Coin Center Analyzes Crypto Policy Under Trump as Surveillance Tops Concerns
- Coin Center is primarily concerned with what it calls surveillance issues.
- Particularly centralized businesses, would benefit from a more accommodating regulatory climate.
Following Donald Trumps re-election to the U.S. president earlier this month, the analysis of the crypto policy landscape was released by the non-profit crypto industry research and advocacy organization Coin Center. Though some difficult challenges will certainly remain. The organization does concede in the report that many in the sector, particularly centralized businesses, would benefit. From a more accommodating regulatory climate as a result of Trumps crypto policy.
Coin Center is primarily concerned with what it calls surveillance issues. Which include tax reporting requirements and criminal investigations involving the creators of non-custodial cryptocurrency solutions like Samourai Wallet and Tornado Cash. Concerns about investor protection regulations, such as the SECs and CFTCs authority over digital assets, pose a risk to the cryptocurrency market. However, the threats from the surveillance arena have lately been more profound, according to the group.
Stance on Surveillance Less Certain
Sanctions against Ethereum mixer Tornado Cash, crypto reporting requirements under Section 6050I of the US tax code, and criminal charges for unlicensed money transmission brought against the developers of Tornado Cash and other non-custodial and privacy-enhancing protocols like Samourai Wallet were cited as the three top threats to the freedoms of crypto users and developers by the organization.
The group acknowledges that the incoming Trump administrations stance on surveillance is less certain. Than its stance on investor protection, but they are hopeful that things will improve. If it becomes evident that even with a more accommodating SEC, harsh control and surveillance policies will keep innovators and developers from the US, slow down development, and prevent regular Americans from enjoying these technologies.
Additionally, the group claims that the current strategy for dealing with monitoring problems does nothing to stop terrorists and criminals from using the relevant technologies.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
