The United States of America seem to have witting crypto enthusiast and unforgiving lawmakers. When words are spoken, their interpretations could easily be misplaced and misconstrued especially when comes to cryptocurrency. How do you control a system that doesn't need one answers were through regulations as no the government wanted no hand in the invincible. Crypto remains digital and promises the future and as the government taught instead in total destruction let's take that step.
Crypto is not fid the faint heart and truth is if you are just getting on he bandwagon and haven't gone through crypto market seasons at least twice, just learn.
According to the [letter] sent to the Office of Comptroller Of Currency,
We write to inquire about the Office of the Comptroller of the Currency’s (OCC) November
2021 interpretive letter authorizing banks to engage in certain cryptocurrency (crypto) activities,
and the activities that banks have been permitted to engage in under OCC’s guidance.1
Each of
the prudential regulators, including the OCC, is responsible for safeguarding our financial system
from undue risk and ensuring the safety and soundness of the banking system. In light of recent
turmoil in the crypto market, however, we are concerned that the OCC’s actions on crypto may
have exposed the banking system to unnecessary risk, and ask that you withdraw existing
interpretive letters that have permitted banks to engage in certain crypto-related activities.
It's been obvious that the lack of knowledge is detrimental causing FUD, which clearly is what's goin on. Just like I had sometime ago even now that I'm not earning just enough to cater.
Crypto promises to be future because of it's technology, transparency and autonomy. If you play by the book, it's rewarding but the other way is a bottomless series of confusion. Crypto is certainly give and take, come and go, it's a lifestyle.
Banks are financial institutions that apparently prints money as cash is always flowing through. Cryptocurrency is the alter ego printing digital currencies. Let's not get lost by juxtaposing them.
Correct if wrong, collecting tax on crypto is the government way of having a piece of the pie. To have a greater hand in controlling and dictating crypto affairs, regulation.
The exposure of fallen and failing crypto projects especially those centralized blockchain claiming to be decentralized.
The absolute collapse of Terra shock what crypto was noted to do although it was all intentional. Then there was Three Arrows Capital, Celsius Network and Voyager Digital., Which have gone bankrupt.
As regulators the government have been hit with lawsuit of individual even groups suing those failed chain because only customers lose their entire livelihood.
Two days ago, it was Tornado Cash that was annihilated from the US, now another shot.
Thanks for visiting my blog till next time.