‘Crypto is all wildwest but not all of it is criminal’

03/15/2021

The cryptocurrency business wants to convince the US Administration and the world in general that it does more than just “finance criminal enterprises.”

As Biden Administration and many Governments around the world are eyeing regulation for the cryptocurrency, leading crypto leaders such as block chain are coaxing key members to lobby against prohibitive measures or stifling regulation. Rumors of meeting with staffers in the Treasury Department or with Secretary Janet Yellen and nominated Deputy Secretary Wally Adeyemo — have been going around for some time.

The number one priority for the crypto Industry leaders appears to be helping Yellen understand that crypto goes beyond the financing of criminal enterprises, something that seems to taint the crypto business overwhelmingly. They want her to understand the true value of crypto networks beyond the usual rhetoric around criminality.

The Treasury department has not officially responded or made its position clear on all this so far.

Crypto Is The New Money!

Cryptocurrencies like Bitcoin operate outside the banking system. These are somewhat you can label as any other digital currency used to make transactions albeit it all works out through a decentralized network known as the block chain, and thus cruelly difficult to regulate in the Governmental sense of Regulations. Crypto advocates swear that the currency is impossible to counterfeit, and block chain technology allows transactions to be completely seamless and with a fraction of costly checks and processing required in the traditional banking system. In recent months, cryptocurrencies have gained some mainstream acceptance. Tesla, the electronic automobile company, plans to accept Bitcoin as payment. As it gains a wider acceptance, Bitcoin has surged more than 480% in value over the past year—at points trading as higher than $55k.

Why Fear Crypto?

Many analysts and policymakers question its utility for the common folk. Unlike the dollar, which is backed by the federal government—Bitcoin isn’t back by anything or anyone in authority. Since it’s outside the banking system oversight, the block chain is often used to pay for illegal activities such as drug, crime, terrorism, slave trade and other shady outlaw enterprises and activities.

As a result, crypto leaders are looking to prevent prohibitive or choking regulations in response by the Biden administration. They are looking to put together a consortium of investors, CEOs, and advisers to regularly meet with key administration officials to fend off possible regulation that could stifle growth in the industry.

Digital currency leaders believe many of the regulations being discussed at Treasury would hamper growth by holding crypto companies to standards that can only be met by more established banks. One regulation rumored to be under discussion is the so-called “Travel Rule,” which requires all financial institutions to abide by the Bank Secrecy Act and comply with various rules record-keeping procedures. This rule was put in place to ensure banks aren’t facilitating money laundering and are monitoring transfers they’re making.

But crypto officials believe that smaller transactions between so-called digital wallets should be exempted. While larger crypto companies like Coinbase already monitor transactions for fraud but newer apps that function as “digital wallets” by holding $5, $10, or $20 for individuals shouldn’t be held to those same standards.

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