53
TL;DR — Basically, a bunch of idiots trying to find a way to regulate something that is completely out of their jurisdiction, and trying to project to the populace that they actually have jurisdiction.
So let's get Brad Sherman's silly extremism out of the way first.
This piece of shit is the only guy in Congress who is still talking about banning crypto. He's not even trying to be clandestine about his motives, saying explicitly that crypto threatens US dollar hegemony. He even said he'd rather people put money in the lottery than in crypto. Shows how much he cares about his constitutents — put money in a sure loser rather than something that 2Xs in a year? Nice.
Sherman's top campaign donor is some pro-Israel action committee, so this all makes sense. The paper state of Israel doesn't fucking exist without US dollar domination. Sherman might be a Zionist himself; I don't care enough to look. Point is he's a fuckin twinkletoes Democrat on every other issue, but on this one he takes a hardline pseudo-patriot stance like some rural flag-waving conservative. So transparent it's laughable. He's a conservative Zionist banker in a liberal congressman's suit.
The rest of the hearing was the other congressmen trying to learn more about crypto to sanction and limit it. And I'm sure you had some sellout techies from crypto more than willing to give them information. But it doesn't matter if crypto has sellouts. The genius of Satoshi means that no individual sellout can give any information to anyone that will contain crypto. Blockchain cannot be regulated by the US.
This doesn't mean the US can't limit crypto from interacting with it. Every regulation rumor so far is focused on this — how they will tax the interaction of crypto with systems the US controls.
So if you're a US citizen and you properly decentralize your protocol, remain anonymous, and work virtually, you are completely outside the purview of the US, with all of the privileges that entails. The US is not the world, and smart money will leave the US for greener pastures once these regulations come down. They are nothing to be afraid of, because the rest of the world realizes this is the opportunity to draw in the intellectual capital from the US and other Westernized places.
If you are trying to tokenize US real estate, you may have to deal with regulation. Or if you want to be a famous CEO, you're going to pay your taxes. But that's a fair tradeoff, I'd say. You have no integrity, but you can live out loud. You might even get that CNBC invite you're looking for.
Just know that your interaction with the US as a cryptonian will be heavily taxed and scrutinized. If you're not in the club, you might get completely turncoated and fuckt a la Veritaseum. Hope you got Ripple-level lawyers on deck. The US is a failing country desperate to justify its monetary system. It can only pretend to have a financial ecosystem through taxation — otherwise the farce of the US being funded solely through fake Fed money would be too obvious to ignore. Because you'll be generating a lot of revenue from crypto-based operations, you're going to bear the brunt of those taxes.
Fortunately, there is an entire world of entrepreneurs who are wisely seeking to grow out the rest of the world. Eventually, the US will lose its financial hegemony because of its greed. That greed will drive away intellectual capital, which will leave to grow jurisdictions outside of the US. Once the crypto world outside the US outpaces that inside the US, America's military power won't matter. The virtual economy that the US can't regulate will dwarf the US, and it will fall into second world status. Jack Mallers won't be the last hero to come out of crypto.
All the rest of this shit is just a bunch of noise. Learn how to use coinmixers and Monero, make friends outside of the country through crypto conventions, and go where you and your money are treated best. Common sense. US regulation is nothing to be afraid of, because it can't stop you from creating your own global sovereign base of operations and revenues. From there, you have the leverage to negotiate with the US if you wish, but their corrupt politicians don't control your outcomes in the least.
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