This week, the Cryptocurrency markets continued their origin, with prices across the line that continued to fall in the midst of unfulfilled expectations in the Cryptocurrency industry and the further deterioration of space, with hundreds of millions of dollars still liquidated from the market for a few hours.
From a crypto holder this year in Crypto has not played out as many supporters thought it would do. Even if Trump administration have made efforts to make it easier for Cryptocurrency to do business, this has been to the detriment of the retail investor, which as a result is usually at the end of the end of Pump-and-dumping system.
The problem is that although it is easier for crypto companies to do business, there has been no innovation in the industry for several years. The most popular application of crypto courses are still ”speculation. “Now, thanks to some of the changes in the Trump administration’s policy, it is easier than ever to do – and get away with – Fraud, especially through Meme Launch of Ponzi system.
In order for prices to stop falling in the short term, I am sure that some strong encouraging words from the president will get people to click on the “buy” button again, but in order for the industry to really survive and grow in the long term, more legitimate companies must build actual products (not occasional tokens) that solve real pain points that consumers experience. The industry needs companies that launch products – not just Vaporware – that customers can use and demand.
Being fair, even though the Trump administration has done some short -term things that borrow to the industry’s deterioration, for example launches its own memecoin And remove prosecutors who actually tried to protect consumers, they have also laid the foundation for incubating healthy crypto companies. It is now up to the crypto companies, builders, innovators and enthusiasts to take the opportunity and do the right thing – something they have not done so far and honestly shows no interest in doing.
Trump’s strategic crypto reserve: A missed opportunity?
This week, President Donald Trump announced a strategic cryptoe reserveAnd even if you think that cryptos supporters would be satisfied with this news, reality is very different.
At the announcement, Trump mentioned only three crypto courses that would be included in the reserve: Solana (sun)The Ripple (xrp)and Cardano (there). This immediately caused confusion and even upset.
Trump had partially fought on a Bitcoin strategic reserveNot a reserve filled with second class, speculative cryptocorate. This difference led to many of his supporters from the Cryptocurrency industry questioning the choice of assets and the motivations behind, including the three coins in the reserve.
The negative feedback must have returned to the president because only two hours after the first announcement followed Trump to say that BTC and ETH would also be included in the reserve.
There are several problems with this announcement. For starters, the choice to include sun, XRP and ADA seems to have come out of the left field. These currencies, especially Ada, are not known too much. XRP, despite being the third largest crypto after market cases, has not done anything remarkable in recent years in addition to fighting for Sec. Although it is popular and widely used, Soana Earns mainly as a start plate for memecoins. None of these coins are behind real products that solve real pain points in customers’ lives.
In addition, this “strategic reserve” is neither strategic nor a real reserve. A real strategic reserve is a state storage of an item that can be used and distributed in emergency or crisis. It is difficult to imagine a scenario where the United States must release ADA from its reserve to facilitate an economic disaster.
More than anything shows this trait that the administration does not understand or care much about blockchain and cryptocurrency. If they did, they would have been more thought -provoking on the steps they have taken when it comes to the industry since he took office. Instead, we have seen them legalize Memecoin launches and pump-and-dumps, and now, launch a reserve that seems ignorant of what cryptos supporters actually had a requirement for, and they have done all this within their first 100 days.
Crypto Czar moves to remove more rules
Out of the White House this week, Crypto Czar David Sacks Announced its support for a joint resolution that would cancel a reporting rule that the Internal Revenue Service (IRS) had for the Cryptocurrency industry.
The ruleWith the title “Gross revenue reporting by brokers regularly providing services that affect digital asset sales”, expanded the definition of a “broker” to include not only traditional financial brokers but also some Cryptocurrency platforms and decentralized financial services (Defi). This meant that all crypto or Defi platform would have to hold an entry and then report any of its user’s transaction history for tax purposes.
The crypto industry immediately drove back on the rule, claiming that it was a survival burden and an example of regulatory overreaction that would ultimately stifle innovation.
On March 4, the Senate adopted the joint resolution in 70-27 voting and overturns the reporting rule.
Again, this is another win for crypto companies that have come out of the White House, which seems to be a theme with this administration. The Trump administration has been labeled as a “pro-crypto”, which has been true-but so far, just for companies.
Companies have fragile the benefits of the administration’s political changes, or rather, policy removal, making it easier and cheaper for these companies to operate and shake revenue without following fear or threats of prosecution. Although this is good for companies, unfortunately it Easier for fraud to take place in the industry. There has been a fraud in fraud since the administration removed some of the protection rails in the Cryptocurrency space. Once the IRS reporting requirements have passed, you can expect the number to increase further. Without reporting requirements, it will be easier for crypto users and companies to commit tax fraud.
As the year progresses, a theme that has become clear that even if the current administration’s actions make life easier for crypto companies, the retail investor is left. If no more innovation occurs, Cryptocurrency’s future can continue its current downward spiral.
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