Satoshi told us in the White Paper that Bitcoin was created to free us from the bonds of financial slavery that the governments and banks had held us in for 1000s of years; keeping the rich in their lofty position; while the rest of us struggled to survive. Of course, governments and banks can't deal very well with that sort of freedom. Since there are BILLIONS of dollars in cryptos at this point; outlawing the system just isn't an option. So, there are laws being put into place as the government catches up to give us, in the cryptosphere, protection and clarification; while they claim "Caesar's Share".
To date the US SEC has not yet approved or registered any exchange-traded products holding cryptocurrencies or other assets related to cryptocurrencies for listing or trading. However, that department has not been silent on the matter of cryptos. In July 2017, the SEC issued an investor bulletin about ICOs, saying they can be “fair and lawful investment opportunities; but, can be used improperly."
The Commodity Futures Trading Commission (CFTC) has declared bitcoin to be a commodity and announced that fraud and manipulation involving bitcoin traded in interstate commerce and the regulation of commodity futures tied directly to bitcoin is under its authority. The CFTC allowed the CME and CBOE to launch bitcoin futures. CFTC also approved a platform for the trading and clearing of virtual currency derivatives for LedgerX, LLC, a swap execution facility and derivatives clearing organization.
At the State level, several U.S. states plan to approve the acceptance or promotion of the use of bitcoin and blockchain technology, while some have already passed them into law according to Bitcoin magazine. These include Arizona (which has formally recognized of smart contracts), Vermont (which has declared the blockchain may be used as evidence in legal proceedings), and Delaware (which has a pending initiative authorizing registration of shares of Delaware companies in blockchain form). As a group the National Conference of Commissioners on Uniform State Laws voted in July to approve a model act providing for the regulation of digital currency businesses at the state level.
So, the governments of the US have most definitely taken notice of our little crypto revolution with a variety of responses. Around the world there have been similar government investigations and regulations.
There are many laws around the globe currently in effect; and many more in the planning stage, in response to this new technology. The one universal thought in most places is a sort of governmental panic as the laws are brought into line with the new world we have created out of Satoshi's gift of Bitcoin.
While it isn't likely that any government will allow Bitcoin and its brethren to overtake a national currency; it is absolutely certain that, one day in the near future, BTC, ETH, LTC, XMR, BCH, Doge and others will be accepted as payment methods; just as PayPal is now. That platform went through its growing pains and legal issues; as did credit/debit cards before it. Bitcoin ad the cryptos will also survive this process; with our help.
Remember, although the spirit of freedom was the gift of Satoshi; rebellion and lawlessness is not a part of that freedom. So, when in doubt, consult a lawyer in your area, pay your taxes as dictated by your country's laws, and Happy HODLing my friends!
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