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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

US Treasury Increases Regulatory Pressure on Crypto, Warns of Its Unlawful Uses

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read

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Friday night, United States President Donald Trump tweeted about Facebook Libra, Bitcoin, and crypto as a whole, expressing his distaste in the emerging asset class and commenting on their “unlawful” uses.

Following the first glimmer at the government’s more demonizing stance against cryptocurrencies, Steve Mnuchin, the United States Secretary of the Treasury, briefed the nation on live television about the state on of the budding digital financial technology called crypto. But his comments weren’t positive and the crypto industry is left scratching its head wondering what this means for the entire landscape.

Will The United States Finally Bring Regulation to the Crypto Industry?

The crypto industry, is a young, fast-paced, volatile and potentially world-changing category of of financial assets, however, because of it being a relatively new technology, there is still so much about the asset class that the world doesn’t know. And sometimes, people fear the unknown, or at the very least, can have their opinions easily swayed by public opinion if they aren’t familiar with the subject themselves.

Related Reading | Trump Blasts Bitcoin For Illicit Use As NY College Is Hit With $2M Ransomware

Bitcoin and other cryptocurrencies often get a bad reputation for “unlawful” use, including but not limited to, “cybercrime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking.” Uses that as Steve Mnuchin, the United States Secretary of the Treasury explained as reasons for pause and concern.

Holy crap! Turn on the TV. Treasury Secretary of the USA making an emergency announcement about #crypto!!

— Mati (@MatiGreenspan) July 15, 2019

He pointed out the asset classes’s recent popularity, and spoke of Facebook’s Libra, and Bitcoin. Mnuchin also said government regulators wouldn’t “tolerate the use of the cryptocurrencies in support of illicit activities,” and plans on cracking down on exchanges that offer the digital asset class and don’t comply.

But the young technology is being incorrectly blamed for how people put it to use, yet the US dollar isn’t put under the same scrutiny. Crypto in an of itself is just a technology that anyone can use – that’s the glory of the future of money. However, because anyone can use them, and there’s an added layer of pseudo anonymity, they often are the first choice for cyber criminals.

Dear @StevenMnuchin1,

I appreciate your concern about bad actors using cryptocurrencies, but please remember: technology is amoral.

All of it — electricity, cars, the internet — can be used for good or evil. And yet, it is the beating heart of human progress. We must push on.

— Jake Chervinsky (@jchervinsky) July 15, 2019

Just like the firearms debate, it’s truly the person beholding the technology that is responsible for how its used. And the tool, technology, or vehicle itself should not be to blame.

Still there’s much Wild West left in the crypto industry and there is scams and hacks abound, but such is the case with the internet too, and as technology advances, it’ll always be used for “unlawful” or illicit activities so long as humans exist.

Will All Bitcoin Exchanges Soon Be Regulated?

The timing is suspect, with the comments made just weeks following Binance announcing that it will no longer be serving US customers. Could Binance just be the first in what is a coming domino effect of US investors being cut off from crypto?

Related Reading | Clearing Up the Crypto Confusion For US-Based Binance Traders of Altcoins

The scenario is possible, as financial markets are heavily regulated in the US and other countries. As regulation steps up, the crypto industry will no doubt be transformed. But whatever it becomes, let’s hope it is eventually taken more seriously and not so quickly dismissed as a vehicle for crime.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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