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What does the us government think about blockchain

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What Does the US Government Think About Blockchain?

In recent years, blockchain technology has gained significant attention across various industries, including finance, healthcare, and supply chain management. As a result, understanding the stance of the US government on blockchain becomes crucial for individuals seeking information and insights. This review aims to highlight the positive aspects and benefits of exploring the question, "What does the US government think about blockchain?"

  1. Comprehensive Analysis:

    By searching for "What does the US government think about blockchain?" individuals can access a range of resources, including official statements, reports, and expert opinions. These sources offer a comprehensive analysis of the government's perspective on blockchain technology.

  2. Government Support:

    The US government recognizes the potential of blockchain technology and its positive impact on various sectors. Researching the government's viewpoint on blockchain helps individuals understand the extent of support provided by authorities, allowing them to make informed decisions.

  3. Policy Development:

    By exploring the government's position on blockchain, individuals can gain insights into the policies and regulations being developed to foster innovation and protect citizens' interests. This knowledge is particularly valuable for entrepreneurs, investors, and developers looking to navigate the evolving blockchain landscape.

  4. Economic Opportunities:

    Understanding the US government's perspective on blockchain can shed light on the potential

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Does the US government use blockchain?

The National Center for Health Statistics at the CDC is using the power of blockchain to protect the health of the American people by improving its data collection and maintaining strict data access.

Is blockchain regulated by the government?

A digital asset is classified as a “digital commodity” and is regulated by the CFTC if the blockchain network to which a digital asset relates is both “functional” and certified as “decentralized.” Any person (whether or not related to the network's development) may certify an asset's status as a digital commodity.

What does the government think of crypto?

As of Nov. 3, 2023, there have been no indications that the U.S. government wants to ban Bitcoin. However, other countries have executed bans due to regulatory and monetary policy concerns or because their governments fear a loss of control.

Can the government track blockchain?

Yes, the IRS can track cryptocurrency, including Bitcoin, Ether, and a huge variety of other cryptocurrencies. The IRS does this by collecting KYC data from centralized exchanges.

Can governments shut down blockchain?

As Bitcoin is decentralised, the network as such cannot be shut down by one government. However, governments have attempted to ban cryptocurrencies before, or at least to restrict their use in their respective jurisdiction. Governments could still try to jointly ban Bitcoin.

Does the US government control Bitcoin?

The sale of cryptocurrency is generally only regulated if the sale (i) constitutes the sale of a security under state or federal law, or (ii) is considered money transmission under state law or conduct otherwise making the person a money services business (“MSB”) under federal law.

Frequently Asked Questions

What if the U.S. defaults on Bitcoin?

If U.S. defaults on debt Bitcoin could rise nearly 70%, says Standard Chartered analyst. Bitcoin bulls have had a relatively good year so far after a disastrous 2022.

What would happen if everyone sold their Bitcoin?

Theoretically, if all crypto owners cashed out at the same time, the cryptocurrency market would drop to a record low, or even go to zero. However, this is mathematically impossible, for as long as there is some demand for crypto, there will be someone willing to buy it, even if for a significantly reduced price.

What will happen when all the Bitcoin is mined?

By 2140, 21 million Bitcoins will be mined, enhancing the network's scarcity and value. Miners' Bitcoin rewards decrease after every 210,000 blocks mined in an event called the Bitcoin halving and by 2140, miners will rely solely on transaction fees.

Should I cash out my Bitcoin?

So, consider your original investment strategy. Did you invest in Bitcoin for short-term gains or long-term growth? If you initially planned to hold onto your investment for a longer period, it might be worth considering whether cashing out now aligns with your original objectives.

What are the benefits of Bitcoin payment?

8 benefits of cryptocurrency
  • Transaction speed.
  • Transaction costs.
  • Accessibility.
  • Security.
  • Privacy.
  • Transparency.
  • Diversification.
  • Inflation protection.

How is Bitcoin different from the banking system?

Unlike banks, which are centralized institutions controlled by a central authority, Bitcoin operates on a completely decentralized network. There is no central authority controlling bitcoin – no CEO, no board of directors, and no intention to profit.

What is the main objective of the Bitcoin electronic payment system?

What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.

What advantages does Bitcoin have over centralized banking system?

