(JustPatriots.com)- Cryptocurrency is changing how people save, invest, and spend money. It’s upending the U.S. economy, and at a time when Democrats can’t seem to get the national economy back on track following nationwide lockdown rules, the government is stepping in to regulate the hell out of it.
According to a report by Protocol, the SEC, CFTC, FinCEN, IRS, and even Congress all want to get in on the action and are planning new regulations to make it much harder to trade in crypto.
The outlet reported how the “wild swings” in crypto prices over the last year have both disheartened and enthralled investors, but Wall Street has been mostly alarmed, directing its ire at lawmakers and helping push the idea of new regulations.
At one time, cryptocurrency was a bizarre curiosity for a small number of people, but in recent years investments in the currency have been normalized. Businesses now take Bitcoin and other cryptocurrencies as a form of payment, shares in crypto “wallet” businesses have rocketed, and the price of cryptocurrencies across the board have skyrocketed compared to their value just a couple of years ago.
The new report suggests that the chairman of the SEC, Gary Gensler, has taken a course on blockchain and cryptocurrency at MIT and said during a House committee hearing recently that the industry could soon be forced to accept new regulation.
“If one trades bitcoin in America today, there’s not an investor protection regime,” he said in the hearing.
Gensler added that having clear regulations would make it easier for the Commodity Futures Trading Commission and the SEC to “instill greater confidence” among investors – something that honestly isn’t really necessary.
He added that lawmakers must try to “fill some gaps” in regulations, where he claims there must be “greater investor protection” and that only Congress could address it.
If that’s not a clear sign that new regulation is coming, I don’t know what is…
