-No, crypto isn't unregulated, and it's no longer the complete "wild west" portrayed in the media.

First off, there's too much bullshit in how crypto is painted as an unregulated "wild west".

Crypto is regulated in most countries and has to follow exchange regulation if you want to open an exchange for them, you have to follow trade regulation if you want to trade it, you have to pay sales taxes on it if you sell goods with it, you have to pay taxes on it if you have gains, etc...

I think the fact that crypto is still volatile and that scams are highlighted a lot more than in other investments and other industries, is why it's easy to confound terminology, and paint it as the wild west also in terms of regulation.

In the US, it's not only regulated, but there's a tug of war between the SEC and CFTC on who has the upper hand in the policies and regulation.

Crypto is subject to the laws of any commodity, property, and currency.

It's not some deep web currency operating in a black market.

Exchanges aren't operating outside the law. Coinbase, Kraken, Gemini, etc... are all operating within the law, and are subject to exchange laws and regulations. They have to follow laws and regulation.

In the US and many countries, it's subject to the same tax laws as other assets. The IRS has setup rules for crypto, which it's enforcing.

While some rules regarding crypto might need changes, and clarification, it's a far cry from an unregulated market.

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-No, these bills in congress trying to clamp down on crypto aren't there to protect people from scams.

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All the regulation in the world wasn't able to stop Madoff and his Ponzi for 20 years. Even with decades of regulation.

Do you really think these bills suddenly found the magic formula? There suddenly won't be rugpulls, scams, pump and dumps, manipulation, corruption, people sending their keys to a Nigerian princes, etc?

They just want the manipulation to now be monopolized with their CBDC.

Sadly, they can pass all these bills and laws, and scams are still gonna continue to fuck people over.

They weren't able to stop it in traditional markets for the past century.

It still has scams, manipulation, corruption, pump and dumps, insider trading (even from politicians). And even after getting screwed over in 2008, we're still getting screwed over today.

This is the same pointless regulation they're trying to pass that isn't gonna prevent anyone from getting scammed.

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-Why these regulation bills promising to protect consumers, aren't really there to protect us against scams:

That's because none of that regulation is actually going after scams.

It isn't trying to fund white hat counter hacking, it's not trying to improve security for people, it's not using resources to recover people's funds, it's not overseeing the industry or doing audits to look for the next FTX.

That "protecting consumer" regulation is doing none of what it's supposed to do.

None of the regulation is really doing anything for us, isn't actually protecting consumers, or is doing anything to prevent scams.

It's just using scam as an excuse to remove our rights, and further their own agendas.

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-Politicians aren't using regulation to protect us from scams, they are using it as an excuse to really protect their own personal scams.

Why aren't these bills actually doing anything to go after scams or truly do anything to protect us from scams?

Because politicians need to protect their own scams.

They have their own agenda. Their own donors to serve, lobbyists to answer to.

These "regulation" bills, are just bills they introduced because they got paid to do it.

It's all about the money.

Crypto gives people too much freedom, too much control, and is a powerful tool that more people are waking up to.

Some interest groups are seeing it as a threat, and are buying politicians to clamp down on crypto. Because they are worried that giving more power to the people and more choices, will give their company less money.

And now that average Joe is slowly waking up to the benefits of crypto, they have to create this narrative that this regulation is there "for the good of the people" or "to protect the consumer".

I'm sorry, but that's bullshit.

Conclusion

They pretend they are protecting us from scammers, when they know they aren't even able to do it, and none of their regulation is even remotely attempting to do that.

They just try to paint it like they are, to try to pass regulation to further their interest and agenda, so they can peddle their own scam, and monopolize manipulation with their CBDC.