There has been so much tension in the crypto community, following the strong opposition of the American Treasury Secretary, Steven Mnuchin, who led the last discussion of the G7 through a virtual platform. The new talks about regulating the ever-evolving technology have put a frown on so many faces, particularly investors who believe that the new regulation might stop the sole autonomous power people have over their money through the blockchain system.
Members of the community have a plan to unite against the recent talks of imposing a bill which has not been reviewed by the congress. Members also said that they should first engage the industry with their plans before they initiate them.
Why cryptocurrency investors are worried about coming regulations
The bill has not been officially passed into law, but trusted sources believe that the bill has been written and might be imposed on cryptocurrency platforms anytime soon. The new resistance is particularly worried about the treasury bill because it had not informed the industry of its plans. Brian Armstrong is one of the big names that are sceptical about the new bill.
The Coinbase CEO expressed his concern about the finance minster’s plans to impose the wallet regulations without the congressional review. Some sources even suggested that the intending bill will be implemented just a few weeks from Trump’s official hand over to President-elect, Joe Biden.
It is important to note that the new regulations have not been official published to the public. Still, there are reliable sources who claim that those regulations are in place and would impose a compulsory identification check by the cryptocurrency exchange platforms. They opined that it would prevent anonymous wallets from being able to trade in exchanges, to prevent anonymity on the platform.
Sometime last month, the Coinbase CEO expressed his belief that the finance minister would put in place the regulations before the end of Trump’s administration. According to him, he believes that the coming regulations are not practical in the crypto community.
Politicians stand against the imposition of new regulations
The tech experts are not the only ones against the coming treasury bill, four members of the congress had written a letter to the secretary in a bid to prevent the final passing of the new bill. One of the letter writers, congressman Warren Davidson, shared through his Twitter handle that the new regulations bothered him and that it should not be put into law.
Some parts of the letter sent to the minister explained that anonymity of wallet owners was a fundamental part of the technology and that any regulation passed should not prevent the technology from performing its original purpose of giving sole autonomy to one’s wallet.
Amongst those who opposed the new set of regulation is Jeremy Allaire. The crypto community has not been silent concerning their dissatisfaction over the underground plans. The Circle CEO also wrote an open letter to the treasury department, in a bid to prevent its launching via his Twitter account.
He explained that the technology was in its critical times, and the new regulations could prevent the blockchain technology from advancing. He suggested a more appropriate way for the government to identify owners without destabilizing the platform.