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I agree with most of this, but: "SEC has stepped in pretty heavily to classify most crypto as securities" is pretty much not true. The SEC has been pretty heavy
by ac29 5y ago
I agree with most of this, but: "SEC has stepped in pretty heavily to classify most crypto as securities" is pretty much not true. The SEC has been pretty heavy handed with ICO's, but most cryptocurrencies are not currently regulated as securities. If they were, all existent US based exchanges would be illegal.
- ineedasername 5y agoGood point-- You're right, it's mainly ICOs that the SEC has cracked down on. But then very few coins have been given "currency" status, leaving most in regulatory limbo. And the CRT requirement along with suspicious activity requirements already means the government has knowledge of anything but minor transactions if they touch US institutions. I think governments will be perfectly fine with crypto becoming just another part of the financial infrastructure. And I think the countries dominant in the financial industry will squash anything that looks like a threat to their ability to control their own monetary policy.