In the name of protecting you, dear US citizen, the Biden administration has proposed sweeping regulations over crypto that has the net effect of destroying your upside while providing no new protections. It is sad to see that the United States, or should I say the international banking cartels functioning through the United States, wants so badly to maintain dollar hegemony that they are willing to sacrifice the quality of life of human beings. Nonetheless, this is where we are.
You can read CNBC if you want to get a bunch of lies about the new regulations. Here is what is actually going on.
First, US investors will be cut off from all of the truly innovative products that crypto makes possible. This includes yield bearing NFTs, truly secure financial transactions with complete privacy, many esoteric banking options and inventive financial derivatives.
Take note that the real innovation of crypto was to present to the masses all of the exotic financial techniques usually available only to big bankers. The Biden administration will basically GATE retail investors in the United States from these opportunities. Why? Because big daddy government doesn't consider you smart enough to manage your own portfolio. No, you will be allowed only the most vanilla options while senators, accredited investors and big bankers continue to make money in those Ponzi schemes that look a lot like Wonderland or OHM.
So yes, if you put your money with these institutions, they will probably still be investing in the same Iron Finance type stuff that made headlines. You just won't be able to access it and invest in it yourself. And those bankers will be just as free to lose your money on your behalf.
Second, US citizens will not be able to create crypto projects. Stable coin projects will be completely off the table, but you may not be able to innovate utilitarian products, either.
In order to protect you from those scammy ICOs (that only idiots got caught up in more than once or twice), the Biden administration will simply define you as a scammer unless you have the appropriate licenses, accreditations and fee structure to warrant their verification. And trust, the fees to pay for all of these licenses and accreditations will be far beyond the reach of the average retail person in the US.
Rest assured these regulations will not stop crypto innovation around the world. The G 20 may kowtow to this garbage and make it quite difficult to do business in the traditional first world business structure. However, the cat is out of the bag. For anyone who is willing to move outside of the norm, there will be endless opportunity available within crypto.
So I actually hope Biden [read: the international cartel working through Biden] gets all of his regulations through. This will put the dollar at such a disadvantage that it will soon fall behind the currencies of the world that embrace crypto. Eventually, this will lead to a more egalitarian financial system that the West will have to share with the rest of the world.
See you on the other side.
