The United States Senate is demanding the crypto user identification  

 

It seems that the struggle of crypto enthusiasts and crypto skeptics takes a chronic form. Massachusetts Democrat Senator Elizabeth Warren presented a bill to Congress setting strict rules for the crypto industry. Senator Warren’s claims to cryptocurrencies are standard. She, like all authorities, does not like users' anonymity. Therefore, it is proposed to introduce procedures for mandatory identification of both miners and any crypto-platforms. 




The bill deals with the crypto industry and measures for its regulation. Such ideas appear regularly. The authorities always have an interest in obtaining as much data as possible from their citizens, but citizens are not always happy with this. The bill provoked a strong reaction from the crypto community. Senate crypto lobbyists have said that America will lose hundreds of billions of dollars, and many businesses will move to countries with a more favorable business climate. The bill itself was called "not working". Of course, it is still very far from legislating the senator‘s wishes, but the approach of crypto-skeptics in the problem (more precisely, to what they think is a problem) is indicative. It is proposed to take from the fiat economy the most stringent control practices and simply transfer them to the crypto business.


Alas, it doesn’t work that easily. Fiat and crypto are incompatible technologically and ideologically. I believe that the supporters of the "hard" line know this well and try to make the life of crypto businesses as difficult as possible. However, most interestingly, even the total ban will not be a panacea - too many legal and illegal ways to evade it.


There will be a lot of such initiatives - the anonymity of Bitcoin haunts a lot of people. 

Will the authorities be able to continue the policy of pressure and take control of the recalcitrant crypto industry? I hope "no" because otherwise the world is facing a bleak future.


#CryptoRegulation #PrivacyVsControl #CryptoPolicyDebate #CryptoCommunityResistance #FutureOfCrypto

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