Interpreting the US's New Plan to Target the Crypto World, Stablecoins Can Be "Brushed", what do you think?

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Hey, Steem Tron-fanclub friends, how are you, I hope you are all in good health, and on today's occasion I want to share issues regarding news in various blockchain media, of course it is no stranger to hearing about the pros and cons after the case involving Binance in America. United, the US Government has a ton of plans to continue targeting “uncivilized” perpetrators in the crypto world. One of them is that it will further expand supervision of stablecoins, even though their users are abroad. Even validators on blockchain nodes can also be targets.

For the United States, even though blockchain and crypto have been proven to be useful innovations in terms of efficiency, if they enter certain legal areas, criminal law is the answer. That is what happened to #Binance, where one of them was sued for allegedly facilitating crypto transactions from many countries subject to US sanctions, including facilitating groups categorized as "terrorists", one of which was Hamas. The US is one of the countries supporting the colonial state, Israel, which is currently carrying out massacres in Palestine.

And as many people suspect, the US is not just stopping at Binance, because there are a number of other entities that may follow. Remember what the Commodity Futures Trading Commission (CFTC) said some time ago. They ensure that aggressive US actions to target entities like Binance will continue, even though they are outside US jurisdiction, if they are proven to violate the sovereignty, security and policies of Uncle Sam's country.

Wider Supervision Up to Blockchain Validators

The latest news that is worth highlighting is of course the statement from the Deputy Minister of Finance of the US, #WallyAdeyemo on Wednesday (29/11/2023) to the crypto community in Washington

“You have the ability to build new tools that help prevent money laundering while providing protection to individuals. You also have the ability to cut ties with companies from the ecosystem that fail to take steps to prevent illegal finance,” said Adeyemo.

He also said that the Ministry of Finance plans to further expand financial supervision to specific points in the crypto world, starting from blockchain validators, crypto wallet providers to monitoring stablecoins more closely, even though the users are not US residents.

The plan has crystallized in the government's mind in the form of a proposal and was submitted to Congress recently. However, long before the proposal was submitted, the stablecoin debate was apparently already hot in the people's representative body. Understandably, the smell of politics remains strong there, because Adeyemo himself comes from the Democratic wing and on the other side is a Republican in the US Securities and Exchange Commission (SEC), namely #Hester Peirce, who since she took office has been known to be more crypto-friendly (politically).

The plan to expand this supervisory authority to blockchain delivery on the one hand is not worrying, because it has been Uncle Sam's custom since time immemorial, because it has "touched" their sense of security. However, on the other hand, if his authority is too broad, he has certain powers regarding foreign policy, such as interfering with the sovereignty of other countries or personal privacy. This sentence might be too subtle to say it was a common practice for a superpower.

Potential Declaration of New Geopolitical War

See what crypto industry players have to say about the plan. #AustinCampbell, a former executive at Paxos, for example, compared the giant plan as the broadest expansion of power to the Patriot Act. This law was passed after the September 11 attacks to hunt down all those who were against America, where one aspect of it was monitoring financial transactions.

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Campbell added, the plan could be a way for new trade wars to emerge and geopolitical wars to be declared. “This is how to start a trade war. Assert the US over US dollar-valued stablecoins that a foreign country has, under that country's rules, held in banks in that country, just because they use dollars? This is not something we can do. This is a geopolitical declaration of war. "You can't just go to another country, with a product there, and say because they use your currency, control you," Campbell stressed.

Meanwhile, Jerry Britto, Executive Director of Coin Center, told Fortune that the proposal is important but has the potential to conflict with US policy interests. He gave the example that this could limit innovation in the crypto industry, which has only been developing for 15 years. He also confirmed that this could potentially lead to violations of individual privacy and freedom.

Finally, who dares to fight America at times like this? Because there are still many countries that depend on it. Opposition countries are also “less aggressive”, to say the least, about this. Ask that of Russia, which has been pro blockchain and crypto from the start as a proxy effort against the West. Moreover, the Tether company "gave up" a long time ago and has always been under a lot of investigation into stablecoins, according to the news that I read today on the media block which is definitely very useful and can increase our knowledge, there's no harm in us needing to share things like This, because we are all blockchain and crypto lovers, is certainly very useful, thank you.