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source https://www.reddit.com/r/btc/comments/obrsxk/wolf_of_wall_street_confirming_he_knows_tether_is/
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I feel like the single missing part of regulatory talk in the united states on crypto is that no one understands that a unified clearing exchange for digital asset commodities will have to be built and the Token taxonomy act, and Digital Commodity act passed.
CME can't work with blockchain. LedgerX and coinbase built the full financial stack. Traditional finance does not do this. Trad fi uses common clearing exchanges, prime brokers etc. It's economically unfeasible and untenable to expect every crypto service to build a full stack.
The obsession crypto people have with the SEC is misplaced. Bitcoin is a commodity. There has to be common backends that allow systemic risk monitoring and public data. That's how tradfi works, and US gov won't allow any other way. This is nonnegotiable for having a domestic market that institutions use. Right now all major institutions do significant derivative related things offshore.
This can't and wont last based on what the DoJ wants. You may not like the direction things are going, but this is necessary to mainstream adoption. Crypto is overwhelmed with fraud as it is. It's a net detriment to long term adoption.
Re-- the bch crowd. I don't *like* being hunted by fed agencies and having all my services and access banned. I don't enjoy this lol. But this is inevitable for most regulated money. The feds have a mile long list of tools to enforce KYC on the globe. If poor people can somehow move a few hundred around without KYC, I'm all for it. But for people who move money, traders, we're screwed. If I don't get a regulated system built I won't be trading in crypto, period. US citizens are screwed on this. The CFTC is openly telling us "we're going to enforce against DeFi Derivatives, we're gonna get you".
They can. They will. They're going to black list every non compliant DeFi app the way they blacklist mixers. Go look at Cipher Trace Traveler that binance introduced. That's what we have to lookforward to. They're going to create a fungibility crisis. Global bifurcation. Do I like this? No. This is totalitarian, but right now US control over the Executive branch is paltry. Mcafee was right about it all.
Re the mods-- You should not censor traders and legal researchers because you disagree with the government and hate futures.
The mods here need to realize that being adversarial to regulatory talk is a zero sum affair. If you don't advocate for changes that allow modern institutions to participate we will not get mainstream hyperbitcoinization. Shadow banks and hedgefunds trading on bitmex does not count, it *is* the problem. It's why congress is pissed.
I speak the truth about what is required in american finance and what the government wants and what is necessary for full institutional involvement.
After I posted here that I finally achieved my 1 BCH (thank you sir Marc de mesel fo the huge upvote before), one user commented something like this, "Congratulations, I am happy for you. But where I live that's a week pay so it doesn't really mean much to me in the scheme of things."
First of all, I don't take it as a permanent job. Although, I am here for passive incomeπ what made me stay is the community that really makes it fun and alive.
Well, I am living in a developing country and 1 BCH means a lot to me before I achieved my 1 BCH to hodl I already bought many things!
Bitcoin cash is for everyone.πππ
https://read.cash/@carisdaneym2/bitcoin-cash-in-my-daily-life-dfa0e66e
And now, I am starting my July to accumulate more in the dip :)
https://read.cash/@carisdaneym2/hey-july-can-we-fly-high-1d53b2e7