Conclusively, cryptocurrencies like Bitcoin and Ethereum have significant advantages over banks in a number of areas, including security, borderless transaction settlement, efficient payment clearance, and lack of dependence on centralized service providers or entities.

Why do some companies only accept Bitcoin?

Reasons To Accept Bitcoin Payments There are several reasons a business owner may want to accept bitcoin payments. Save money on credit card processing fees: Credit card processing fees—usually between 3% and 4%—are a big expense for merchants. For every $10,000 a business owner earns, $300 goes straight to fees.

Why is Bitcoin used for illegal purchases?

Bitcoin Ties to Illegal Activity Bitcoin's network is pseudonymous, meaning users are identified only by their addresses on the network. It isn't easy to trace the provenance of a transaction or the identity of an individual or organization behind the address.

Why do governments dislike Bitcoin?

Governments often oppose the concept of decentralized monetary systems, like Bitcoin and other cryptocurrencies, even though gambling is allowed in many places. The main reason for this is that decentralized monetary systems put the government's authority over the financial industry and money flow in jeopardy.

Do any governments own Bitcoin?

The U.S. government is one of the world's biggest holders of bitcoin, but unlike other crypto whales, it doesn't care if the digital currency goes up or down in value. That is because Uncle Sam's stash of some 200,000 bitcoin was seized from cybercriminals and darknet markets.

Is it legal to accept Bitcoin as payment?

The IRS considers cryptocurrency to be “property” for tax purposes. This means that if you accept cryptocurrency, you must report it as gross income based on its fair market value when it was received. “In other words, each time you sell, buy, or use Bitcoin, you're subject to a capital gains tax,” wrote Inc.

How does the government view Bitcoin?

Key Takeaways. Governments around the world are eyeing Bitcoin's advance warily because it has the potential to upend the existing financial system and undermine their role in it.

What does the IRS think about Bitcoin?

For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.

What does the US government do with seized Bitcoin?

Only after a court issues a final forfeiture order does the government take ownership and transfer the tokens to the U.S. Marshals Service, the primary agency tasked with liquidating seized assets. While the case is pending, the government holds the bitcoin as evidence or proceeds of the crime.

Is Bitcoin regulated by the US government?

Key Takeaways. Bitcoin regulation can vary on both the national and local levels, depending on the country or geographical area. In the U.S., the IRS treats cryptocurrency as property, while the CFTC considers it a commodity.

What if the US defaults on Bitcoin?

If U.S. defaults on debt Bitcoin could rise nearly 70%, says Standard Chartered analyst. Bitcoin bulls have had a relatively good year so far after a disastrous 2022.

What happens to Bitcoin if the U.S. defaults?

Bitcoin May Bounce Bitcoin and Ethereum could react differently in the event of a default, Amberdata's Magadini said. Bitcoin may bounce alongside gold after an initial slide—as a check on government-issued currency—while Ethereum would likely remain depressed alongside tech stocks, he said.

Can Bitcoin go to zero?

Yes, a crypto value can go to zero. Like any other asset, crypto is subject to market forces. Several factors, including regulatory changes, network security breaches, and changes in investor sentiment, can affect their value.

What is the future of Bitcoin in the world?

Based on our analysis, Bitcoin's price could fall to a low of $32,000 or reach a high of $52,000 by the end of 2023. By the end of 2025, we expect BTC to rise to $80,000, a gain of 87% from today's price.

Can the US government control Bitcoin?

The sale of cryptocurrency is generally only regulated if the sale (i) constitutes the sale of a security under state or federal law, or (ii) is considered money transmission under state law or conduct otherwise making the person a money services business (“MSB”) under federal law.

What happens to my money if the U.S. defaults?

The dollar is a global reserve currency and U.S. bonds are seen as one of the most stable investments on the planet. So if the U.S. cannot pay its creditors, interest rates on U.S. debt would go up, creating a cascade of higher interest rates. So mortgage rates, credit card rates, car loan rates.

