The latest guidelines published by AG William Barr on enforcing crypto laws have been harshly received by some crypto users. As covered in our previous article, these guidelines largely focus on the illicit uses of cryptocurrencies. Very little is covered regarding training on digital assets as more emphasis is put on pursuing violators of those guidelines.
Although the guidelines are aiming to make it safer for users to engage in crypto activities, the guidelines are likely to hurt the same activities they seek to secure. Most crypto users on social media reacted with skepticism and uncertainty regarding the future of cryptocurrency-related activities, especially in the United States.
Most users have expressed concerns about the notion that the administration in the US has created regarding the threat posed by cryptocurrencies on US national security. Feeling that a ban on cryptocurrencies is imminent, likely post the November 3 elections, such users are likely to sell off their digital coins. With a reducing demand for cryptocurrencies, not only will the users lose out, but the US economy and the crypto industry.
Crypto enthusiasts on social media also expressed disgust on the choice of the DOJ to focus on crypto as a tool for aiding terrorism, criminals, and rogue nations. Such a highlight from a high office in the land could impact the way potential crypto users regard digital assets and drive them further away from using crypto.
The crypto industry in the US has failed to get a proper regulation system with several bodies fighting to get a piece of control over cryptocurrency operations. This latest move by the DOJ puts the industry into more confusion regarding its progress towards effective and efficient regulation.
With little progress to show from the Congress regarding legislation to govern the crypto industry, crypto users are facing a tough and unpredictable future. The government will likely strain the operations in a bid to make them safer. Worse still, an outright ban on crypto could impact users and the industry.
.A Call to the Relevant Institutions
The potential that cryptocurrencies hold for the future of financial operations is far greater than the risks we fear falling into. The government has a key role to play in enabling an environment for the crypto industry to thrive safely without much fuss as is at the moment.