US congressmen introduce bills to prevent crypto price manipulation


#1

Quite an interesting article to read, I’d like everyone’s thoughts on the impact of the proposed bills.


#2

This is great and all, but introducing bills are worthless if you have no way to enforce them. The government can’t even determine how to keep track of crypto for taxation. How are they supposed to enforce anti manipulation laws on global exchanges not even in the US. I guess it could be applied to BAKKT, ErisX, Coinbase Pro and Bittrex (all US based)…but good luck on non US exchanges.


#3

@Cryptoman976
Agree with you there.
I read an article about trade bots the other day regarding the traditional stock markets.
They said that the “once normal 5% swings in the market
(With the introduction of bots) are now closer to 1%”
The exchanges arent willing to provide details either as they are cutting their own profits by doing so.
Well not unless they are actually forced to.
Good luck on that front!
:heart::heart:


#4

They’ll use these to get educated on crypto then work with governments abroad in a cooperative effort it seems based on the language used. It’ll be a long slow process of course, but regulation of the industry has to start somewhere.

But to me any steps that work towards reducing/eliminating manipulation is a good thing even if it takes a while. I think most nations would want to work on regulation as any crypto companies working within their borders will directly affect citizens who use them. Also it’s becoming clear the world over crypto isn’t going away but in fact growing quickly in popularity.


#5

I agree. However, the likelihood of multiple gov’ts agreeing on regulation is next to nil. We can’t even get them all to agree on regulation regarding the environment and protecting the air we all breathe. But, steps in the right direction will certainly help. All I really care about is the US gov’t removing the ghastly capital gains tax on every trade. It’s just ludicrous having to know the USD value of coins at the exact point of trade for EVERY trade. That, in my opinion is a market hindrance. But it’s okay because the amount of loss claims they are going to get for the 2018 tax season is going to probably change that real quick. I know I’ll be claiming A LOT of loss based on USD value for trades even though the amount of coins I have gained is about the same. This should be fun to see how quickly they change that regulation back to only being relevant when you cash out to USD.


#6

Well said @Cryptoman976 and you know I honestly agree on all you said there. I agree on how cryptos are taxed too, it’s ridiculous how that’s being handled. Right now they’re handling things the wrong way, that said let’s just hope all of the things you mentioned are handled appropriately the way they should be asap. Lot’s of things need to change in the states and the world right now to better serve humanity in general.