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U.S. Senate Vote in Favor of Amendment That Threatens Crypto Industry

decrypt.co

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Re: U.S. Senate Vote in Favor of Amendment That Threatens Crypto Industry

#3

Post by meepmorp »

nomoreplease wrote: post #2

Everything in the article leads me to believe this only threatens the “cryptocurrency” industry, but I don’t have the actual text to the amendment. Is anything threatening “crypto” itself?

No, and I hate that people shorten cryptocurrency to crypto.

Re: U.S. Senate Vote in Favor of Amendment That Threatens Crypto Industry

#4

Post by vishakh82 »

If you think all cryptocurrencies are scams or think blockchains do nothing useful, please skip this comment.

If you think things like decentralized finance, storage and identity have the potential to improve our lives and offer some of the only genuine alternatives to an increasingly privacy-hostile status quo, please look into the shambolic legislative process that threatens the entire blockchain industry in the United States. This is the time to act and ensure that cryptocurrency provisions are debated meaningfully in Congress before any relevant legislation is passed. What the Senate is doing right now reeks of both outright incompetence and malice. There are many, many companies and builders active on HN who are about to have their existence challenged.

Re: U.S. Senate Vote in Favor of Amendment That Threatens Crypto Industry

#6

Post by gameswithgo »

vishakh82 wrote: post #4

If you think all cryptocurrencies are scams or think blockchains do nothing useful, please skip this comment. If you think things like decentralized finance, storage and identity have the potential to improve our lives and offer some of the only genuine alternatives to an increasingly privacy-hostile status quo, please look into the shambolic legislative process that threatens the entire blockchain industry in the Un…

you have artificially tried to divide people into one of two extreme camps! cryptocurrency is either totally useless or the savior of the world!

Most of us do not believe either of those things. At the moment I apllaud any legislation that outs the brakes on current crypto currencies. The damage they have been doing to the world so people can gamble/speculate has been immense, its a tragedy. Money transferring to the lucky all while burning through energy.

Re: U.S. Senate Vote in Favor of Amendment That Threatens Crypto Industry

#8

Post by atonse »

nomoreplease wrote: post #2

Everything in the article leads me to believe this only threatens the “cryptocurrency” industry, but I don’t have the actual text to the amendment. Is anything threatening “crypto” itself?

Yes thank you. I was alarmed in light of the Apple stuff that this is yet another attack on security.

Re: U.S. Senate Vote in Favor of Amendment That Threatens Crypto Industry

#9

Post by gruez »

nomoreplease wrote: post #2

Everything in the article leads me to believe this only threatens the “cryptocurrency” industry, but I don’t have the actual text to the amendment. Is anything threatening “crypto” itself?

comment from a previous discussion: https://news.ycombinator.com/item?id=28075226

>the following categories do not count as brokers:

>(A) validating distributed ledger transactions

>(B) selling hardware or software for which the sole function is to permit a person to control private keys which are used for accessing digital assets on a distributed ledger, or

>(C) developing digital assets or their cor- responding protocols for use by other persons, provided that such other persons are not cus- tomers of the person developing such assets or protocols.

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