Like Causes?

Install the App
TRY NOW

house Bill H.R. 528

Easing Regulations for Blockchain Firms That Don’t Handle Consumers’ Money

Argument in favor

Regulatory complexities and state-by-state variation in money transmitter regulation laws are a barrier to blockchain’s growth in the U.S. Since they don’t handle customers’ money, there’s no reason for non-custodial blockchain entities to register as money transmitters. Codifying this in law would boost U.S. blockchain and cryptocurrency competitiveness.

David's Opinion
···
07/04/2019
Final update complete, it’s almost midnight so everyone enjoy the 4th! I’m in favor of easing regulations on crypto as it’s entire purpose is to be independent from any government or bank. As to this specific bill, as someone involved in the crypto space, I can’t make heads nor tails of what this bill is trying to deregulate. Congress needs to bring in actual experts on crypto currency so they (and we) know what they’re regulating. Addressing Annette: You said anyone that deals with equity transactions needs to be regulated. In my opinion, trying to regulate cryptocurrency is near impossible and an over reach of government powers. However, that’s an argument for another time as this bill is rather specific. This bill is specifically about people in the crypto space that don’t actually touch the consumer money. These people would be called ‘miners’ what they do is they solve complex series of math problems to confirm whether or not a transaction is valid, see the video linked below for more. As such, they only secure the network and trying to regulate them wouldn’t be necessary. Especially considering the fact that except for large companies (who aren’t even in the US anyway because of these crap regulations) most miners are anonymous and there is no way to figure out who they are or how to regulate them in the first place. It’s like the system in Florida where you’re supposed keep track of and pay sales taxes on all online purchases, on paper, at the end of the year, in stead of being charged the sales tax when purchasing the item. About companies not working in the US: Near every large crypto service (mining, exchanges, etc) either isn’t based in the US or doesn’t even offer service to the US. These regulations are encouraging crypto-related companies to go to other countries, which means those countries get an economic boost, more jobs, and more tax revenue, that we could be getting. Congress regulating things they don’t understand only hurts us. Update: Here’s a video explaining how crypto currencies work for those who don’t understand it: https://youtu.be/bBC-nXj3Ng4
Like (21)
Follow
Share
BananaNeil's Opinion
···
07/04/2019
Block chain is the technology we need to upgrade our currency, and continue globalization. Blockchain will also allow for us to build a better internet. One which is publicly accessible and distributed through peer-to-peer nodes. An investment in blockchain is an investment in freedom, and the future.
Like (7)
Follow
Share
Troy's Opinion
···
07/04/2019
This is the future. We need to be ahead of the curve and trust me we are way behind.
Like (4)
Follow
Share

Argument opposed

Individual states already have laws regulating money transmitters’ registration requirements, and it’d be overreach for the federal government to override those state-level regulations. Additionally, it’s not clear cryptocurrency exchange and blockchain entities should be required to register as money transmitters under existing law.

