The Growing Power of the Crypto Lobby
It seems like the crypto world is tired of being pushed around by government regulations—enter the crypto lobby, which is rapidly gaining momentum! With the recent membership announcement from the Blockchain Association, we officially hit a milestone of 30 firms rallying together under a singular banner of financial freedom and privacy.
New Members, New Energy
Joining the ranks are five new firms: Uniswap, Blockfi, Fireblocks, CMT Digital, and Blockchain Capital. Talk about a power team! The Blockchain Association is flexing its muscles and showing that when it comes to defending against regulations, numbers matter. The more voices, the louder the roar!
A Unified Front Against Restrictions
In a recent tweet, the Blockchain Association proudly proclaimed, “Battling back the FinCEN process was an important step…” And they’re not wrong! Standing up against proposed rules from the Financial Crimes Enforcement Network (FinCEN) has been a pivotal moment, showcasing the strength of a unified voice in the crypto industry. The proposed regulations, which would require reporting for crypto transactions beyond $10,000 and impose tight limits on self-hosted wallets, had many crypto enthusiasts sweating bullets!
The FinCEN Proposal Breakdown
- Thresholds Raised: $10,000 on reporting all crypto transactions.
- Self-hosted Wallets: A $3,000 limit on transactions lacking identifying features.
- Peer-to-peer Challenges: Major hurdles for everyday crypto users ahead.
The Allure of Financial Privacy
As cryptos continue to climb in popularity, the stakes for financial privacy become higher. Not everyone is on board—while some policymakers argue for tighter control, advocates like Coin Center are gearing up for a fight. And with a recent $1 million donation from Grayscale, they plan to push hard for reasonable tax policies and stronger privacy protections. Talk about a financial party!
Looking Ahead
Coin Center is ushering in 2021 with plans to hold the line for financial privacy and bring rational tax policy discussions to the forefront. They’ll likely be teaming up with the Blockchain Association even further, making for a fierce duo in the battle against FinCEN and its proposals.
What Lies Ahead for the Crypto Lobby?
As the crypto lobby grows, so do the potential implications for both the industry and individual users. It’s a thrilling time, heralded by the unity of these firms—a cold shoulder to the heavy-handed regulations that seem to linger like a bad odor. The Blockchain Association hasn’t disclosed comments on this yet, but with such a significant gathering of firms, you can bet they’re strategizing for the next round.
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