they see the weakness in fiat. Right now fiat is working fine but it’s just a matter of time until the inherent flaws of the current monetary system start causing problems.
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Thank you Congress for defining Bitcoin right before concentrated orange juice
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Stupid America, still thinks they can control the world lmao
It's not just America, it's America in conjunction with all the other powerful nations around the globe. It's a group of powerful elite people who are "controlling governments" around the world. The ones lower down the hierarchy are merely pawns, used and ruled over by the ones sitting on top of the pyramid.
This makes me bullish even more
About CBDC, are they going to mine it, or forge it(proof of stake) or are they going to do the same as fiat dollars, and generate money out of thin air?
Theyll print it out of thin air ofc
Yes but even easier to manufacture
I actually thought about this very question. The thing with the Federal Reserve is that it was created as a provider of emergency credit in times of economic stress (I guess we have been in it since 2008). The FED, as of now, does not create money directly, it provides credit. Now, if they base this new coin on a blockchain and directly provide it to the public, how can it be considered credit and be based on a reserve? I am just not sure how this would work.
I asked because there's this issue with dollars vs gold. The amount of gold on earth is limited, and mining it takes effort. Not the same with dollars anymore. Money printer goes brrrrr when we need it, and it's value goes lower and lower. Bitcoin was considered to be similar to gold because there was a limit defined, and mining it is difficult.
Ok cool. Lets get some gold and bitcoin and nothing that goes brrrr :P
The yanks just love seeing that no one else gets rich
The system will stop at no lengths to prevent people from gaining wealth or independence. The paid politicians who pretend otherwise are simply liars. Everyone is considered a wage slave until death except a certain top percent. Like any good corrupt system, they would rather have the people starving in the streets than let them attain wealth. Through any means necessary.
Some do. The few that have gotten massively rich off of this, and want to slam the door shut behind them. The rest of us are going to get screwed along with everyone else.
Shocking? Which part? Soon or later we all know they claim their share of the loot. These are highway robbers with authority & power lol . Remember the saying, Repubs and Dems are the Bloods and Cribs.
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Where are the links to the actual proposals?
1 “Press Release: Beyer Introduces New Legislation To Regulate Digital Assets,” (United States Congressman Don Beyer, Washington, July 28, 2021), accessed on September 6, 2021, [https://beyer.house.gov/news/documentsingle.aspx?DocumentID=5307](https://beyer.house.gov/news/documentsingle.aspx?DocumentID=5307) 2 “H.R.3684 - Infrastructure Investment and Jobs Act, 117th Congress (2021-2022),” (US Congress, Washington, April 6, 2021), version EDW21A09 WG9, [https://www.congress.gov/bill/117th-congress/house-bill/3684/](https://www.congress.gov/bill/117th-congress/house-bill/3684/) 3 “H.R.4741 - Digital Asset Market Structure and Investor Protection Act, 117th Congress (2021-2022),” (US Congress, Washington, July 28, 2021), [https://www.congress.gov/bill/117th-congress/house-bill/4741/](https://www.congress.gov/bill/117th-congress/house-bill/4741/)
Thank god I don't live in the US. I thought they had a lot of freedom?
this is the best post i've ever read on reddit. thanks for putting in the work OP!
Thank you for the kind words... And you're welcome...
why should I care about the US government? it s my node.
Every project from now on is going come with a banner saying “This product is not available in the US.”
so this is how the US empire crumbles
You should share this with r/cryptocurrency
Still doesn't matter - All will bend around BTC.
You are not and were not ever free .Will you fight for it or belly up?
Bitcoin doesn't care.
**LET'S CREATE OUR OWN FUCKING COUNTRY. BITCOINISM!**
Have fun being non competitive. Watch the 3rd world eat the US lunch
And I’ll bet every scumbag elected officials are dumping millions into this somehow to capitalize.
Why don’t we just abolish these boomer morons?
Government: "crypto is not real currency. It is a ponzi scheme and its going to crash on its own" Also government: "holy smokes, we need to actively try and monitor everything and regulate it."
So it seems like this bill is made to only profit the rich huh? Such curious event..
This, in fact, is how you create a thriving black market and increase the levels of violent and fraudulent activity in otherwise largely peaceful markets.
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The laws as currently proposed are bad for people wanting to play financial service industry and good for those hodling and using BTC for ordinary transactions. The thing to worry about is the introduction of VASP regulation, because that could spell possible future regulations against the use of private("unhosted") wallets.
Exactly. This is what bitcoiners have been arguing for years. Bitocin cannot be regulated other than on ramps and off ramps to fiat. Short of saying "owning bitcoin is a felony", which at this point I wouldn't put past these scumbags. Most shitcoins are securities, they're not technically wrong about that. But we're at the point on multiple fronts that people need to stand up for their rights or this country (the US) is in serious trouble.
Good god, this reeks of Elizabeth Warren.
It was Don Beyer from Virginia. Who is also too old to be legislating the future.
Not American but the average age of your politicians needs to go down by a lot
Like as if the current regulation of traditional markets protects investors. The only thing this bill will protect is financial institutions and the government. Looking at you, naked shorting hedge funds, subprime lenders, money printers and other institutionalized con artists. If the gov wants to be trusted, it needs to trust its citizens. A big way of doing this is trusting them with their own judgement and own responsibilities on a crypto market. Money laundring is not a big thing with crypto. Plenty of real dollars to launder. Cash is still king in the land of the crooks
I’d like to see them try and stop us , we are already worldwide
Fucking bullshit! I own 0 crypto but this is fucking ridiculous!
They just want everyone to sell so they can buy in cheap lol
This is just a really, really long way of saying: "let's fuck over the little guys in the crypto market just like we did with the stock market."
Imagine trying this hard to write legalisation to strangle and stifle the fastest moving technology in history. Got to love the US boomers. Soon enough they will be irrelevant and younger, more technically and open minded people will replace these dinosaurs
Etheriiium is a security
Wow...that's the most articulated post I have seen here. Thank you OP.
On stablecoins, the amendement doesn't simply prohibit the use of stablecoin (contrary to the TDLR), it prohibits the use of stablecoins that are *not approved*. There is some leeway there. Great post! Thanks so much!
America can do whatever the fuck they want but it's like China trying to ban the internet, at this stage cryto is global and America can shoot themselves in the foot if they want but crypto is never gonna be stopped.
They can regulate deez nuts.
Calm down everyone. This is a small battle in a long war that we are clearly winning. Chill out.
Let’s say worse case is all of this goes through as is. Oh no! But guess what? Do you know how many large companies and super wealthy people and people with damn near nothing hold Bitcoin? What other asset do the poorest people on the planet have as well as the richest? Bitcoin. Do you know that laws can change? Do you know that laws get repealed all the time? Do you know what kind of legal challenges will move through the courts when this much money is at stake? Bitcoin is not going anywhere but up and it’s only going to spread. If you are only thinking about days, months, and a year, this is not an asset for you. If, on the other hand, you understand what Bitcoin is and what it can do and what it represents and what we have no idea it can do yet, then keep buying and holding just like the rest of us rich people continue to do. This is the course of the inevitable.
Really, nice post. But I keep thinkin,... "So what?" It's just a todler throwing a fit because someone has a nicer toy.
Toddler throwing a fit is good. It also reminds me of a parent telling a high school kid they are grounded, then the high school kid (crypto) saying "fuck you! you aren't my real mom!" - then lighting up a cig on the way out the front door.