The reason regulation has been ramping up in the US, has very little to do with Uncle Sam looking out for us, it's because the government is seeing its banks fail and people starting to realize the solutions of crypto. Solutions they don't control.

They keep claiming that the clamping down on crypto with new bills and regulation, is there to protect the consumer and protect us from scams.

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Where is the consumer protection?

If you look at any of the new crypto regulation and bills proposed, where is the consumer protection?

None of them involve any added security from scams, any fraud insurance, any white hat counter hackers put on payroll, no agency adding resources to go after scammers or cyber criminals, no funds being put in to add more audits for exchanges and crypto operations, no laws requiring more transparency, nothing tackling any of the actual issues that came from FTX, CEL, etc..., or any way to protect consumers from fraud.

If those bills don't give us any consumer protection, then at the very least, give us more clarity on the current regulation.

But it doesn't do that either.

This is about control, about their banks failing, and about pushing everything aside for their CBDC.

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They introduce bills with "consumer protection" in their title, but with no actual consumer protection.

Instead, you have bills like the Digital Commodities Consumer Protection Act, which ironically has nothing to protect the consumer, despite its title, and has attempts at broadening the language for a "digital commodities broker", along with platform, custodian, etc..., to create more limitations for users, and make things even more murky and unclear.

Here is the full bill: https://www.congress.gov/bill/117th-congress/senate-bill/4760/text

You had bills from Elizabeth Warren who wanted KYC for miners and stakers, to the recent 30% tax on miners.

Regulation that creates more restrictions, takes away rights and privacy, and does nothing to protect consumers.

If anything, scammers will now have all our personal information too, and have added ammunition. Thanks Elizabeth.

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Crypto is already regulated and doesn't operate outside of regulation.

They keep trying to paint it like crypto is some dark web wild west that operates completely outside of regulation.

That's not true either. Crypto is already regulated by the CFTC, you have regulation and tax rules from the IRS and they treat it and enforce it like property, the SEC has also some degree of regulation on it already, crypto exchanges in the US have to follow the basic regulation of an exchange, the SEC also expects foreign entities selling crypto products to US citizen to follow basic regulation, some of its rules can also be enforced by US department of Treasury and Financial Crime Enforcement, etc...

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Conclusion

If you're gonna give us regulation, at least give us actual protection and clarity.

Instead they give us bias and personal agendas.

These bills and new regulations are doing nothing to protect the consumers, and nothing to protect us from scams, nothing to avoid another FTX, CEL, etc..

They are just chipping away our rights and privacy, restricting crypto, because they are afraid people are going to realize crypto's solutions, as their banks are failing.

And more importantly, they want to clear the way for their CBDC.

So they are claiming they are protecting us from scams, when really they are just trying to sell us their own scam.