[chico2663]

Is this the beginning of the end for Cryptos in the USA?

16 hours ago
beastley
38 in cryptocurrency


Today Poloniex (one of crypto's largest exchanges) updated their terms of service, and among other things, announced they are terminating service in Washington, New York, and New Hampshire for the foreseeable future. As I understand it, they are citing a new bill that officially designates crypto as a vehicle for transferring money, and are thus subject to government licensing and scrutiny similar to banks and credit unions.

Here's an excerpt from the letter they sent out to their customers in those states:
“After April 21, 2017, your account will be placed in a suspended state and access will be restricted. If you still have funds on balance at this time, you will need to file a support ticket in order to withdraw your funds. There is no deadline on this, but we request you withdraw as soon as possible.”Bitfinex has also announced that they are suspending operation in Washington.
Furthermore, it's reported that Poloniex will no longer allow you to purchase coins with fiat on the exchange.
Additionally, there were rulings last week that could place ICOs under SEC oversight.
To me, it looks like cryptocurrency is definitely drawing the US government's attention, and they're on the attack.

How far will this go? I honestly, don't think the government will ever outright outlaw cryptocurrency, but I do think they are going to start to drastically interfere with our access to it. They will find a way to regulate and tax it at the fiat entry and exit points.
Additionally, if Poloniex is willing to make these changes and alienate so many of their clients, they are obviously under extreme pressure from an outside source. Now that Poloniex is rolling over, I'm sure other exchanges will follow.

In closing I'd like to stress that I'm really not trying to spread FUD (Fear, Uncertainty, and Doubt). I am about the most optimistic person you'll ever meet when it comes to crypto. I'm banking on it having a bright long term future. I just want to warn people that the landscape is changing, and once it gets rolling, it will change fast. Stay aware of current events in the market! Have an exit strategy and an avenue to liquidate should the need arise.
https://steemit.com/cryptocurrency/@beastley/is-this-the-beginning-of-the-end-for-cryptos-in-the-usa







Bitfinex has also announced that they are shttps://steemit.com/cryptocurrency/@beastley/is-this-the-beginning-of-the-end-for-cryptos-in-the-usahttps://steemit.com/cryptocurrency/@beastley/is-this-the-beginning-of-the-end-for-cryptos-in-the-usahttps://steemit.com/cryptocurrency/@beastley/is-this-the-beginning-of-the-end-for-cryptos-in-the-usa

[MeanPeopleSuck]

Stay aware of current events in the market! Have an exit strategy and an avenue to liquidate should the need arise.

Excellent advice; I totally second it. But Polo's new TOS aren't really that different. They already weren't accepting clients from NY. These went live, without warning, about 8 hours before the hard fork.

The truly important change is Section 16 which basically says, "Guess what's gonna happen to your BCC? We're gonna buy a private island with it and it's gonna be sah-weeeeeeet!"