FAQ

Why does US government own Bitcoin?
Only after a court issues a final forfeiture order does the government take ownership and transfer the tokens to the U.S. Marshals Service, the primary agency tasked with liquidating seized assets. While the case is pending, the government holds the bitcoin as evidence or proceeds of the crime.
Why can't government stop Bitcoin?
Can Anyone Shut Bitcoin Down? Bitcoin has no central authority and no single point of failure. Instead, it runs on a decentralized, voluntary, and growing worldwide network of over 17,300 computers in nearly 100 countries.
Is the US government the largest holder of Bitcoin?
The federal government's relationship with bitcoin has generated numerous headlines over the years, which is surprising, considering that the U.S. government is one of the largest holders of bitcoins.
Why is Bitcoin a threat to government?
Bitcoin Can Circumvent Government-Imposed Capital Controls Governments often institute capital controls to prevent currency outflows because exports could debase their currency's value. For some, this is another form of control exerted by governments on economic and fiscal policy.
Can government turn off Bitcoin?
As Bitcoin is decentralised, the network as such cannot be shut down by one government. However, governments have attempted to ban cryptocurrencies before, or at least to restrict their use in their respective jurisdiction. Governments could still try to jointly ban Bitcoin.
Why is government going after crypto?
Key Takeaways. Governments around the world are eyeing Bitcoin's advance warily because it has the potential to upend the existing financial system and undermine their role in it.
Does the U.S. government hold crypto?
The U.S. government is one of the world's biggest holders of bitcoin, but unlike other crypto whales, it doesn't care if the digital currency goes up or down in value.
Can the U.S. government shut down crypto?
As Bitcoin is decentralised, the network as such cannot be shut down by one government.
Can the U.S. government regulate cryptocurrency?
Key Takeaways. Bitcoin regulation can vary on both the national and local levels, depending on the country or geographical area. In the U.S., the IRS treats cryptocurrency as property, while the CFTC considers it a commodity.
What is the US backed digital currency?
What Is a CBDC? A CBDC is a digital national currency. In the case of the United States, a CBDC would be a digital form of the U.S. dollar. Like paper dollars, a CBDC would be a liability of the Federal Reserve.
What is the government problem with cryptocurrency?
In its current form, Bitcoin presents three challenges to government authority: it cannot be regulated, criminals use it, and it can help citizens circumvent capital controls.
Is the government trying to regulate crypto?
3/9/2022 – Biden Administration releases executive order embarking on a whole-of-government, comprehensive approach to the regulation of cryptocurrencies and other digital assets.
Is the government cracking down on crypto?
The feds are cracking down a lot harder on crypto these days Just this week, the SEC sued Kraken, another crypto exchange, alleging that it is operating as an unregistered securities exchange. The agency's suit also alleges that the exchange comingled customers' assets with the company's own holdings.
Can the government take your cryptocurrency?
Federal law allows the Government to seize and retain – and then, ultimately, to sell with the proceeds going to Government coffers – “any property, real or personal, involved in a transaction or attempted transaction” that violates certain specified federal statutes.
Why do governments hate crypto?
Governments often oppose the concept of decentralized monetary systems, like Bitcoin and other cryptocurrencies, even though gambling is allowed in many places. The main reason for this is that decentralized monetary systems put the government's authority over the financial industry and money flow in jeopardy.
Why does the US government not like Bitcoin?
Bitcoin Ties to Illegal Activity Besides this, the algorithmic trust engendered by Bitcoin's network obviates the need for trusted contacts at either end of an illegal transaction. Not surprisingly, Bitcoin is a favored conduit by criminals for financial transactions.
Is Bitcoin allowed in USA?
Is Bitcoin legal in the US? It has never been “illegal” to buy and hold Bitcoin in the United States — at least, not at a federal level. So, the U.S. is among such countries where Bitcoin is legal but policies vary based on your state of residence.
How many US citizens own Bitcoin?
46 million Americans Top 10 Blockchain Statistics - (Editor's Choice) Research from July 2021 shows that 89% of American adults have heard of Bitcoin. An estimated 1 billion people around the world use cryptocurrencies. About 46 million Americans (roughly 22% of the adult population) own a share of Bitcoin.
Can US citizens short Bitcoin?
Yes, shorting cryptocurrency is possible in the USA. Short selling allows traders to profit from a decline in the price of a cryptocurrency by borrowing and selling it with the intention of buying it back at a lower price in the future to cover the borrowed amount.
Why is the US anti crypto?
On July 21, 2023, at a hearing, Senator Warren warned about the national security risks of rogue states using crypto to evade sanctions and fund their weapons programs, spying, and cyberattacks – calling out North Korea for stealing over $3 billion in crypto over the past 5 years, and using proceeds to fund its illegal
Is Bitcoin available in the USA?
Traditional stockbrokers. The choices among traditional brokers that give customers a way to buy and sell Bitcoin are few right now — Robinhood was the first mainstream investment broker to offer Bitcoin (Robinhood Crypto is available in most, but not all, U.S. states).
Is Bitcoin trading legal in USA?
Is Bitcoin legal in the US? It has never been “illegal” to buy and hold Bitcoin in the United States — at least, not at a federal level. So, the U.S. is among such countries where Bitcoin is legal but policies vary based on your state of residence.
Which government owns most Bitcoin?
The U.S. government The U.S. government is one of the world's biggest holders of bitcoin, but unlike other crypto whales, it doesn't care if the digital currency goes up or down in value. That is because Uncle Sam's stash of some 200,000 bitcoin was seized from cybercriminals and darknet markets.

