USA Cracking Down on Crypto
For decades the USA has been ahead when it comes to the worlds leading currency. However, Bitcoin is picking up steam and now the USA is in a race for the dollar to remain the leader. As nations such as Zimbabwe and Venezuela have witnessed the collapse of their national currency, cryptocurrency such as Bitcoin has had apparent value and demand. As Zimbabwe's economy continues to struggle local bitcoin is in demand and cryptocurrency trading is at an all-time high. Venezuela whos people are suffering as the government declines aid from UNICEF and other aid organizations is currently in the worst economic crisis of its time as aid packages are being blocked and monetary aid sent through means such as wire and bank transfers are timely and heavily fined.
People in these countries have found that the best way to receive timely funds with no fines is via cryptocurrency transactions. During time of crisis in Zimbabwe and Venezuela, Bitcoin transactions are on the rise as this form of transaction is the quickest and most secure way for people to receive funds. With examples such as these where cryptocurrency prevails even through the worst of economic crisis, the USA is trying its hardest to remain at the top of the currency chain. In the USA the government is now trying to curb citizens from accessing crypto by implementing crypto regulation that deters people from trying to access it and forcing them to remain dependent on the dollar.
The government is currently targeting on and off-ramps such as Abra and Coinbase where regulations such as "know your customer" make it so difficult, tedious, and time-consuming that it deters some customers and companies from wanting to deal with crypto in the USA. The customers and companies that choose to move forward with crypto dealings in the USA are faced with the United States legal system such as customers being threatened with court cases over taxes, and companies like Coinbase being investigated by the CFTC in the U.S, and BitMEX is being sued by the government for serving U.S customers all together.
Crypto users must remain patient and true. We have to expect resistance because cryptocurrency poses a threat to all other currencies because crypto is liberating for citizens. Cryptocurrency takes power away from governments and gives power directly to the people. US Congressman Brad Sherman said it best: Cryptocurrency takes away the power of the government.