What did you think of US President Biden’s Executive Order on Ensuring Responsible Development of Digital Assets? https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/
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One of the funniest running jokes in the cryptocurrency space is that the worst fake, market-controlled cryptocurrency is the US dollar. It's just a funny meme but when you consider that, you do have one group that kind of sets the market and they can control this currency. But it's distributed, which is why you're even seeing banks do more and more of these SAR reports. I think they wanted to bump the SAR report threshold down to $5K for transactions, but you're not allowed to talk about it. It's crazy because I believe that, if they could, governments would largely ban cash now because they can't track it.
There are cryptocurrencies, like Monero, that are literally built on anonymity. Even Bitcoin has X number of cryptocurrency tumblers and the people who have been getting caught up have not been using those tumblers appropriately, so it becomes a big waste of resources. When you have technology that is specifically built for privacy and anonymity, it becomes very difficult to go after offenders. You could hit them with the policy component, which is similar to how Al Capone was taken down. He wasn't arrested for being a mobster, it was for tax evasion. That's how the government will attempt to tackle these things when they get big enough cases. But good luck trying to unwind those transactions for the average person facilitating payments through Monero or things that have run through a tumbler or Zcash. And there are organizations that are attempting to do it, but it will be difficult.
There's no central authority to stop people from processing these crypto wallet payments. All the governments in the world can try to do that in the Bitcoin network and ecosystem, but no one’s going to listen to those orders. They built this ecosystem so that they could do things their own way, which is the value of the distributed network.
It raises an interesting question because, for those that are utilizing the decentralized model, on the flip side, there are a lot of centralized exchanges that put those blocks in place, like Coinbase. There was a list of addresses and specific exchanges that they actively blocked, for example, including Russian IP addresses. The citizens and anyone else geolocated there are impacted by that.
In terms of cryptocurrency and blockchain, I don't think the lay investor is on the ball; I doubt they even understand the ball or where it came from. It came from the black market where there’s no handshake and individuals deal in arms. There are very few people that truly understand that power and everyone that's just trying to get into the crypto space, including those Robinhood users, does not have a grasp of it.