OK, I promised myself only fun holiday related post until after the 25th, but, I couldn't hold off on throwing in my two cents on Senator Warren's proposed legislation. I will not rehash what it says, I have already seen multiple post describing it and breaking it down into bullet points. I just have one question, about all this, "Why do they care?"
No one really believes Senator Warren, or ninety percent of the people in congress truly grasp crypto, blockchain or anything else this area. Heck, I have spent hours and hours on PUBLISH0X and I wouldn't want to write legislation on it based on my understanding. But, that is not even the point, the point is DC has told us crypto is a shell game, a Ponzi scheme, or just plain not real. Others in government have said it is not safe, or just for money laundering, or you will simply lose your money if you invest in it.
So, either it is dangerous, and it should be outlawed or it is not real, in which case, Washington shouldn't be concerned. Neither of those two things are happening. So back to why do they care. It is control. This was simply something that became too big and was not under control of government, and so that has to be corrected. If they control it, they think they can keep it from being transformative. They can mute, They can tax it. They can use it. No need to understand it.
I have said it before, and I will keep saying it, we have never asked to be protected from crypto. There are stories of people losing millions in crypto or having millions stolen from them, and the one thing I never heard coming from the crypto community was, "If only Senator Warren would have protected us."
