Kim Dotcom says that 2020 will bring with it severe crypto-related crackdowns and regulations in the United States. He even goes on to predict that the country might also declare crypto assets illegal. Currently, the United States authorities have followed a disciplined approach towards the cryptocurrency and the blockchain realm.
The regulatory agencies have differentiated the coins and tokens as per rules. However, the use of Bitcoin is often thoroughly scrutinised to ensure transparency. Kim Dotcom predicts that ‘the US empire will come down heavy on Crypto since it represents a huge threat to its existence. The private transactions must be protected at any cost since they will soon become unlawful. His message is nothing short of a doomsday prediction for the crypto realm in the US.
Read Kim Dotcom prediction with a pinch of salt
Even though there are no signs of a severe crypto crackdown on cryptocurrencies or digital assets, things can change soon. The situation can change as per vulnerabilities, network issues, regulatory concerns or the type of asset. Already, the Internal Revenue Service acknowledges the data storage capability of the Bitcoin network. They now demand the transaction history from the users. This year, large crypto transfers required sharing user data for verification purposes.
Authorities are also viewing ‘coin Mixing’ technology with scepticism. Recently, Binance reacted adversely to the reports post-withdrawal coin mixing related to one of its users. Brokers have to comply with all the regulations fully; otherwise, they risk losing business. On the plus side, the harsher rules ensure that Ponzi schemes and scams remain non-existent. The US Securities and Exchange Commission remains on its toes to weed out the dirty players.
2020 will bring with it stricter crypto regulations and guidelines
In 2020, more cryptocurrency exchanges will start demanding more user data for identity verification and scrutiny. The authorities will demand that CipherTrace be implemented systematically to track Bitcoin and other altcoin transactions. Exchange record keeping will be strengthened further.
Recently, Kim Dotcom also felt the heat from the US regulators. His Bitfinex token launch was put on hold after an unfavourable response from the US agencies. K.im platform’s fundraising plans were stuck since Bitfinex tokens were verified for unregistered security status.
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