August 10th 2021 - FUDless Senate


If you happened to follow Crypto Twitter in previous few hours, you would be likely to believe that certain 87-year old gentleman from Alabama managed to single-handedly kneecap the whole US cryptoindustry. This is due to saga of US Senate infrastructure bill not appearing to have a happy ending for crypto-enthusiasts in USA and the rest of the world. The bill, as it stands now, is likely to give new tools for US Treasury to regulate and tax cryptocurrencies in the way that could make their practical use beyond the reach of anyone but the wealthiest and politically most influential banks.

Intense pressure by crypto enthusiasts on social media and serious lobbying efforts in the Senate itself failed to make any impact, despite some encouraging signs and valiant efforts by crypto-friendly senators like Loomis, Wyden and Toomey. Even the last-ditch attempt at compromise, that would make new crypto regulations less damaging, failed.

Interestingly enough, price of Bitcoin and price of other cryptocurrencies doesn’t seem to care about those developments. Most likely explanation is that the market and crypto enthusiasts already knew the outcome in advance and had this development priced in. Another, more important reason, might be in the recent mini-bear market which had chased newbies and paper hands away, leaving nobody to panic sell any more.

In any case, the bill won’t take effect until January 2023, and in crypto world, this is eternity.

Blog in Croatian
Blog in English
Original Hive blog (Film & TV)
Minds profile
Uptrennd profile

Rising Star game:

BTC donations: 1EWxiMiP6iiG9rger3NuUSd6HByaxQWafG
ETH donations: 0xB305F144323b99e6f8b1d66f5D7DE78B498C32A7

Posted Using LeoFinance Beta


Congratulations @drax.leo! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You distributed more than 7000 upvotes.
Your next target is to reach 8000 upvotes.

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Check out the last post from @hivebuzz:

Hive Power Up Day - October 1st 2021 - Hive Power Delegation
Hive Power Up Month - Feedback from Day 25