Oh man, I was waiting for this one. This is... potentially good news! But don't get hard too soon or you'll bust before it's time. Let's do a recap and take a look.
For those of you not in the know, I covered a house bill that was soon to be presented to Congress by Republican Representative and Poster Child For Mommy's Flo-Bee haircuts, Paul Gosar:
AKA Gay Love Child of Local TV Meteorologist and Car Salesman.
So, according to this article by CoinDesk, looks like the bill - as it is now - might be "Dead on Arrival". Now, I'm very familiar with the type of sensationalist bullshit in the media, especially in the Realm of Crypto. SO, like I did before, I checked this shit out at the source. And holy shit on a shingle... Discount Dick Flair Introduced It To The House:
H.R. 6154, AKA "The CryptoCurrency Act of 2020"
Oh God Damnit Fat Ginger Man! I Just Bought A HUGE Position in BTC! What the Hell...
WOAH! Take it easy, Hypothetical-FUD-Man-That-I-Use-As-An-Insert-For-The-Reader! This was just introduced! Remember what I said last time: Quickest and Easiest Way to Alleviate FUD (Fear, Uncertainty, Doubt) is a Little Bit of Rationality. The ban-hammer on Crypto has not yet been dropped. Let's put on our due diligence cap and take a look under the hood.
1.) At This Juncture, it has been referred to the Committees of Financial Services and... Agriculture? That's weird. So something important you should know is that there will be blowback. Even if by some chance this bill gets a little steam, we have a Democratic House Majority. Say what the hell you want about the Dems. As an independent, I don't really care. What I can tell you with relatively high certainty is that a Republican bill proposed in a majority Dem house is gonna either be voted to the curb, or changed substantially. In this one tiny little case, I thank Whatever's In Charge of Cosmic Shit for the rabid division in Washington right now. Otherwise, they might end up cooperating! I never thought I'd say that a lack of cooperation would be a good thing.
2.) I Personally Don't See a Lot of Moderate GOP House Members Shooting For This. Who in the hell would think that of all politicians a Republican would advocate for sweeping government regulation? It's like a cat purposefully jumping into a pool of Rottweilers. It's stupid, and it's obviously against their nature.
3.) As Far As I Can Tell, Industry Names Aren't Going For It. The responses appear to be legitimate; few informed folks are gonna stand for this bullshit. The one thing that Pro-Crypto-Bill folks have on their side is that people are stupid. Really, REALLY stupid. Thats just on a regular day. Now multiply that by 10. That's how stupid people are when it comes to crypto and blockchain.
All you have to do is formulate a narrative that has the words "Silk Road" and "Illicit Bitcoin" in it. Suddenly you'll have every muffin top minivan soccer mommy tweeting on her iPhone about how BTC will be dangerous for her equally stupid kids. Conservative DoucheDicks will rally behind Whistlebritches and his dumbass proposition. Nancy Regan will crawl out of her grave and start telling folks to "Just Say No To Crypto!"
That's obviously a gross exaggeration, but the risk is there and that's why we need a pro-crypto lobby somewhere to fight this shit. As adoption grows, I'm not gonna pretend that there will be no regulation forever. What we need to fight for is minimal and informed regulation if it must be there.
And then, when we finish that, we build our own dark web blockchains like a mother f*cker. Maybe. Or we circumvent the rules. I'd honestly hate to see the spirit of Crypto be banished by the far reaching arm of government. I think it will be hard for government, but still technically possible.
Just stay calm. Time will tell us all we need to know.
Thanks SO SO Much for reading, I Really do Appreciate it. If you liked what you read here, please take a look at my other stuff.
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Until Next time, keep your eye on the markets and Remember, Wu Tang Ain't Nothin' To F*ck With. And Neither is Crypto.
