Hey fuckers. I have zero inside info on Biden's bullshit crypto executive order, but I can already tell you what the fuck that bullshit is gonna have in it.
Before we get to that, there is a little upside.
I maintain that US regulation will bring on the next big crypto bear market. The point of Biden's executive order is to unify the response of the alphabet boys to crypto. Each useless agency will need to submit its own paper in order to create a singular strategy. This added bureaucracy may put off any meaningful regulation until the second part of 2022. I thought it would be coming in March, honestly. That alongside Fed tightening policy and Michael Saylor's ESG bullshit might have been enough to kill the market for years. Fortunately, the regulation will likely be put off because Biden wants everyone to turn in their term paper first.
However, this does mean that regulation, when it comes, will be heavy handed and likely cause a huge dip.
We already see faggity companies like EXODUS frontrunning government officials, bending over and requiring KYC of their users upon threat of account freezing. Paypal Part 2? Shit. This is some back to square one shit, honestly. What the fuck was the purpose of Exodus if it was just going to do this? Just use Coinbase. BINANCE continues to sell the fuck out. I wouldn't touch that IPO with a 10 foot pole when it happens. COINBASE Part 2 — they just want to dump on another set of retail investors before they completely cash out.
So the executive order.
First of all, the US doesn't care about shit except tax revenue. Everything, and I do mean everything in that order, will be centered around stopping money from flowing offshore through crypto. Any crypto business that wants to do business inside the US will be required to keep KYC/AML records and provide them on demand to US officials.
Spread the fuckin word to all international "crypto companies" — 1. stop looking at the US as the golden goose market. It's not. Unbanked regions in emerging markets provide exponentially higher potential returns. 2. Stop thinking that you have to structure your silly ass company as a company. You don't. The DAO structure is sufficiently sophisticated to provide you international exposure without international regulation.
The order will hide its insidious motive under a veneer of "protecting the average American from the dangers of investing in a volatile crypto market." I.e. protecting stupid motherfuckers at the expense of studious/smart people who understand tuition/loss is the price of education/profit. You might as well pass a law to protect football players from tackles. WHAT the fuck.
I said it before, I'll say it again: Diversify yourself internationally. Second passport, second residency, bank accounts in other countries. Keep in mind that most countries have an agreement with the US to report your ass when opening a bank account through the Common Reporting Standard and FATCA. You're not hiding anything (unless you dig really deep into the countries that aren't a part of FATCA). You're just keeping your money in other places so it can't be immediately frozen if you run into trouble. Here's an updated article from Nomad Capitalist on the subject
And of course, holding your own bitcoin keys is the ultimate way of keeping your money sovereign. Wasabi Wallet incorporates coin mixing straight into the wallet, which makes it incredibly easy. Maybe not incredibly. Easier than it used to be. Bitcoin is still unique in its ability to hold your money outside the greedy claws of government. No other currency can really do this and retain any sort of utility flexibility; possibly Monero. You can bet that Biden will try to limit this flexibility to force you to comply with KYC/AML. Get some of that shit offshore so you can have options.
This is honestly a topic that could fill a book, so I'll stop here. But we'll come back to it before long.
