Playing Catch-Up
If you have been in the crypto space for any amount of time, you know that the except in a few isolated cases, the governments are simply playing catch-up. For years they chose to put their collective heads in the sand and not acknowledge the shift that is taking place.
People's attitudes about their own money and government oversight in general have helped to grow skepticism and distrust.
This lack of preparedness is likely putting the sector on a collision course with some form of regulation. The only question is, how far will the government once again over-reach, and will it even matter by the time they do.
I was reading an article the other night about a bill that just went to the Presidents desk. They added some language to deal with cryptocurrency exchanges. They want to start treating them the same way as stock exchanges and brokers.
Here is the kicker for me: Even if the bill does pass, it isn't supposed to go into effect until 2024.
That's two to two and a half years away! The way things move in the crypto space, that is a virtual eternity. Who knows what this space is even going to look like in two years. Asset classes will be born and die, money will flow in and out, projects and services will be created and thrive. Then what?
They will need to make more/new laws to deal with all of the changes that have taken place. It is pretty clear to see this is what happens when government chooses or places themselves in an instance where they need to be reactive versus proactive.
In the grand scheme of things this may not be a bad thing for us. Where some governments have taken the proactive route of just blocking all crypto, the US approach makes things just muddy enough for the next couple of years that we may all benefit from it.
Unless of course they simply continue to try to apply old world rules to new world concepts. Then we could be in trouble.
What do you think? There seems to be a lot of gray area given the timeline that they are looking at implementing these rules that they just seem to be making up on the fly. Will it help or hurt the cryptocurrency space?
I look forward to reading others insight on this in the comments!
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