Annette's Opinion
···
07/04/2019
Any entity that deals with an equity transaction must be regulated in order for the protection of all parties involved.
Like (33)
Follow
Share
···
07/04/2019
Is this a great way to help out money laundering mobsters?
Like (14)
Follow
Share
AnonymousPatron's Opinion
···
07/04/2019
If you think that the 2008 meltdown was bad then....No just No.
Like (12)
Follow
Share
    Final update complete, it’s almost midnight so everyone enjoy the 4th! I’m in favor of easing regulations on crypto as it’s entire purpose is to be independent from any government or bank. As to this specific bill, as someone involved in the crypto space, I can’t make heads nor tails of what this bill is trying to deregulate. Congress needs to bring in actual experts on crypto currency so they (and we) know what they’re regulating. Addressing Annette: You said anyone that deals with equity transactions needs to be regulated. In my opinion, trying to regulate cryptocurrency is near impossible and an over reach of government powers. However, that’s an argument for another time as this bill is rather specific. This bill is specifically about people in the crypto space that don’t actually touch the consumer money. These people would be called ‘miners’ what they do is they solve complex series of math problems to confirm whether or not a transaction is valid, see the video linked below for more. As such, they only secure the network and trying to regulate them wouldn’t be necessary. Especially considering the fact that except for large companies (who aren’t even in the US anyway because of these crap regulations) most miners are anonymous and there is no way to figure out who they are or how to regulate them in the first place. It’s like the system in Florida where you’re supposed keep track of and pay sales taxes on all online purchases, on paper, at the end of the year, in stead of being charged the sales tax when purchasing the item. About companies not working in the US: Near every large crypto service (mining, exchanges, etc) either isn’t based in the US or doesn’t even offer service to the US. These regulations are encouraging crypto-related companies to go to other countries, which means those countries get an economic boost, more jobs, and more tax revenue, that we could be getting. Congress regulating things they don’t understand only hurts us. Update: Here’s a video explaining how crypto currencies work for those who don’t understand it: https://youtu.be/bBC-nXj3Ng4
    Like (21)
    Follow
    Share
    Any entity that deals with an equity transaction must be regulated in order for the protection of all parties involved.
    Like (33)
    Follow
    Share
    Is this a great way to help out money laundering mobsters?
    Like (14)
    Follow
    Share
    If you think that the 2008 meltdown was bad then....No just No.
    Like (12)
    Follow
    Share
    I have only a very general understanding of how blockchain transactions are used and how the values of cryptocurrency inflate and deflate over time. I have never attempted to use any of this, so I really can’t develop any kind of informed opinion. I only have a gut level emotional response of “Hmmmm.... Interesting”- which I hope is cryptic enough.
    Like (10)
    Follow
    Share
    Block chain is the technology we need to upgrade our currency, and continue globalization. Blockchain will also allow for us to build a better internet. One which is publicly accessible and distributed through peer-to-peer nodes. An investment in blockchain is an investment in freedom, and the future.
    Like (7)
    Follow
    Share
    If Emmer introduced it, it can't be good He is a hatefilled moron that took over in Michelle Bachman's district Shouldn't have yo say anything else
    Like (6)
    Follow
    Share
    This bill is a guarantee to corruption, plain and simple. If you vote for it, I guarantee you will use this to corrupt means in short notice.
    Like (5)
    Follow
    Share
    This is the future. We need to be ahead of the curve and trust me we are way behind.
    Like (4)
    Follow
    Share
    If someone were to dig deep enough I believe you would find that crypto currencies agencies are really owned by big banks. Only now if they make a big mistake they will use crypto currency as their “bailout”.
    Like (4)
    Follow
    Share
    Anything to do with any financial operations needs to be governed. I trust the organizations as far as I can throw the Statute if Liberty.
    Like (4)
    Follow
    Share
    Scorpions will always sting you if give them a way in. Digital thieves will always find a way to steal. Like Trump, Putin, and the mob; reined businesses and lives left in their wake, Smiling faces. They are crime, and crime don’t pay.
    Like (4)
    Follow
    Share
    No easing of regulations on blockchain firms.
    Like (4)
    Follow
    Share
    Individual states already have rules & regulations so the Feds adding or changing what the states have already taken care of is OVERREACH. Besides any entity that has anything to do with money MUST BE REGULATED COMPLETELY. TOO MUCH CHANCE OF MONEY DISAPPEARING otherwise.
    Like (4)
    Follow
    Share
    Our Federal must not enable another scam "industry". Regulation must be at the lowest level possible. City: best, State: Good Federal: Bad, only for necessary situations. Then, only when All States, Cities agree, voluntary
    Like (3)
    Follow
    Share
    Leave it to the states!
    Like (3)
    Follow
    Share
    Time to ease regulations on crypto! This is long overdue!
    Like (3)
    Follow
    Share
    To me this sounds an awful lot like how we got into the Great Depression when we were buying and selling paper that was worth nothing. What is backing up the blockchain funds? Are they on the gold standard somewhere? What do you get when you buy blockchain currency? Who protects our backs up those funds? No I don't think we need to be easing regulations on another Financial branch of government that will then either screw the consumer over or drive this country into an even greater depression
    Like (3)
    Follow
    Share
    Approach this carefully and thoughtfully. Caution and careful planning on the front end will save in the long run.
    Like (3)
    Follow
    Share
    This is common sense. Blockchain Technology will be extremely important for our economy in the next 5-10 years. Deregulating this sector would have zero negative effects, and incentivize innovation and participation.
    Like (2)
    Follow
    Share
    MORE