THE FEDS WANT THEIR CRYPTO CUT!
Just so you know, the US Treasury Department is warning consumers that cryptocurrencies could “pose a risk to the US financial system.” 🙄I get what they’re saying though - I get that the unregulated state of cryptocurrencies (in their minds) means that they don’t get a cut of the proceeds and they really want to get their hands on some of that cash!
The information above was released in a public report released by the Treasury’s Financial Stability Oversight Council on digital assets. This council also said that digital or crypto assets including stablecoins and lending/borrowing on the industry’s trading platforms are an area where they have identified what they call an “important emerging vulnerability.”
The council in their report made the determination that crypto poses risks to the financial stability of the USA and stressed the importance of what they call “appropriate regulation.” Treasury Secretary Janet Yellen said that it is “vital that government stakeholders collectively work to make progress on these recommendations.” UGH.
What that means in short is that the Feds are ready to bust into mainstream crypto with laws, taxes, and regulations to ensure that they get their cut, probably by taxing the bazookas out of crypto holders or, quite possibly increasing the taxes on the amount of crypto sold. Either way, the Feds want their cut. No one is surprised.😒😏
Right now most banks have adopted the good ole ‘if you can’t beat them join them,’ stance after having tried for years to warn, forewarn, alert and/or notify (😩😆) their customers that cryptocurrency was dangerous to buy and/or trade. But when these banks realized that their customers weren’t paying any attention to them and were buying crypto anyway and that CBS News in 2021 reported that there were over 100K cryptocurrency millionaires, they decided to get involved with digital assets including cryptocurrency.
As a result, JP Morgan Chase has created a blockchain unit, Bank of America launched their digital asset research report, Wells Fargo introduced Bitcoin purchases through SurePay, Goldman Sachs became the first major US bank to trade crypto over the counter, and CitiGroup created 100 roles in a digital asset department. (And that’s just a few of them.)
So we can see that these banks aren’t playing around, but hallelujah we aren’t playing around either! Glory to God! Just talk to the Holy Spirit and follow His instructions about buying, selling, trading, staking, or holding cryptocurrency and/or stocks, and you’ll be on the right track!
OK Investor, I’ll see you tomorrow! MUAH!🤗
Copyright ©2022 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™. The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestions in this post.