They Want To DESTROY Crypto!! Here’s What It Means!
Published: 2023-10-21
Status:
Available
|
Analyzed
Published: 2023-10-21
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The CFPB has a history of warning about crypto, with Senator Bill Haggy advising caution to its director in October 2021.
"The cfpb has only made the crypto headlines a few times since Rohit became its director... back in October 2021 Pro crypto Senator Bill haggy warned Rohit not to go Rambo on crypto for context, the cfpb has been warning about crypto since 2014"
Pending
Former CFPB Director Kathy Cringer warned that applying traditional finance (TRFY) rules to crypto could kill the industry.
"then last August Kathy cringer the former director of the cfpb warned the crypto industry to be careful about what they wish for when it comes to crypto regulations that's because the result could be that Regulators will apply trfy rules to crypto which would effectively kill the real crypto industry"
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The CFPB's pressure contributed to crypto platform Nexo's decision to exit the US market in December.
"well Cathy's prediction turned out to be correct last December crypto platform nexo revealed that a big part of why it decided to exit the US market was because of pressure from the cfpb"
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The CFPB's proposal to apply e-banking laws to crypto originated from a comment made by its director, Rohit Chopra, at a recent event.
"as for the cfpb's recent proposal to apply ebanking laws to crypto that we mentioned in the introduction it came from a passing comment that roit made during a recent event"
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The CFPB's increased focus on crypto appears to be a response to the SEC's legal setbacks in crypto-related cases.
"the cfpb's sudden focus on crypto seems to be a consequence of the fact that the SEC is being humiliated in court in its crypto related cases"
Pending
The CFPB plans to investigate applying the Electronic Fund Transfer Act to private digital dollars and virtual currencies for consumer use.
"to reduce the harms of Errors hacks and unauthorized transfers the cfpb will explore the applicability of the electronic fund transfer act with respect to private digital dollars and other virtual currency CES for Consumer and Retail use"
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The CFPB's exploration of the Electronic Fund Transfer Act would logically include stablecoins and cryptocurrencies.
"now logically this means stable coins and cryptos in general"
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Certain aspects of the crypto ecosystem may be banned due to their inability to comply with proposed CFPB regulations.
"the parts of the crypto ecosystem that are truly crypto would not be able to comply and would likely be banned"
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The CFPB's winter 2023 regulatory agenda, to be published in early December, will indicate when proposed regulations will take effect.
"we will know if and when it will go into effect when the cfpb publishes its regulatory agenda for the winter of 2023 sometime in early December"
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The CFPB will investigate non-bank entities, including crypto platforms, to protect consumers from private currencies.
"the third thing that the cfpb will do to ensure that consumers are protected from private currencies is to investigate non-banks which likely includes crypto platforms"
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The CFPB will recommend that the FSOC designate certain non-bank entities as systemically important.
"the fourth the cfpb will recommend that the financial stability oversight Council or fso exercise its power to deem certain non-bank entities as systemically important"
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Designating crypto exchanges as systemically important would grant the SEC jurisdiction over them.
"this would automatically give Regulators like the SEC jurisdiction over crypto exchanges"
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Systemically important crypto exchanges could be legally acquired by major banks like JP Morgan in case of failure.
"designating a crypto exchange as systemically important means that it could be legally acquired by a mega Bank like JP Morgan if it goes down"
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Rohit Chopra suggested that stablecoin issuers, rather than crypto exchanges, should be designated as systemically important.
"Rohit didn't actually say that crypto exchanges should be designated as systemically important rather he he said that stable coin issuers should be designated as systemically important"
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The CFPB will expand data use laws in finance to protect consumers from private currencies.
"the last thing that the cfpb will do to ensure that consumers are protected from private currencies is to expand laws related to data use in finance"
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Rohit Chopra admitted that it is theoretically possible for the US Treasury Department to issue a Central Bank Digital Currency (CBDC).
"the interviewer then asked Rohit if the treasury Department could issue a cbdc in lie of the FED Rohit started by saying that it's complicated but under pressure he admitted that this is theoretically possible the treasury could issue a cbdc"
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The Dodd-Frank Act grants the FSOC the authority to designate financial entities as systemically important for financial stability.
"Rohit smiled and explained that the dodf Frank act gave the fso the power to designate Financial entities as systemically important for financial stability reasons"
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US regulators have indicated they will take enforcement actions in the absence of specific regulations.
"us Regulators had already announced that they would step in with enforcement actions in the absence of Regulation"
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The PWG recommended that the FSOC consider steps to address risks outlined in their report concerning payment stablecoins.
"the agencies' recommend that the financial stability oversight Council consid steps available to it to address the risks outlined in this report"
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A stablecoin bill passed the House Financial Services Committee in July but has not yet been voted on by the full House.
"a stablecoin bill is currently in play but it's not moving very quickly the clarity for payment stable coins bill was passed by the house Financial Services committee back in July but has yet to be voted on by the house"
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There is a significant risk of a stablecoin crackdown in the US within the next few months.
"this means that there's a real risk that we'll see a stable coin Crackdown in the US in the coming months"
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A US-based stablecoin crackdown might have limited impact on the overall crypto market due to the widespread use of USDT in trading.
"the fact that its usdt stable coin is used for almost all crypto trading means that a stable coin cracked down by anti-crypto Regulators in the US may not affect the crypto Market all that much"
Pending
USDC's primary use in DeFi and its ties to institutions like BlackRock may offer some protection from potential regulatory actions.
"us-based stable coins such as as cires usdc are used primarily in defi in circle case its close affiliation to large trefi institutions like Black Rock could protect it from the worst of what's potentially coming"
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It is unlikely that any significant crypto bills will be approved before the next election.
"realistically it won't be until after the next election that any crypto bills are approved"
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