US Treasury Wants Complete Cryptocurrency Control
- The Department plans to 'centralize' crypto transactions with new regulations, but cryptocurrency exchanges are ready to resist.
The US Treasury Department proposed strict regulations for cryptocurrency exchanges earlier this month to identify owners of digital assets in the US. Crypto exchanges have raised serious concerns regarding the newly proposed regulations as Coinbase termed the Treasury’s decision as a significant intrusion into the privacy of cryptocurrency owners.
The Treasury Department mentioned that crypto exchanges currently operating in the US are required to verify the identity of owners if the transaction exceeds $3,000. The Treasury also asked exchanges to submit the information of the owner of a crypto wallet directly to the Department if a transaction exceeds $10,000.
The crypto community termed the recent action by the SEC as an effort to take full control of the cryptocurrency market. Digital assets like Bitcoin and Ethereum are known for their decentralized nature. Even the SEC’s former head, Jay Clayton recognised Bitcoin and Ethereum as the decentralized payment methods and mentioned that the world’s top two Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. Read this Term are not securities. But, during his last days at the office, Clayton accelerated actions against cryptocurrencies, the most prominent was the lawsuit against Ripple.
Finance Magnates asked the crypto community to share views about the recent action by the US regulatory authorities against cryptocurrency exchanges and its potential impact. Johnny McCamley, Founder of CryptoClear told Finance Magnates that the recent action is a serious intrusion into privacy, but the crypto community must get ready for such intrusions.
“I stand with the crypto exchanges such as Coinbase in the US, against the proposed crypto regulations by the U.S. Department of Treasury - that would require cryptocurrency exchanges like Coinbase to collect, store and share with the government, the names and addresses for anyone that you send crypto to or receive crypto from, for any transaction worth over $3,000. At first glance, this seems crazy (scary almost), as one could argue, this is a substantial intrusion into your privacy and the privacy of others,” McCamley said.
Future of Cryptocurrency Privacy
“We all must get used to it, whether we like it or not. Taking a 'big picture' outlook, this is the future of your level of privacy, having little to no privacy, that is. Especially with Central Bank Digital Currencies (CBDC’s) such as the Digital Dollar coming into play sooner than most realize. Although the initial goal of these CBDC’s is not to replace cash but to compliment cash, I have no doubt the long term goal of CBDC’s is to replace cash. My point being, your money and more importantly where it flows and goes, to family, investing in stocks or crypto assets or wherever your money happens to go, will be tracked and traced down to the cent ($0.01). So, although this is a 'proposed' regulation focused on cryptocurrency assets transaction data (being the names and addresses for anyone that you send crypto to or receive crypto from, for any transaction worth over $3,000), not CBDC’s, get used to the government drastically increasing the amount of personal information they hold about you and your money. It is the future,” he added.
Growth in 2021
McCamley mentioned that only the top 1% of crypto assets will post significant gains in 2021 as most of the cryptocurrency assets circulating these days are completely useless.
“I am really excited to be involved in the crypto asset space and watch it grow with my own eyes. It really is exciting times ahead in the crypto-assets space for myself and Members of CryptoClear, a market cap of trillions upon trillions of dollars and a huge increase in the value of the top 1% of crypto assets is coming (as 99% of crypto assets out there are useless as they have no real-life use case). It really is a matter of WHEN not IF this occurs,” the Founder of CryptoClear said.
Crypto Control
“Crypto exchanges must adapt to 'new financial regulations' because of growing interest in cryptos. The SEC wants to control as much as possible as it has been doing for ages with commodities. A new era has begun... but traditional financial entities want to control everything as they have done in the past,” he mentioned.
The US Treasury Department proposed strict regulations for cryptocurrency exchanges earlier this month to identify owners of digital assets in the US. Crypto exchanges have raised serious concerns regarding the newly proposed regulations as Coinbase termed the Treasury’s decision as a significant intrusion into the privacy of cryptocurrency owners.
The Treasury Department mentioned that crypto exchanges currently operating in the US are required to verify the identity of owners if the transaction exceeds $3,000. The Treasury also asked exchanges to submit the information of the owner of a crypto wallet directly to the Department if a transaction exceeds $10,000.
The crypto community termed the recent action by the SEC as an effort to take full control of the cryptocurrency market. Digital assets like Bitcoin and Ethereum are known for their decentralized nature. Even the SEC’s former head, Jay Clayton recognised Bitcoin and Ethereum as the decentralized payment methods and mentioned that the world’s top two Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. Read this Term are not securities. But, during his last days at the office, Clayton accelerated actions against cryptocurrencies, the most prominent was the lawsuit against Ripple.
Finance Magnates asked the crypto community to share views about the recent action by the US regulatory authorities against cryptocurrency exchanges and its potential impact. Johnny McCamley, Founder of CryptoClear told Finance Magnates that the recent action is a serious intrusion into privacy, but the crypto community must get ready for such intrusions.
“I stand with the crypto exchanges such as Coinbase in the US, against the proposed crypto regulations by the U.S. Department of Treasury - that would require cryptocurrency exchanges like Coinbase to collect, store and share with the government, the names and addresses for anyone that you send crypto to or receive crypto from, for any transaction worth over $3,000. At first glance, this seems crazy (scary almost), as one could argue, this is a substantial intrusion into your privacy and the privacy of others,” McCamley said.
Future of Cryptocurrency Privacy
“We all must get used to it, whether we like it or not. Taking a 'big picture' outlook, this is the future of your level of privacy, having little to no privacy, that is. Especially with Central Bank Digital Currencies (CBDC’s) such as the Digital Dollar coming into play sooner than most realize. Although the initial goal of these CBDC’s is not to replace cash but to compliment cash, I have no doubt the long term goal of CBDC’s is to replace cash. My point being, your money and more importantly where it flows and goes, to family, investing in stocks or crypto assets or wherever your money happens to go, will be tracked and traced down to the cent ($0.01). So, although this is a 'proposed' regulation focused on cryptocurrency assets transaction data (being the names and addresses for anyone that you send crypto to or receive crypto from, for any transaction worth over $3,000), not CBDC’s, get used to the government drastically increasing the amount of personal information they hold about you and your money. It is the future,” he added.
Growth in 2021
McCamley mentioned that only the top 1% of crypto assets will post significant gains in 2021 as most of the cryptocurrency assets circulating these days are completely useless.
“I am really excited to be involved in the crypto asset space and watch it grow with my own eyes. It really is exciting times ahead in the crypto-assets space for myself and Members of CryptoClear, a market cap of trillions upon trillions of dollars and a huge increase in the value of the top 1% of crypto assets is coming (as 99% of crypto assets out there are useless as they have no real-life use case). It really is a matter of WHEN not IF this occurs,” the Founder of CryptoClear said.
Crypto Control
“Crypto exchanges must adapt to 'new financial regulations' because of growing interest in cryptos. The SEC wants to control as much as possible as it has been doing for ages with commodities. A new era has begun... but traditional financial entities want to control everything as they have done in the past,” he mentioned.