Federal Authorities Make Significant Move Against Cryptocurrency

For a long time, many of us have been saying that the federal government and Federal Reserve will not tolerate a rival. This is evident in their recent steps against cryptocurrency. The Security and Exchange Commission (SEC) is demanding that platforms like Coinbase only deal with Bitcoin, which will make it easier for the authorities to oversee.

To understand why the government is trying to block or control cryptocurrency, it is important to understand how it works. Cryptocurrency is a virtual currency that is traded online. It uses encryption and is issued along a blockchain, which is a network of computers that verify transactions.

This process hides the trail of the money, making it difficult for the government or banks to track and control. The government wants to be the only entity that can issue and confirm cryptocurrency, so they are making moves to gain control over the blockchain.

Organizations like the SEC are implementing stricter rules and regulations to cut into cryptocurrency markets. Coinbase CEO Brian Armstrong has stated that the SEC is pressuring them to classify non-Bitcoin cryptocurrencies as “securities.” The SEC wants a piece of the cryptocurrency market and is pushing for more control.

While there have been some disagreements and variations in approach, it is clear that the feds want a bigger stake in the crypto empire.

This article appeared in FreshOffThePress and has been published here with permission.

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Written by Western Reader

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