Mr. Tact wrote on Jan 22, 2021, 13:58:
*meh* I don't completely oppose regulation of digital currencies, but it needs to be done reasonably and fairly. For instance, there was this in the article:
"Under the new rules, cryptocurrency-based exchanges would need to file transaction reports with FinCEN any time a customer made a cryptocurrency transaction worth more than $10,000. This would mirror existing rules requiring conventional banks to report when customers make cash withdrawals or deposits worth more than $10,000".I'm guessing that isn't true for stock transactions. If it isn't required for stock transactions I don't see why it would be for Bitcoin transactions.
Stocks are already heavily regulated and trades are tracked on the back end by your financial provider which in turn reports them to tax authorities and regulators. They also have separate FinCEN guidelines for reporting suspicious trades already. Bitcoin proclaims to be a currency, not just a trading vehicle. The goal of the legislation is to ensure that taxes are paid and that is not easy to launder money. Bitcoin has been a haven for criminal organizations and tax dodgers so it seems pretty reasonable to me, I don't really see an issue or any unfairness here. Just some much needed transparency.
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Watching: Lupin, You me and the Apocalypse, Days of Thunder