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Bitcoin whale qualifies as a threat to regulators

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A wealthy cryptocurrency investor, or Bitcoin whale, is calling regulators a big problem. He warned investors that the laws imposed in the United States can constitute a threat to the entire crypto community.

This person, who identifies himself under the pseudonym Joe007 on social networks, published a series of tweets in which he explained his point. It ensures that regulators, at the moment, are attacking specific targets, but they will not stop there.

He highlighted the case of BitMEX, where its CEO, Arthur Hayes, and two other people who work at that firm have been prosecuted. To these people, the Commodity Futures Trading Commission of the USA (CFTC), accused them of violating certain regulations related to money laundering.

Bitcoin whale thinks regulators are a threat

The Bitcoin whale, identified as Joe007, alerts traders to prepare earlier what it qualifies as “threats from regulators”. In this sense, he insists that they did not act by chance in the case of BitMEX. On the contrary, it ensures that they will not stop.

At the same time, he highlighted the new UNI token, which functions as the governance of the decentralized exchange Uniswap. Explain that this type of assets will be targeted by state regulators.

“How long do you think it will take the SEC to track down the CFTC and turn its attention to something like … I don’t know, illegal securities not registered as UNI?” questioned the aforementioned Bitcoin whale.

It should be noted that many people, including within the community, believe that UNI should be subject to US securities regulations. However, others claim that tokens by their nature do not fall within the domain of the Securities and Exchange Commission.

, Bitcoin whale qualifies as a threat to regulators, Forex-News, Forex-News
Republican MP, Paul Gosar, represents regulatory law that whale Bitcoin Joe007, qualifies as a threat to the financial freedom of cryptocurrencies. Source: Twitter

The BitMEX case

The BitMEX case that Bitcoin Whale Joe007 refers to, to qualify regulators as a threat, is of recent date. On October 1, the CFTC website assured that cases were opened against people and entities related to the firm.

The Southern District Court of New York City indicted three people and five entities that owned and operated the BitMEX exchange platform”, They assure. Furthermore, the accusation is based on the fact that they operated an unregistered site, violating various CFTC regulations.

Among the illegal actions that BitMEX representatives would have committed, would be to not comply with the procedures against money laundering.

What will happen to privacy?

It should be noted that, in the first quarter of the year, the Republican deputy, Paul Gosar, introduced a bill tending to the regulation of digital assets in the United States.

Although, in theory, the regulation would seek to give legal clarity to cryptocurrencies, the warning of the aforementioned Bitcoin whale comes into play. According to an analysis published at the time on the Beincrypto portal, this law would be violation of privacy.

If this bill were passed and this framework was created, it would allow agencies regulators and law enforcement agencies, access the history of transactions made in crypto”, Highlights the aforementioned portal.

Data to take into consideration

  • The regulations by the States seek to create the conditions to control cryptocurrencies.
  • In Latin America, some countries such as Colombia and Venezuela have already taken steps to create regulations for the activity.
  • The whale Bitcoin Joe007, qualifies his country’s regulators as a threat to the entire ecosystem of digital currencies.
  • Some countries, such as the United States and South Korea, seek the implementation of regulatory laws that possibly violate privacy.



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