toxicbitcoiner on Nostr: Remember when all the influencers were cheering that Bitcoin is a commodity, in order ...

Remember when all the influencers were cheering that Bitcoin is a commodity, in order to distinguish it from shitcoin securities? And how I made dozens of posts about how so vigorously calling it a commodity and playing ball with the State would have consequences like this?

Pepperidge Farm remembers.

quoting note1a9w…xqyh

Don't get too pumped about Trump speaking at this year's thebitcoinconf (npub1rwh…7avv), there are forces in motion that could severely impact the bitcoin industry if people don't begin to make noise.

Earlier today there was a Senate Agriculture Committee hearing on Oversight of Digital Commodities with the head of the CFTC that everyone should watch.

If the legislation that is inevitably going to come out of this hearing gets passed it won't matter if Trump gets into office. The industry will be hindered for years. There is bi-partisan support at the moment as Democrats are moving quickly to react to the buzz Republicans have received due to their embrace of bitcoin.

Long story short, this committee is pushing to give the CFTC regulatory oversight over spot bitcoin markets, which is an unprecedented expansion of CFTC authority into retail commodities trades whereas in the past they have exclusively had jurisdiction over only commodities derivatives markets.

If the CFTC is granted this expansion of authority it would mean that they are likely going to require any bitcoin company to register with the federal government and have enhanced KYC/AML requirements. To be clear, this won't only affect exchanges, but any company that touches spot bitcoin.

These efforts are being spearheaded on the crypto side via lobbying efforts by Kraken, Coinbase and Ripple. Not shocking because this would likely enable them to trivially erect regulatory moats.

It looks like the bi-partisan effort will be looking to pass something through the House and into law rather quickly. Likely before the election.

It is imperative that you speak out against this as it would increase the regulatory and compliance burdens on US bitcoin companies considerably. The best move right now is no action. We need less regulation, not more. As we've seen time and time again throughout the first 15-years of bitcoin, these regulations but users in harm's way and make it unreasonably difficult for companies to operate cheaply and effectively.

Call you Representative and tell them to reject any bill that would give the CFTC oversight over spot bitcoin markets. This is a full on attack.

https://www.youtube.com/watch?v=F3i0pxWvyPc