I know FR has a lot of skeptics on this but looking at the comments etc. on X there is a lot of unhappy people mentioning their votes!
Such laws/rules exist in Europe already. Germany already went down this path in 2020...allowing credit organizations/banks to hold the currency.
Brandon vetoed the bill only on a temporary basis. His Staff is still getting the wheels turning on how they and the Big Guy can hit the ground running making major bucks for when he does sign the bill.
The US government will never allow competition - they are very, very close to instating their own cashless system ( CBDC).
The recent DTCC ruling ( they control ALL financial transactions in the US) states NO Bitcoin or electronic “ currency “ can be used as collateral, thus making it useless….the attacks on non government crypto will ramp up.
Beware- plan accordingly.
Note: I am impartial on private crypto. Think this through: crypto was created to be “ anonymous “, governments hate it.
The EU is the only one that has passed regulations on its use ( besides China that has banned it).
The US House bill still has to vote on it. They will pattern the EU regulations.
The EU regulations here:
“ EU’s cryptocurrency regulation
The European Union introduced the world’s first comprehensive cryptocurrency regulations in May 2023, known as the Markets in Crytpo-Assets Regulation (MiCA).
The European Security and Markets Authority is currently in a consultation process with the public on a number of measures.
Any company issuing or trading cryptocurrency will need a licence, and from January 2026 all service providers will have to obtain the name of senders and beneficiaries, whatever the amount being transferred. Further, any self-hosted wallets holding over 1,000 euros will need to undergo wallet ownership verification for transactions.…”
https://www.weforum.org/agenda/2024/05/global-cryptocurrency-regulations-changing/
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If private crypto must be licensed and all ownership and trades be reported to the government, why own it? I do not think government oversight and regulations on crypto is a good thing, it should be like cash and gold,( both Tier One assets) providing anonymity - …..our government WILL move to TAX all crypto- “regulating “ it means taxation and loss of privacy.