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

  • over_clox@lemmy.world
    12·
    6 months ago

    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.

    • tusker
      1·
      6 months ago

      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.

      • over_clox@lemmy.world
        1·
        6 months ago

        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…

        • tusker
          1·
          6 months ago

          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.

          • over_clox@lemmy.world
            1·
            6 months ago

            You mean to tell me people still write shit down on paper these days?!

            Hah, my old password was… TCXWR2CFTTF999WVF4BJB2VY8

            Oh wait, that was my Windows 98 product key…

            • tusker
              1·
              6 months ago

              Yes, people who have not been totally dumbed down can still write important things down.

              Windows is proprietary spyware, you should first learn how to use a real OS before even thinking about not being a slave. I can tell you are a helpless slave of habit and deserve everything that is coming your way.

              Keep making fun of people who have taken control over their lives. Go grab another booster and pay some taxes to satanic pedophiles.

              • over_clox@lemmy.world
                1·
                6 months ago

                Well fuck me in the left testicle while taking a shit!

                I’ve been running Linux for the past 14 years, thank you very fucking much.

                • tusker
                  1·
                  6 months ago

                  and you still cannot wrap your head around blockchain technology, something is wrong.

                  • over_clox@lemmy.world
                    11·
                    6 months ago

                    Nah, I totally get it. They wanna track and hack anything you spend money on.

                    https://www.web3isgoinggreat.com/

                    God forbid I privately spend $5 on a fucking joint.

                    Edit: Why would I want to open my financial account up to a playground of hackers?