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Agenda Cryptocurrency Regulations in the USA

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Written by   180
8 months ago

The issue of regulation of cryptocurrencies is actually a topic that has been on the agenda of governments for a very long time. Therefore, it is an issue that interests us very closely as the cryptocurrency community.

Perhaps for months, cryptocurrency regulations have been closely followed by large companies as well as market experts and individual users. Large companies are looking forward to regulations in order to invest with more confidence.

New Economic Order

First of all, I would like to briefly touch on the reasons for the existence of cryptocurrencies.

Many economists around the world have been saying for years that the capitalist system is not sustainable. However, many economists claim that the global economic crisis that broke out in 2008 caused the capitalist order to fall into a coma. The fact that Bitcoin's birth date coincides with these times is like an indication that it is not a coincidence. So it was a planned thing. An economic order designed to replace the dying existing economic system. A new economic world built on cryptocurrencies.

From this point of view, I think we can better understand why governments insist on regulations. Of course, the owners of the world economic system will want to control the new economic order to be established. This is quite understandable. But aren't cryptocurrencies decentralized, designed to belong directly to the community, are we wrong? Or are we being deceived?

Authorities often say that cryptocurrency regulations are in the public interest. They cite factors such as money laundering and terrorist financing as excuses. However, there are governments of many different countries that say regulations are necessary so that ordinary people who trade cryptocurrencies do not suffer financial losses.

It is understood that the treasury ministers and official finance officials of leading European countries such as France, England and Russia are disturbed by the rising speed of the crypto money market. They, like others, make excuses such as money laundering and from time to time emphasize that the cryptocurrency market needs to be regulated. Even at the G 20 summit, which was held online due to pandemic measures, statements were made by the central bank administrators of some countries regarding the regulation of the crypto money market.

Money laundering and terrorist financing were happening even before cryptocurrencies came into existence. In fact, people have suffered financial losses due to many fraud methods.

Why Do They Want Editing?

The main goal of governments is to get a share of the cryptocurrency market. That is to collect taxes. Of course, the most important thing is to keep the new economic order under control. It is not possible to keep it under control without tax anyway. Taking taxes is a way to keep it under control and earn a profit.

It can be thought that the crypto money bans brought by China are also related to the control of the economic order in the world.

A few months ago, some financial officials emphasized that stablecoins should be regulated, and even had a meeting with US Treasury Secretary Janett Yellen. In the statements made before that meeting, it was stated that sellablecoin producers such as Tether had too much liquidity in their hands and that with this liquidity, they could cause an economic chaos by creating excessive volatility in the traditional markets.

Of course, it's not just about stablecoins. SEC chairman Garry Gensler emphasized weeks ago that the DeFi market needs regulation.

The latest news was that the USA would accept stablecoin producing companies as banks. Even US President Joe Biden has begun preparations for issuing an executive order to regulate cryptocurrencies.

It is reported that institutions such as the Ministry of the Treasury, the National Science Foundation and the Department of Commerce will be given the authority to advise on this issue and that work will be carried out to determine the framework of this regulation. At the same time, Biden needs Republican votes to get this executive order because he doesn't have a sufficient majority in the Senate.

Why now?

Governments have long sought regulation. The reason why they want to make these regulations urgently in the last period may be that the current economic order is not very difficult to stand up. The inflation figures to be announced in the upcoming period do not bode well. In its last meeting, the FED stated that in the first quarter of 2022, the FED stated that they could increase the interest rates because they expected an increase in inflation.

This could be a sign that the current economic system will get worse and the cryptocurrency market will grow much faster. They want to regulate now because as the cryptocurrency market grows, it will become harder to control.

In the future, the new economic order will run on cryptocurrencies. The footsteps of this new economic order began to be heard. In fact, regulations are proof that cryptocurrencies are starting to be accepted by official authorities.

The most important thing here is, will we, as the people of the world, own the new economic order, or will the owners of the capitalist system force us into economic slavery again, this time by dominating the cryptocurrency market?

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Written by   180
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