• The Digital Asset Anti-Money Laundering Act of 2022 has been introduced in the U.S. Senate and contains many threatening aspects, such as KYC laws for self-custody wallets and money-transmitter licensing requirements.
• The European Central Bank recently revealed that Bitcoin is on an “artificially induced last gasp before the road to irrelevance,” and is now considering a Bitcoin and crypto ban in order to mitigate environmental damage.
• The Senate Banking Committee hearing is just the beginning of the “then they fight you stage” and it is important to stay vigilant and make calls to governmentally-elected representatives to influence possible regulations.

As governments increasingly grapple with the looming threat of a cryptocurrency revolution, the U.S. Senate has just introduced the Digital Asset Anti-Money Laundering Act of 2022. This bill contains many threatening aspects, such as KYC laws for self-custody wallets and money-transmitter licensing requirements. These regulations have the potential to greatly impede the widespread adoption of cryptocurrencies.

In addition, the European Central Bank (ECB) recently revealed that Bitcoin is on an “artificially induced last gasp before the road to irrelevance.” In response to the energy crisis in Europe, the ECB is now considering a Bitcoin and crypto ban in order to mitigate environmental damage. This is a concerning development, as it could have a significant impact on the future of cryptocurrencies.

The Senate Banking Committee hearing is just the beginning of the “then they fight you stage,” and it is important to stay vigilant and make calls to governmentally-elected representatives to influence possible regulations. While a ban and much of the regulations would be comically impossible to actually enforce, they would serve as a significant speed bump to widespread adoption. It is thus essential for people to keep an ear to the ground and to Bitcoin Twitter to stay abreast of situations that could be affected by a sea of calls to representatives.

The introduction of the Digital Asset Anti-Money Laundering Act of 2022, as well as the ECB’s consideration of a Bitcoin and crypto ban, highlights the growing tension between governments and cryptocurrencies. As the energy crisis in Europe deepens, it is becoming increasingly clear that governments are starting to understand the power of cryptocurrencies and the potential impact they could have. It is essential that the community remains vigilant and takes action where necessary in order to ensure that cryptocurrencies can continue to thrive and reach their fullest potential.