As Wall Street Tries To Hijack Crypto Once Again HBD Standing Out

It appears the United States is moving towards some cryptocurrency regulation. There is a bill in the U.S. House of Representatives which appears to have bipartisan support.

The focus is stablecoins and what the regulations are surrounding that.

One of the key points is:

The bill’s latest version proposes the U.S. Federal Reserve as the key regulator tasked with formulating requirements for issuing stablecoins. However, at the same time, the bill aims to offer state regulators powers to oversee the companies issuing the tokens.

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This is in line with what we are seeing in the U.S. regarding cryptocurrency.

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Wall Street Hijacking

We basically have a hijacking of cryptocurrency. Wall Street is positioned to take over digital assets just like every other aspect of the financial system. The fact this bill places the Federal Reserve as the key regulator shows that it is all going under the banking system.

Of course, by now it should be clear to everyone. Gary Gensler is using the Securities and Exchange Commission (SEC) to go after everyone who is a threat to the established banking system. For now, it is the exchanges. The goal appears to be to destroy them and then turn that over to Wall Street.

This bill will also pave the way for banks and other financial institutions being the only ones allowed to issue stablecoins (eventually all digital assets). It will be no different than what we have now.

Remember, regulators tend to operate not to protect the public but, rather, the incumbents. We actually see the same thing happening with artificial intelligence regulation.

As stated in a number of videos, Gary Gensler is a Wall Street guy. He had a long career at Goldman Sachs. There is a good chance, once his term at the SEC ends, he will likely be back at another one of these firms.

It is a revolving door. There is little wonder why it is often called Government Sachs.

Time To Fight For Freedom

We have to be crystal clear: this is about the fight for freedom.

For anyone who thinks his is over the top, look at what happened the last years within this industry. Regulation is just one piece of the pie. Let us take FTX. It is now evident that SBF had a lot of political ties. There is also speculation there is a strong link between him and the aforementioned Gensler. The SEC is going after Coinbase and Binance yet did not lift a finger to go after FTX.

Yet that company was committing blatant fraud.

Governments are going to try and reign this in. In the US, we had Elizabeth Warren calling crypto users basically nothing more than terrorists. Now we have Gensler echoing that sentiment. If you use cryptocurrency, you must be part of the Chinese drug cartel that is sweeping the world.

Of course, we know this is not true. Unfortunately, the average person in the developed world believes this. It is amazing how many people still buy into the mainstream media and politicians, the front line of FUD spreaders. As time passes it becomes more evident as these people speak.

What makes the Hive Backed Dollar (HBD) so special is that it is completely outside the control of these people. It cannot be hijacked unless the entire blockchain is overtake, or at least the supermajority of witnesses. There is no company that is responsible for it. Not only does this eliminate counterparty risk but also removes the threat of government.

That does not mean, however, that algorithmic stablecoins will be allowed. They will be banned from the exchanges. We also will see legislation of how it will not be allowed for payments.

Of course, with exchanges being targeted, the future of cryptocurrency CEX is dead anyway. It will be Wall Street that runs those.

At the same time, HBD is global. It does not care what the USG says. People who are using it for commerce in Sucre, Venezuela could care less. This is why the real battle is not being waged in the developed countries. Instead, the fight will be won in the developing world. This is where HBD can have immediate impact.

The bankers are not going to leave without a fight. Bet the ranch they understand exactly what is taking place. After all, they were the ones who developed the Eurodollar System, something that cryptocurrency can model. HBD is just one asset in a long line that Hive can create to serve a variety of financial needs.

We are seeing the players becoming clear. The likes of Warren and Gensler are on foot soldiers for Wall Street, even if they do not know it (Warren). They are working on behald of the banks even if they believe themselves not to be.

This is becoming clearer by the day. The question is whether you want to see cryptocurrency in the hands of Wall Street?

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