Image Source
The law proposes financial services such Coinbase, Houdi and the like to be regulated by the government by reporting the identities of cryptocurrency holders.
The goal is to prohibit the unlawful or illicit ways of using cryptocurrencies by transferring from one person to another.
In relation, banks and exchanges are obliged to keep track of customers who transact at least $3,000 and above worth of cryptos to someone else's account.
This development could greatly affect the price of Bitcoin, Ethereum and other cryptocurrencies. It could undermine Bitcoin's main purpose of existence - anonymity and the elimination of a 'middleman.'
Should the US Treasury implements these rules against cryptocurrencies, we could witness a sudden drop of Bitcoin's price. And not only that, cryptocurrencies would become more expensive, or worse it would halt to $0.