What does the us government think about blockchain

Is the government involved in Bitcoin? Since 2020, the government has reported three large BTC seizures, including the Silk Road seizure of 69,369 BTC in November 2020, the Bitfinex Hack seizure of 94,643 BTC in January 2022, and the James Zhong seizure of 51,326 BTC in March 2022. The $5 billion holdings consist of the three seizures mentioned.
Does the government know if you bought Bitcoin? Yes, the government (and anyone else) can track Bitcoin and Bitcoin transactions. All transactions are stored permanently on a public ledger, available to anyone. All the government needs to do is link you to your wallet or transaction.
Can the government track Bitcoin? The IRS has partnered with companies that specialize in blockchain analysis to track cryptocurrency transactions on the blockchain. These companies use advanced software to analyze and trace transactions, allowing the IRS to identify patterns and track down individuals who may be engaging in tax evasion.
How much Bitcoin does fbi have? The FBI now controls more than 144,000 bitcoins that reside at a bitcoin address that consolidates much of the seized Silk Road bitcoins. Those 144,000 bitcoins are worth close to $100 million at Tuesday's exchange rates.
Why is US Bitcoin so low? Risk assets are heavily impacted by investor sentiment, and this trend extends to Bitcoin and altcoins. To date, the threat of unfriendly cryptocurrency regulation or, in the worst case, an outright ban continues to impact crypto prices on a monthly basis.
What percent of Americans own Bitcoin? Research from July 2021 shows that 89% of American adults have heard of Bitcoin. An estimated 1 billion people around the world use cryptocurrencies. About 46 million Americans (roughly 22% of the adult population) own a share of Bitcoin.
What country owns Bitcoin? Bitcoin Ownership by Country 2023
CountryOwnership Total 2023 🔽
United States20.50
Nigeria15.20
Brazil14.30
Indonesia10.90
Why does the US government own so much Bitcoin? That is because Uncle Sam's stash of some 200,000 bitcoin was seized from cybercriminals and darknet markets. It is primarily offline in encrypted, password-protected storage devices known as hardware wallets that are controlled by the Justice Department, the Internal Revenue Service or another agency.
Can Bitcoin be turned into US dollars? A cryptocurrency exchange is an online platform that allows you to trade or sell your Bitcoin for fiat currency, such as U.S. dollars or other traditional currencies.
How can I use Bitcoin with no money? The best way to get bitcoin without spending money is to spend time earning it, as income or tips from social media followers. Then you don't need to worry about whether the price of bitcoin goes up or if bitcoin is a good investment.
Does the government invest in Bitcoin? Whether it holds or sells its stash could have a big impact on the token's price. The US government has seized at least $5.5 billion worth of bitcoin since 2020, according to analysts. Its stake makes it one of the world's largest crypto "whales".
Does the FBI own Bitcoin? The FBI now controls more than 144,000 bitcoins that reside at a bitcoin address that consolidates much of the seized Silk Road bitcoins. Those 144,000 bitcoins are worth close to $100 million at Tuesday's exchange rates.
Why do governments fear crypto? Among other things, Bitcoin enables the citizens of a country to undermine government authority by circumventing capital controls imposed by it. It also facilitates nefarious activities by helping criminals evade detection.
Why do governments not like cryptocurrency? Concerns About Crime This digital money has become a preference for extremist organizations to finance terrorism and transact in lethal weaponry on the black market. Many countries have opted to prohibit the usage of Bitcoin in order to protect their territory and citizens' lives.
Can the US government shut down crypto? As Bitcoin is decentralised, the network as such cannot be shut down by one government.
Is crypto controlled by the government? The sale of cryptocurrency is generally only regulated if the sale (i) constitutes the sale of a security under state or federal law, or (ii) is considered money transmission under state law or conduct otherwise making the person a money services business (“MSB”) under federal law.
