Who are these powerful of this world, on whose opinion and decisions the fate of cryptocurrencies depends? #Nbsp;
Let's figure it out.
These are either state structures or local Committees with the right to make global decisions. # Nbsp;
It is clear that the USA holds the first place.
The most common nod to the US SEC (Securities and Exchange Commission). There are a number of other commissions such as the CFTC (Commodity Futures Trading Commission). 🕵️♀️
So, as soon as the SEC decides to regulate someone, the cryptocurrency market immediately falls into stagnation or depression. ⚡️
Remember the recent SEC-Ripple litigation that Ripple was selling alleged tokens that the Committee believes are securities?
Each trial was accompanied by a frantic volatility of the exchange rate - up and down. Hamsters were shaken out on this wave by the billions💰.
Under a plausible pretext, this is what regulation looks like.
And already a textbook story with TON (Telegram Open Network) Pavel Durov.
Everything was going perfect. 🍹
Jurisdiction of the United States, everything is agreed, all applications, statements, notices are all sent to the SEC. Investors, and indeed all cryptans, were waiting for the emergence of a new unique cryptosystem based on the "cart". Durov, handsome, set a goal to create new Visa and Mastercard combined on the scale of the messenger ecosystem.
And on the eve of, in fact, the release of the tokens of the TON ecosystem called GRAM into the light, the SEC suddenly saw a violation.
It turns out according to the law of 1929 !!! 🥴
Karl, are you there?
Are you reading?
The issued GRAM tokens are also regarded as securities, which, in principle, are not. Durov tried to protest. However, I decided not to risk it by curtailing the TON program. The team is currently working on the FreeTon project.
Governments of different countries react differently to cryptocurrencies.
And the effect of statements, bylaws, hits the cryptomarket like a gun.
Hindus sometimes prohibit and sometimes permit cryptocurrencies.
China, then drives the miners, then again allows banks to consider transactions with cryptocurrency assets. 😂 And the leapfrog continues constantly. Ecuador recently approved the circulation of Bitcoin on a par with the state currency.
The crypto world joked about this that it was time to wait for a new revolution in Ecuador.
The more interesting and larger the player is, the more concern he is among the regulators. So the largest exchange, Binance, suddenly came to the attention of the Department of Justice and the Internal Revenue Service of the United States. They say Binance is not transparent enough and does not meet international AML requirements and anti-money laundering and terrorist sponsorship.
The heat is on! 🔥
Great Britain immediately joined the battle.
The UK Financial Conduct Authority (FCA) has the same requirements for Binance that the exchange exposes users to financial risk.
The essence of the claims is logical, but if you look at the root, then there is only one problem - cryptocurrency assets, the exchange and projects cannot be controlled by traditional government structures and institutions. Until now, for example, Binance's jurisdiction raises questions. The legal entity is also hidden. And CZ refuses to provide this information.
The news that Binance was banned in the UK at the last major correction in late spring did not play out in the market in any way. Then, as they rolled down, they continued. And for verification, it turned out that the activities of the local legal entity Binance Market Limited were prohibited.
Cryptocurrency exchanges are, of course, prudent and make concessions.
Economy, a new paradigm, everything is clear!
Therefore, in Europe, margin trading is canceled on the cryptocurrency exchange, then KYC (Know-Your-Customer) is introduced everywhere, causing horror among anonymous crypto enthusiasts.
And this is a worldwide trend. 🤝🥱
There is a gradual fusion and merger of two spheres - fiat and cryptocurrency.
This is inevitable, and freedom and anonymity will gradually be controlled and free within the established rules.
Compromise is always a decision of two parties.