Opinion by: Attorney Zachary Kelman
In 2021, crypto-Americans are in a downturn. Senator Elizabeth Warren and her loyal SEC executor Gary Gensler unleashed a blitz over cryptocurrency blitz to litigate bombing platforms and pushing so much legislation that many feared it would undercut the emerging cryptocurrency industry in the United States.
The absurdity of regulation of Pièce De Résistancedefi Broker rules. “Under this provision, the protocol and node operators obtained the Kafkaesque’s requirement to collect the name and address of each wallet holder on their blockchain.
The Senate debate publicly acknowledges that compliance is impossible and it is difficult to attribute the rules to typical Congressional technophobia or elderly discomfort. With Gensler’s Quixotic Crusade completely tilted, the crypto community in the U.S. feels bubbled, and many people seeking refuges abroad seem less like incompetence, more like intentional destructiveness.
Genius Law
Defi Broker rules, like Gensler’s wider crusade Dead On the vines earlier this year, even within the scope of its scope was narrowed to an entity that “can” identify wallet holders in the last effort to avoid the face.
Its demise made the harsh work of nodal operators, scrambling to collect names and addresses of millions of wallet holders and instantly transforming the newly minted IRS 1099-DA into a collector’s items for accounting enthusiasts, destined to be archived.
However, Warren and her fellow Institutionalists continued to move forward, unwaveringly watching their next goal – genius Behavior.
Warren, a former banking law professor and senior member of the Senior Senate Banking Committee who drafted the bill, deployed nearly every regulatory panic strategy imaginable to stop the bill through 72 separate amendments.
A failed effort stands out in terms of special threats, very much echoing the logic of the Defi Broker rules. This amendment is intended to make Sisyphean’s obligation to monitor and report all illegal transactions – forever.
On the surface, this requirement seems to be just complex, which is different from the impossible requirement of the original IIJA DEFI broker rules. But complexity is not the real problem here. Absurdly. It is one thing to expect the bank to identify customers or flag suspicious activity. The burden on the currency issuer for every future crime involving the token is another matter. Imagine having the Treasury Department take charge of tracking every drug deal paid in cash.
Stablecoin showdown
If Warren simply insisted that as the original bank secrecy law insisted, a stable issuer determined that the third party had obtained the initial stablecoins, rather than all use for all future use, her proposal might be palatable to the bipartisan Senate Banking Committee and included in the Genius Act.
Recent: U.S. Senate passes 68-30 vote to pass Genius Stablecoin bill
This measurement method can be easily implemented by major stable issuers like Tether and Circle. Indeed, in the Justice Department case celebrated in Warren last week, Tether was nominated for Warren, involving Russian nationals using Stablecoin to evade sanctions, a development highlighted by media such as The Wall Street Journals, as Warl Street Journal positions were strengthened.
Warren rightly pointed out that sanctions enforcement through traditional banking and international wire monitoring are stronger than through Stablecoins, but her position ignores the inevitability of technological change. Democrat Kirsten Gillibrand recognized this reality and rejected Warren’s amendment, instead prioritizing the dollar hegemony advocated by the Genius Act. Gillibrand specifically believes that the crypto ecosystem should operate in stables denominated in US dollars rather than renminbi or renminbi.
Who can get the most out of Warren’s “beyond”? Big banks like Bank of AmericaTheir own Stablecoin was recently announced after JPMorgan’s hot and cold JPM coins and Citigroup’s internal 2015 “Citicoin” experiment. These clumsy financial giants had a large number of compliance lawyers, and the smaller, agile encryption represented competitors suffocating and thriving in regulatory overhead. Although David fights Banking Goliaths, Warren often arms them with regulatory weapons or convenient conversation points, especially about cryptocurrencies.
Warren’s efforts were not entirely futile as she partially succeeded in correcting the risk of stable and stable executive corruption. She was particularly concerned about a $2 billion Stablecoin deal in Abu Dhabi, where Emirati-backed MGX used Stablecoin-related investments in second-hand stocks using Stablecoin from the Trump family.
While other senators blocked Warren’s amendment, including the president and vice president, believes that existing moral laws have covered them, Warren’s connection to President Donald Trump accepted the Boeing 747 that received $400 million from Qatar, from Qatar to the MGX deal, to the MGX deal telegram, future campaign narratives, future campaign narratives, legal scope or congressional investigations, Democrats if Dopendif Remain Powerain Remain Power.
The U.S. cryptocurrency community should note that Warren’s strict regulations are not random technical behavior. They are intentional institutional exercises designed to control narrative and maintain capabilities. Instead of killing the stable bill, the institutionalists reveal their hands, inadvertently clearing the next game of cryptocurrency.
Opinion by: Attorney Zachary Kelman.
This article is for general information purposes and is not intended to be considered legal or investment advice. The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent Cointelegraph’s views and opinions.