Why crypto is not the future? Volatility and lack of regulation. The rapid rise of cryptocurrencies and DeFi enterprises means that billions of dollars in transactions are now taking place in a relatively unregulated sector, raising concerns about fraud, tax evasion, and cybersecurity, as well as broader financial stability.
Will crypto replace the dollar? In contrast, the USD has maintained relative stability for decades. While investors and speculators may be attracted to Bitcoin's potential gains, the average individual tends to avoid risk. Until Bitcoin demonstrates long-term stability, it remains unlikely to replace the USD.
What is the future of the Bitcoin? Overall, Sciberras is optimistic about Bitcoin's future. “Looking into 2024 and beyond, I'm personally very long-term bullish on Bitcoin,” he says citing the macroeconomic backdrop, the upcoming halving in May, the improved development of scalability within the Lightning network, and the potential U.S.-based BTC ETF.
Does the US dollar effect Bitcoin? Dollar-pegged stablecoins Stablecoins such as USDT and USDC have amplified crypto's reliance on the US economic landscape. Bitcoin predominantly trades against the US dollar on numerous crypto platforms, often indirectly via stablecoins.
Does the US recognize Bitcoin? It has never been “illegal” to buy and hold Bitcoin in the United States — at least, not at a federal level. So, the U.S. is among such countries where Bitcoin is legal but policies vary based on your state of residence.
Can the US government confiscate Bitcoin? Federal law allows the Government to seize and retain – and then, ultimately, to sell with the proceeds going to Government coffers – “any property, real or personal, involved in a transaction or attempted transaction” that violates certain specified federal statutes.
Why are some crypto exchanges not allowed in the US? In other words, as far as the SEC — the top Wall Street regulator — is concerned, just about any crypto exchange operating in the United States is illegal, because the regulator considers virtually all crypto tokens (minus bitcoin, which I'll get into later) as securities.
  • Why is crypto com exchange not available in usa?
    • U.S. regulators' recent assault on two of the largest crypto exchanges in the world, Binance and Coinbase, likely played a pivotal role in the company's decision to deprioritize and temporarily end its U.S. services for institutional clients.
  • Why is FTX banned in US?
    • FTX's balance sheet was leaked and showed there was a lack of diversification and the two companies were tied too closely together. The balance sheet listed $9 billion in liabilities and $900 million in assets, with poorly labeled entries showing a negative $8 billion balance.
  • Is it illegal to buy crypto in USA?
    • Is Bitcoin legal in the US? It has never been “illegal” to buy and hold Bitcoin in the United States — at least, not at a federal level. So, the U.S. is among such countries where Bitcoin is legal but policies vary based on your state of residence.
  • What is the No 1 crypto exchange in USA?
    • Coinbase Coinbase is the largest U.S.-based cryptocurrency exchange, trading more than 200 cryptocurrencies. Its fees, however, can be confusing and higher than some competitors.
  • What is the problem with the Bitcoin network?
    • Despite its robustness, rooted in decentralization and security, bitcoin faces efficiency issues in handling large transaction volumes. This necessitates the implementation of layer 2 solutions like the Lightning Network to enable faster and more affordable transactions, thus reducing congestion on the main blockchain.
  • Why is Bitcoin supply limited?
    • The number of Bitcoins issued will likely never reach 21 million due to the use of rounding operators in the Bitcoin codebase. No additional bitcoins will be generated when the Bitcoin supply reaches its upper limit. Bitcoin miners will likely earn income only from transaction fees.
  • How safe is Bitcoin network?
    • Transaction hashing, mining, block confirmations, and game theory all work together to make Bitcoin's blockchain impenetrable. Since the first transaction block in 2009, the network has never once shut down – and no bitcoin has ever been stolen from the blockchain. Bitcoin's track record of security speaks for itself.
  • Can the government take Bitcoin?
