A number of weeks ago I made a prediction about how regulators would likely start gearing up to push back on crypto. Since that post, a lot has happened. Governments around the world are now moving aggressively on the regulatory front and the rules that are being made now behind closed doors will impact all of us.
Last week in the US alone: 1) the powerful US Senate Banking committee held a hearing on crypto 2) a bill was introduced in Congress creating a framework for how to regulate crypto 3) language about forcing certain types of crypto related entities to meet a higher reporting standard was inserted into the trillion dollar Infrastructure bill. States have also jumped in the ring over the last few weeks with Texas, New Jersey, and Alabama all issuing cease and desist orders Blockfi, a popular defi platform. Other countries around the world are pushing back as well.
Here the deal: if we don't speak up now as these regulations are being drawn up, it's likely we won't like the final outcome. As I've studied what has been proposed so far, it has ranged from reasonable to draconian. Personally, I believe there is a sweet spot where the innocent can be protected while simultaneously preserving much of the utility crypto currencies have over traditional currencies. Getting there will require a lot of dialogue and education with lawmakers and regulators though.
There are a lot of us out here and its time to speak up. Please do it in a sensible and respectful manner though. If you're in the US, email or call the offices of your senators and representatives. I've included links below to the official sites where you can find your rep/senator to email them. Whether we like it or not, much of the world will take its cue from you. If you're in a different country, please engage in a manner that is appropriate where you live. If we don't, a simple stroke of a pen may have consequences that negatively impact us all. It doesn't have to be that way though. Please speak up!