If you hold crypto, you are immediately considered a criminal in the eyes of the US goverment. This is especially the case with privacy coins like Monero where they have flat out said this very thing.
Source
There is now a bill presented and being rushed to approval that will force US citizens to provide all crypto transactions to the US government.
Right now all financial institutions have to report transactions over $3,000 to the US government, not only do they want to include Crypto in these reports, they also want to reduce the threshold from $3,000 to $250 if the transaction involves any party outside of the United States.
Keep in mind, these reports are sent without warrants and without any notification to those being reported on.
This of course is done to protect the children. Please think of the children that are harmed when you send money.
You can read more about this new proposed regulation here.
If you want to make a comment and tell your officials how you feel about it, you can get some guidance here. You can also look at the comments on the proposed regulation link given above for some ideas.
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The US government is itself the most powerful terrorist organization on Earth.
The best possible outcome would be to first have large institutions adopt Bitcoin to make it immune from being shut down and then implement privacy features in Bitcoin.
Soon to be second biggest
Yes. And one can argue that China is worse. There have never been re-education camps for millions of people in the US. The US did have slavery, though, but that ended over 150 years ago. But China is guilty of the former right now. The Uyghurs are being housed in such camps in massive numbers.
China is truly an evil empire. It's also hopeless because its population does not value freedom even in principle.
I can totally understand why they’d go after privacy coins, it basically destroys their whole operation. I saw this coming for years. I just hope they don’t get stupid with bitcoin and hive.
My biggest worries about crypto is that I’ll be expected to give a record of every transaction at hive. That’s take months of full time work to figure out. Can’t do it. Won’t do it.
I don’t mind reporting big transactions or fiat/crypto transactions. I mean, I mind, but I’ll play along there.
As more and more pressure to control crypto transactions comes from governments, less and less users will trade using "regular" exchanges and institutions.
doj is suspicious of tokens that preserve personal privacy :D
they are so used to knowing everything that they don't feel comfortable with personal privacy...
As more and more pressure to control crypto transactions comes from governments, less and less users will trade using "regular" exchanges and institutions.
Crypto scares the central banks and the control freaks in government. Good. We need to keep it out of their clutches. We have surrendered too much as it is.
Yet people still side with the government and vote for these power hungry psychopaths.
People will learn, only after it is too late.
After all, they believe the mainstream media so why should they be expected to have any clue.
But wait, the mainstream media is exposing the truth for me in a completely un biased manner. Whatever do you mean? Hahaha
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Give the government time and they'll ruin crypto just like they ruin everything else.
There are legit reasons for some government visibility and oversight. However, what is key is to clearly understand and agree to what those are and limit the access to only support those functions.
What are those "legitimate" reasons?
I challenge all presumptions of political legitimacy.
Great question. In my opinion, one (just one example) of the purposes for a federal government is to protect citizens from harm from other nations. That requires insights, intelligence, forethought, and the ability to interdict malicious acts that undermine the safety and liberty of the people. History has shown how a lack of these things can bring the downfall of independent countries or allow the rise of truly harmful regimes. The history of mankind has been dripping in blood, with a great reduction since countries have began looking beyond their borders to proactively address growing issues.
And the provision of these things justifies tyrants. Why do these services require a territorial monopoly funded by extortion of the people they claim to serve and protect? There are too many assumptions in your argument for the State.
As long as you pay your taxes on your realized profits, you're cool.
It’s not that simple. Many accounts have been frozen claiming the tokens were earned criminally. If you start sending lots of tokens out of no where to an exchange, there is a good chance you can kiss them goodbye.
That's just normal money laundering. If you've got a chunk of money entering your account - doesn't matter what kind, unless you're in a tax haven - you've got to be able to document the origin. If you're mining, that too, but that's easy since it's generated on chain. It's the transfer that gets the attention. ;-)
Ignore the power.
Sooner or later, the government of any country will try to take control of everything. But guess what, they'll have to work hard to do something about it, haha!
Thanks for sharing
It makes you wonder what they're standing is on something like ETN, where you can top up your phone, buy electric, building supplies and earn through selling your own goods and services, thank you
The United States government has always wanted to be in control of everything.
It was not surprising that they would also go for digital currencies, it is something that perhaps they had in their sights for years and it was time to go for them.
The question is whether the people of the United States are going to allow it and if this happens, what will the government's next move against digital currencies be?
This is truly the saddest and most disappointing thing. The cryptocurrency exchange market in the US is huge, the biggest market in the world, and the government knows that, they will try to do it against everyone to eventually flow into their pockets. And I believe it will be very difficult to do, because the nature of decentralization is community
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Should we have expected anything less?
Of course it's for the children... Right?!
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