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
    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?

                • tusker
                  1·
                  6 months ago

                  This is exactly why we use Monero. It is like cash but digital. Unlike the majority of coins it is private by default as your balance and transactions are completely hidden.

                  • over_clox@lemmy.world
                    1·
                    6 months ago

                    Interesting. I might have to keep that in mind for whenever in the distant future.

                    Allz I know is that I don’t even trust the banks to handle accounts properly. The one and only time I ever tried to receive a direct deposit into my account was from the IRS, and my fucking bank rejected the deposit!

                    I shortly after closed my bank account. That was roughly 9 years ago, I haven’t had any banking accounts since. And the senior bank manager couldn’t even understand why their computers rejected my tax return deposit.

                    Edit: Just to be clear, I did end up receiving my tax return, but via paper check, after they charged me a $20 reprocessing fee. And the bank charged me another $20 to close my account. WTF?

                    So how am I supposed to learn and utilize this new crypto technology stuff, let alone trust any of it, when the existing and long established technology has already failed me, between the IRS and an FDIC insured reputable bank no less?