RE: Unpopular Opinion - The Biden Administration could be good for Bitcoin and Crypto
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These regulators are hilarious.
We need to stop terrorist financing!
How will you accomplish this, mighty regulatory body?
... ... ... How about more regulations on centralized exchanges?
Laughable.
They literally can't do anything. That's the whole point of crypto... you can't stop the transactions from going through. All they can do is regulate the centralized banking system, which has been their default playbook for decades upon decades.
The absolute worst thing they could do is ban traditional banks from sending money to crypto banks... which is clearly isn't going to happen because institutions are already heavily invested in the market and it would piss too many people off.
Their "brilliant ideas" to oversee the space include KYC on "self-hosted" wallets... an impossible task that accomplishes nothing once the money leaves the KYC wallets. They clearly have no idea what to do, because there is nothing they can do except pretend like they have it under control.
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The plan is to heavily police the fiat to crypto and crypto to fiat gateways. Once everyone stars using crypto for everything, there won't be much they can do at all.