    • Only after a court issues a final forfeiture order does the government take ownership and transfer the tokens to the U.S. Marshals Service, the primary agency tasked with liquidating seized assets. While the case is pending, the government holds the bitcoin as evidence or proceeds of the crime.
  • Can FBI track Bitcoin?
    • At the basis of cryptocurrencies like Bitcoin (BTC) stands blockchain technology. A fundamental characteristic of blockchain technology is transparency, meaning that anyone, including the government, can observe all cryptocurrency transactions conducted via that blockchain.
  • Why is everyone into crypto?
    • People invest in cryptocurrencies for the same reason anyone invests in anything. They hope its value will rise, netting them a profit. If demand for Bitcoin grows, for example, the interplay of supply and demand could push up its value.
  • What is the difference between cryptocurrency and national currency?
    • Issuing medium. Federal currency is issued and operated by the Central bank or any authorized entity of the origin country. Cryptocurrency is not issued by the government or any regulatory authority. It is operated by a private system independently.
  • Why are governments concerned about cryptocurrency?
    • Cryptocurrencies Are Opaque Ecosystems Government wariness about the cryptocurrency can be partly attributed to fear and partly to the lack of transparency about its ecosystem. The latter concern is not misplaced.
  • Is the digital dollar coming?
    • Not only does the Fed have no plans to issue a digital currency, but it has repeatedly said it wouldn't do so without authorization from Congress. How one might work—including how closely it might imitate physical cash—is still a wide-open question that can only be answered through research and testing.
  • Why are people so crazy for crypto?
    • Many in the investment community have argued that cryptocurrencies, Bitcoin in particular, provide a hedge against inflation because they are not subject to the decisions of a government or central bank, and feature a limited supply schedule that make Bitcoin resemble digital gold.
  • How does the us government feel about bitcoin
    • Jun 16, 2023 — Washington owns more than $5 billion worth of seized bitcoin and has been reluctant to part with it. That may represent inertia more than 
  • Is it legal to buy and sell Bitcoin in USA?
    • Is Bitcoin legal in the US? It has never been “illegal” to buy and hold Bitcoin in the United States — at least, not at a federal level. So, the U.S. is among such countries where Bitcoin is legal but policies vary based on your state of residence.
  • Is the US banning Bitcoin trading?
    • As of Nov. 3, 2023, there have been no indications that the U.S. government wants to ban Bitcoin. However, other countries have executed bans due to regulatory and monetary policy concerns or because their governments fear a loss of control.
  • How do I buy and sell Bitcoins in USA?
    • Visit a cryptocurrency exchange website. Create an account and verify your identity as required. Follow the website's instructions to buy your bitcoin (BTC) or other digital asset. Your bitcoin will appear in your exchange account.
  • Is selling crypto illegal in US?
    • The sale of cryptocurrency is generally only regulated if the sale (i) constitutes the sale of a security under state or federal law, or (ii) is considered money transmission under state law or conduct otherwise making the person a money services business (“MSB”) under federal law.
  • Why is the US cracking down on crypto?
    • The feds are cracking down a lot harder on crypto these days Just this week, the SEC sued Kraken, another crypto exchange, alleging that it is operating as an unregistered securities exchange. The agency's suit also alleges that the exchange comingled customers' assets with the company's own holdings.
  • What will happen if Bitcoin is regulated?
    • “Stricter regulation of cryptocurrencies would certainly protect investors, who are the ones who lose out when exchanges like FTX collapse. Regulation would likely place limits on how crypto can be used and may also stifle innovation within the sector,” Ranga says.
  • Could Bitcoin go to zero?
    • It is very debatable as to whether there is any realistic likelihood of this though. Bitcoin has been around for close to 15 years now, and has survived several dramatic crashes before making new highs. It could be reasonably argued the 'go to zero' scenario would have happened already if it was going to.