The FIT21 bill (H.R. 4763) was just passed by the House. I still have to do more research on it but my current sentiment is that it’s a win for crypto.
My understanding of the bill:
- It will prevent FTX-style robberies by regulating CEXs as brokers.
- It sets a definition for what a decentralized digital asset is.
- It makes DeFi, validators/miners out of reach of the SEC or CFTC.
- It guarantees the right to self-custody.
- It introduces the concept of investment contracts for digital assets.
I think the biggest changes we can expect from this bill is that some less decentralized blockchains are going to either get rid of some of their tokens supply either by selling or burning them so they aren’t considered a security.
I’m not sure what the implications of the investment contract provision will be. The dems are claiming that it will lead to the collapse of the financial system.
IMO, this bill is the win for:
- Digital assets that meet the decentralization test
- The DeFi ecosystem
- Validators/Miners
- Self-custody
- Keeping devs and innovation in the US 🇺🇸
It is a loss for:
- SBF-style fraudsters
- Potentially TradeFi although I’m unclear on that one
The bill doesn’t mention anything about privacy or mixing technology but it’s probably good for those since the right to self-custody is made clear.
The bill: https://rules.house.gov/sites/republicans.rules118.house.gov/files/RCP_H4763_xml (003).pdf
I’m interested on different analyses of this bill. They like to sneak shit in this stuff that will be applied to the proles but let the big boys skate. I might do it myself I don’t know, I’ll reserve judgment for now, but I follow a rule of thumb, always be suspicious of everything the government does, especially when it’s widely touted as a win for the people.
I hear you, this is my first take based on a cursory reading of the bill. I must say I was skeptical before looking into it but I was surprised to see that the bill seems to insulate DeFi/devs/miners/self-custody from TradeFi regulations which is really the opposite of what the Warren anti-crypto army wanted (by considering everybody a broker).
Also, I saw that Aaron Day is saying it is a bad bill because it would enable CBDC but I’m still waiting for a more detailed analysis from him. Regardless of this bill, I’m not sure we can stop a CBDC launch so we may as well protect what makes crypto crypto then we’ll have a fair competition against CBDC.
I would not be so quick to celebrate. Remember the “house” is filled with parasites and banker controlled pedophiles and this is most likely a bait and switch.
If a territory wants to suppress cryptocurrency, it first creates regulations that make suppression possible.
I’m still looking for an in-depth analysis of this bill (which still has to go through the Senate) but in the meantime here is my cynical take on it:
Here is the best breakdown on FIT21 that I’ve read so far: https://www.davispolk.com/insights/client-update/crypto-market-structure-bill-draws-closer-floor-vote-house
I haven’t read the bill, but just based on your summary, it doesn’t do anything that encourages me. Mention of privacy rights and the elimination of KYC/AML requirements under certain conditions would be encouraging. For instance, if you’re after big drug cartel or organized crime money launderers, you could set some pretty high limits before KYC/AML rules would kick in. That kind of news would be more encouraging. Strengthening privacy is about the only area of crypto legislation that would perk my interest.
I’m just gonna leave this here…
$72 billion LOL, You should look into the insane fraud the state(the biggest criminal mafia there is) is running. They have stolen trillions from the people and have conducted murderous wars that have killed millions and cause unimaginable suffering.
The Pentagon Fails Another Audit – Trillions Missing (https://finagg.com/2023/11/21/the-pentagon-fails-another-audit-trillions-missing/)
Decentralized currency is here to put an end to the tyrannical insane orgy of the psychopaths running this world.
Bruh, I only posted a link to a very relevant website. It wasn’t an opinion, but if you want an opinion from me, I prefer physical money.
No chance of hacking my physical wallet, unless by chance someone mugs me behind a dumpster or something. And you think I’d tell anyone where I stash my cash?
LOL, carry on though. Crypto to me is about a cesspool of confusion, hackery and jankery.
Hey, you responded to the link I posted as if it was an opinion. The link isn’t an opinion, it’s a site that documents actual facts.
But you seemed to want an opinion. Welp, there ya go.
All those examples are just scams carried out by scammers in the name of crypto. It is mostly just clowns hitching onto the “crypto” hype, and since most like you, are clueless what cryptocurrency is they fall for obvious stupidity and get scammed. The pattern I have seen with people like you that have become angry at “crypto” after they have been duped by get rich quick tricks by scammers and lost money. Now they are on a crusade to defame “crypto” knowing zero about it.
Yes, physical money is great, but not the fake money that the state controls. You say it can’t be hacked but it has been hacked as most of your value has been stolen from your physical “money”
Real crypto, like Monero is here to fix the state run giant scam known as central banking and fiat currency.
With the amazing technological advancements that we have experienced we would all be wealthy, the state has siphoned off 98% of the value obtained by efficiencies and has left the average person broke.
Of course I am doing fine because I am always ahead of the idiot communists running this trash system, but most people do not know their ass from their elbow and get swindled on all sides. They believe the state is working for them, not realizing the obvious reality that the state is just a banker control mechanism to extract the most value from them.
Well answer me this, why in the holy fuck are there over a thousand ways to exchange currency/goods?
For every additional system added, that just makes the system that much more confusing and more potential points of attack.
I don’t trust any of it. Hackers stealing millions of dollars through obscure systems that many people don’t even understand?
I thought technology was supposed to make people’s lives simpler, not more complicated.
Edit: How TF is your kid gonna purchase a candy bar from the store using crypto without a computer science degree?
Come on now, life shouldn’t be so complicated.
I agree, I wish we didn’t need crypto at all. The problem is an evil group has taken advantage of us and are using the currency to enslave and dominate.
Crypto is not really that difficult once you understand the fundamentals. You can keep it safe and transact, it becomes second nature.
In a decade children will be carrying around multiple seed wallets in their head.
All you need to know is the difference between holding your own keys and giving custody to someone else. If you hold your own keys then crypto is safer than a bank account.
Start simple, download a real Monero wallet like https://featherwallet.org/ and play around.
So you’re expecting the future generation to remember a Windows XP product key worth of information to access their shit?
Last I checked, Bitcoin wallet accounts are actually longer than that. But I’m no crypto genius.
But please tell me more how your offspring will remember more than you…
Stop crying and complaining and man up. You should be working constantly to improve your skills and awareness.
You are crippled by having to remember or write down a few words, please pull your self up, you sound so pathetic.
