The FIT21 bill (H.R. 4763) was just passed by the House. I still have to do more research on it but my current sentiment is that it’s a win for crypto.
My understanding of the bill:
- It will prevent FTX-style robberies by regulating CEXs as brokers.
- It sets a definition for what a decentralized digital asset is.
- It makes DeFi, validators/miners out of reach of the SEC or CFTC.
- It guarantees the right to self-custody.
- It introduces the concept of investment contracts for digital assets.
I think the biggest changes we can expect from this bill is that some less decentralized blockchains are going to either get rid of some of their tokens supply either by selling or burning them so they aren’t considered a security.
I’m not sure what the implications of the investment contract provision will be. The dems are claiming that it will lead to the collapse of the financial system.
IMO, this bill is the win for:
- Digital assets that meet the decentralization test
- The DeFi ecosystem
- Validators/Miners
- Self-custody
- Keeping devs and innovation in the US 🇺🇸
It is a loss for:
- SBF-style fraudsters
- Potentially TradeFi although I’m unclear on that one
The bill doesn’t mention anything about privacy or mixing technology but it’s probably good for those since the right to self-custody is made clear.
The bill: https://rules.house.gov/sites/republicans.rules118.house.gov/files/RCP_H4763_xml (003).pdf
Nah, I totally get it. They wanna track and hack anything you spend money on.
https://www.web3isgoinggreat.com/
God forbid I privately spend $5 on a fucking joint.
Edit: Why would I want to open my financial account up to a playground of hackers?
This is exactly why we use Monero. It is like cash but digital. Unlike the majority of coins it is private by default as your balance and transactions are completely hidden.
Interesting. I might have to keep that in mind for whenever in the distant future.
Allz I know is that I don’t even trust the banks to handle accounts properly. The one and only time I ever tried to receive a direct deposit into my account was from the IRS, and my fucking bank rejected the deposit!
I shortly after closed my bank account. That was roughly 9 years ago, I haven’t had any banking accounts since. And the senior bank manager couldn’t even understand why their computers rejected my tax return deposit.
Edit: Just to be clear, I did end up receiving my tax return, but via paper check, after they charged me a $20 reprocessing fee. And the bank charged me another $20 to close my account. WTF?
So how am I supposed to learn and utilize this new crypto technology stuff, let alone trust any of it, when the existing and long established technology has already failed me, between the IRS and an FDIC insured reputable bank no less?
Crypto is superior to the legacy financial system. The banks operate a patchwork of incompatible systems that is a nightmare to maintain. Blockchain tech is very simple in comparison.
As long as you have an OK internet connection your payments will work. Monero has over 20k nodes running so if one or 100 of them are down it is irrelevant, the network still works.
If you are a smart phone user install cake wallet from the app store, it is very simple and pretty secure. Then post your receiving address here and I will send you some Monero to get you started in practicing using crypto the proper way.
That’s the thing though, my access to the internet is absolutely not guaranteed. My phones don’t have SIM cards, I run WiFi only, either at home or on my hotspot tablet, and I think that’s probably going to lose service at the end of this month.
Every time I ever do end up getting a SIM card for my phone, they end up saying I haven’t been using it and shut it down within a month or two, even though I used it literally every single day.
I don’t even trust phone/internet providers because of that shit, because it’s a bold faced lie when they tell me I haven’t been using my phone. SIM cards are about useless to me because of that shit.
It’s probably got something to do with the fact that I won’t sign into any Google account and refuse to activate location services, but damn you’d figure they would notice that I make and receive calls every single day.
Sigh 🤷♂️