First off anyone critisizing leverage isn't a bonafied finance professional who has traded legacy markets. Natural Gas and Crude oil and Gold are all 100x leverage or 50x leverage domestically, legally, on US NFA CFTC regulated exchanges. Crypto is full of noobs who have no professional background training in derivatives. Period. And because of that you don't understand what the CFTC is doing, what Mnuchin is doing, what the CFTC has done in the past to Forex, and what they will do.
We as americans are going to have ALL leverage taken away. SeedCx, Baakt, LedgerX, and ErisX were given derivative license to offer physically backed UNLEVERAGED contracts. The regulators are showing 0 intention to offer regulated exchanges proper leverage. Mnuchin came on TV and basically, if you read between the lines said, we are going to go after overseas exchanges, which for all intents and purposes he should have just said Bitmex. It's not a coincidence.
It puts us a catastrophic disadvantage. And it's my livlihood and countless others. I hate legacy markets. I don't want to trade crude oil because I got pushed out of Bitcoin. This is Wallstreet shutting down competition so they can behave as middle men to keep middle class Americans under control. This is how the security and derivative laws are set up in America, to protect the rich and control the poor.
The US and UK government want to backdoor exchanges AND wallets with chain analysis and smart contracts tied to KYC so that they can control your money and force it onto centralized exchanges where they can arbitrarily sieze it, they want to control it just as if it were Fiat. They don't want you to hold your private keys. They are building a regulatory sandbox that forces you to put large lump sums of capital on centralized exchanges by taking away the ability to put small highly leveraged amounts on anonymous exchanges. Once they do this they have total control over you.
No overseas exchange can legally offer leveraged bitcoin to Americans because of Dodd Frank laws. So mandatory KYC, globally, which is what the Trump administration wants, is an effective ban on US citizens. They took away our ICO, IDO, and IEO, they are geobanning altcoins. Can you not get this through your head, they are intentionally trying to keep you poor. They are not protecting you.
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