The FUD currently in crypto is almost palpable. There's this Evergrande collapse that has basically nothing to do with crypto, but the chickens are reacting nevertheless and panic selling their hard earned digital money, in a cascade caused by fear of a global recession, although crypto was supposed to act as a hedge against that and there's also some US regulations FUD also in play.
Both absolute crap.
I bet that three months from now nobody will remember Evergrande and Gary Gensler's nonsense such as his recent statement that stable coins are like poker chips. Then what the hell is the US dollar, sir?
So, before bashing on Gary Gensler, who's clearly a crook of the establishment lets look at how they're trying to regulate crypto in the US.
I am not familiar with the American laws when it comes to financial products and money in general, what should or should not be a commodity or a security, but I can clearly spot what Gensler is after, with those guidelines.
If you read paragraph 3 and 6 you will realize that they're actually trying to avoid a situation similar to El Salvador where Bitcoin has become legal tender. "Ban the unauthorized stablecoins". Well, I guess it's clear that if this bill will be passed, USDT and USDC won't be authorized at all.
None of the current stables will actually be, that's for sure. You know what will be authorized? A damn CBDC that will further enforce control over citizens and the current enslavement we're living in. If you still believe, by the way, that this pandemic is something that came out of the blue, and the establishment has nothing to do with it, keep on lying to yourself.
Paragraph 6 is monumental in revealing their plans. I have to once again admit my poor knowledge in regards of the US financial system, but if anyone more knowledgeable than myself reads this post, please answer, if you can, who created the FED, who's spinning its wheels and how much control does the US government has over it?
If so far the FED has been working the way it did, imagine life on earth(actually in the US), when they will "redefine legal tender and change the way money is created by the Federal Reserve; and authorize the issuing of a digital USD of which all transactions are recorded".
All transactions are recorded
Hope you read that right. Now I am not a US citizen, but I'll kindly send a warm FUCK YOU to Gary Gensler and the establishment putting up this shit of proposal together. There is hope though and its name is Bictoin.
Luckily, Bitcoin is still in the hands of the people. No longer that decentralized as it used to be when it comes to hash power and distribution of the coins, but nevertheless decentralized. What Bitcoin needs to simply show the middle finger to the establishment?
To be used as El Salvador is using it. And if you don't like Bitcoin for that matter, we can use USDT, USDC, BUSD...etc. We have to stand for our freedoms though and those crooked politicians are definitely not for that. It's crystal clear for me where they're trying to push the world and I hope they'll lamentably fail.
Bitcoin and crypto is the last frontier. If we fail to REALLY mass adopt it, it's bye bye freedom forever. There's no turning back. We might have a chance for an era of abundance on earth, but we have to create it, but not through crypto regulations. And if we have to steal our freedom we're gonna do that, too.
Thanks for attention,