Don't get too pumped about Trump speaking at this year's
@The Bitcoin Conference, there are forces in motion that could severely impact the bitcoin industry if people don't begin to make noise.
Earlier today there was a Senate Agriculture Committee hearing on Oversight of Digital Commodities with the head of the CFTC that everyone should watch.
If the legislation that is inevitably going to come out of this hearing gets passed it won't matter if Trump gets into office. The industry will be hindered for years. There is bi-partisan support at the moment as Democrats are moving quickly to react to the buzz Republicans have received due to their embrace of bitcoin.
Long story short, this committee is pushing to give the CFTC regulatory oversight over spot bitcoin markets, which is an unprecedented expansion of CFTC authority into retail commodities trades whereas in the past they have exclusively had jurisdiction over only commodities derivatives markets.
If the CFTC is granted this expansion of authority it would mean that they are likely going to require any bitcoin company to register with the federal government and have enhanced KYC/AML requirements. To be clear, this won't only affect exchanges, but any company that touches spot bitcoin.
These efforts are being spearheaded on the crypto side via lobbying efforts by Kraken, Coinbase and Ripple. Not shocking because this would likely enable them to trivially erect regulatory moats.
It looks like the bi-partisan effort will be looking to pass something through the House and into law rather quickly. Likely before the election.
It is imperative that you speak out against this as it would increase the regulatory and compliance burdens on US bitcoin companies considerably. The best move right now is no action. We need less regulation, not more. As we've seen time and time again throughout the first 15-years of bitcoin, these regulations but users in harm's way and make it unreasonably difficult for companies to operate cheaply and effectively.
Call you Representative and tell them to reject any bill that would give the CFTC oversight over spot bitcoin markets. This is a full on attack.
Replies (38)
Hey maybe this time he’ll send us all bitcoin
DEAD MANS LAW
They can’t stop P2P
idk but not sure you know what ‘long story short means’
And Trump will inevitably make no sense with his guaranteed inane babbling about a bunch of stupid shit. Like every other time he speaks. Not sure this is going to do any favors for Bitcoin.
Bitcoin: A Peer-to-Peer Electronic Cash System
I fucking hate that woman, she is responsible for killing the majority of family run farms in this country
Just when I thought incentives were aligning to the point in which the spooks would concede their fight
Do really need ANOTHER Joker reboot?
well she did make a cameo appearance in Batman v Superman: Dawn of Justice.
when he says hes going to deport all the invaders, that makes a lot of sense to me though
For anyone reading this I still have one industry ticket for sale, if you really wanna go watch Trump speak at Bitcoin Nashville. DM me for deets.
The video is almost 2h long, so ...
Coinbase and Ripple are no surprise but Kraken ... that is sad.
She gives off a Lois Lerner vibe
STAY HUMBLE AND STACK ZAPS
Seems things have changed since Jesse stepped down.
Debbie’s last term and her fiat masters are sending her out on this horse. Yikes
Be aware freaks
Wait.. Agriculture Committee hearing? This has to do with farming how? 🤨
Ag Committee has purview over all commodities market trading. A precedent was set back in the 1920's I think. Most commodities at that time were Ag based.
Since bitcoin was deemed a commodity it falls under the Ag Committee.
What is it with these conferences and politicians?
Coin enthusiast 9am: Fuck the state, fuck politicians.
Coin enthusiast 11.30am: This politician says they like the thing I like, yay!
Worry not, friend :)
Could someone pay AOC to wear a Buy Bitcoin dress at the Met Gala? Couldn’t some OG do it just for the lolz? Watching peoples’ cognitive dissonance play out would amuse me immensely.
Make it "Goth AOC"!
X servers would explode!
if you bought the bullshit
make sure keep your receipt
Be first, pay the government to give you regulatory capture. Monopoly business model as old as government itself.
This helps the monopoly. It helps the government. It does not help the individual.
Please don't use these exchanges or support these politicians.
Marty Bent
Don't get too pumped about Trump speaking at this year's
@The Bitcoin Conference, there are forces in motion that could severely impact the bitcoin industry if people don't begin to make noise.
Earlier today there was a Senate Agriculture Committee hearing on Oversight of Digital Commodities with the head of the CFTC that everyone should watch.
If the legislation that is inevitably going to come out of this hearing gets passed it won't matter if Trump gets into office. The industry will be hindered for years. There is bi-partisan support at the moment as Democrats are moving quickly to react to the buzz Republicans have received due to their embrace of bitcoin.
Long story short, this committee is pushing to give the CFTC regulatory oversight over spot bitcoin markets, which is an unprecedented expansion of CFTC authority into retail commodities trades whereas in the past they have exclusively had jurisdiction over only commodities derivatives markets.
If the CFTC is granted this expansion of authority it would mean that they are likely going to require any bitcoin company to register with the federal government and have enhanced KYC/AML requirements. To be clear, this won't only affect exchanges, but any company that touches spot bitcoin.
These efforts are being spearheaded on the crypto side via lobbying efforts by Kraken, Coinbase and Ripple. Not shocking because this would likely enable them to trivially erect regulatory moats.
It looks like the bi-partisan effort will be looking to pass something through the House and into law rather quickly. Likely before the election.
It is imperative that you speak out against this as it would increase the regulatory and compliance burdens on US bitcoin companies considerably. The best move right now is no action. We need less regulation, not more. As we've seen time and time again throughout the first 15-years of bitcoin, these regulations but users in harm's way and make it unreasonably difficult for companies to operate cheaply and effectively.
Call you Representative and tell them to reject any bill that would give the CFTC oversight over spot bitcoin markets. This is a full on attack.
Who cares what they tell centralized spot markets?
Bring it on. All of it. I seriously want them to be at all out war with Bitcoin. There must be a demonstration of Power, in order for most people to accept that it is immune to the laws of Nations
It is inevitable, lets get on with it.
The people crying about what happens in Washington D.C. are in business serving Bitcoiners and their business is at risk.
The question is, how many of them are willing to fight for this Revolution in Liberty? Like Shapeshift did, discarding years of effort to reengineer the whole business in order to reject KYC/AML regulations. Stop crying about Washington politicians.
Prepare your businesses to reject the State, if they reject Bitcoin.
“Bitcoin needs a better class of regulator… and I’m gonna give it to ‘em!”
Don't fall for the Democrats bullshits of all of a sudden "embracing bitcoin" because Trump came out in support of it.. If Biden is re-elected the Biden Admin and Th Democrats will do a 180 on DAY 1. Democrats are Authoritarians that rely on the machine they have built over the last 25 years that uses the USD. They will NEVER and I mean NEVER do anything or support anything that threatens their power!
It's a vote grab but I'll take it. About time we get some support...even though The Donald called BTC a scam over and over in the past... but hey.... he is not stupid... I think it's an overall positive step compared to that garbage we have been dealing with the last many years.
Keep us informed Marty <3
Makes you think
Debbie Stab-her-now 🤷🏼♀️
that’s great. elders will come to bitcoin
we need all
