So today was the second set of articles I read stating the legal status (or lack there of) of cryptos.
The first article was from yesterday citing that the White House has no short-term intention of regulation on crypto currency. This is apparently due to the inability to prevent fraud because of the one-way only transactions.
- " White House cybersecurity coordinator and special assistant to the president Rob Royce offered the dour assessment amidst a recent flurry of discussion on cryptocurrency regulation, which is playing out between Senate hearings, enforcement actions and public op-eds. "I think we're still absolutely studying and understanding what the good ideas and bad ideas in that space are. So I don't think it's close," (https://www.coindesk.com/crypto-regulation-not-anytime-soon-says-white-house-official/)
The next articles are coming from today and sing a slightly different song.
"US: Republican, Democrat Officials Calling For Crypto Regulation In Rare Show Of Unity A bipartisan movement of US lawmakers are considering forming new legislation to regulate cryptocurrencies, prompted by the increasing interest - and therefore risk - in cryptocurrency worldwide, according to Reuters. There is currently no singular body in charge of overseeing cryptocurrencies in the US-- the responsibility is instead divided between individual states, the US Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Treasury Department, and the Federal Reserve. The SEC and the CFTC did hold a joint hearing on Feb. 6 on their roles in cryptocurrencies, Blockchain technologies, and Initial Coin Offerings (ICO). The general conclusion was that the two bodies would work together to create a regulatory framework, with the strictest regulations for ICOs and the most loose for Blockchain and digital ledger technology. The hearing also concluded that cryptocurrencies will need protective regulation against market manipulation and fraud. Republican Senator Mike Rounds, a Senate Banking Committee member, was prompted to insert himself into the crypto regulation debate due to the growing popularity of cryptocurrencies (https://cointelegraph.com/news/us-republican-democrat-officials-calling-for-crypto-regulation-in-rare-show-of-unity)
"
Even the author of this article noticed the mixed signals that was being sent from the government. The third article is included about how a different government is approaching things with another set of tactics."Poland’s central bank has been accused of orchestrating a subversive, online smear campaign against cryptocurrencies. As reported by Business Insider Poland, the Narodowy Bank Polski (NFB) spent around 91,000 zloty (£19,430; $27,300) on Google, Facebook, and other websites, in a subversive smear campaign aimed directly at attacking the legitimacy of cryptocurrencies — such as Bitcoin, Ethereum, Litecoin, etc. (http://bitcoinist.com/polish-central-bank-paid-youtubers-low-dirty-smear-campaign-cryptocurrency/)
While I am aware the US government is split into 3 separate branches, all of which can't seem to figure out what sly tricks the other is going to try or even consider working together. I also know the officials would much rather shut down the government then even attempt at trying to work together (both sides) but come on... One end of the "team" (loosely used verbage) says we have no idea on how to regulate it, while the others are arguing that an orange should be considered an apple because they don't understand it (meaning a currency, any crypto, is a security rather than a currency)
Do I know what is going on? Hell no. Do I think twice before giving my information out to exchanges, Hell yes. Do I use multiple exchanges to limit the amount of fiat each sees to prevent people from knowing my business... yup. I have nothing to hide, have done nothing wrong and until the day where I break the law and need to be examined comes, you have no business knowing where I put my money.
I do follow the current tax laws, I don't believe that federal tax is legal (state and county tax I fully support) but I pay anyways... Well I use the laws and find multiple write offs to not have to pay my already small paycheck.
Thank you for reading once again! Please follow and upvote if you enjoyed this
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