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He'll probably get sent to rich people's "prison".
Minimum security
Ability to leave during the day
Lots of amenities
etc
:)
He knew he was guilty before the trial even started, looks like Sam Bankman has been Fried today. good.
That doesn't look like what Sam will be facing according to this article.
According to this article, it looks like Sam will be in a medium-security prison but the medium-security prisons in CA aren't that great, and will pose a threat to Sam's welfare.
https://decrypt.co/204242/which-federal-prison-will-get-sbf-sentencing
What you're proposing just allows the government and corporations to further monitor and regulate people's lives. It's why there's such a push to abolish cash and to add 87,000 IRS agents.
Cryptocurrencies didn't exist a little more than a decade ago. The DNC and GOP have their ways regardless. They had their ways before crypto existed and they will continue to do so. Not all but most cryptocurrencies are more traceable and harder to use for under the table operations anyways versus the USD
Stocks, bonds( Treasury and corporate), commodities, money market funds and everything else that's traded on the New York stock exchange is regulated by the SEC. So why not regulate cryptocurrency? Regulation brings clarity, Consumer protection and will at least reduce the number people using these assets for nefarious purposes.
They don't even have adequate clear tax laws encompassing cryptocurrency and it's seemingly purposefully left ambiguous at best for the betterment of the IRS, not the taxpayer/citizen.
Regulation doesn't mean that you have to enter into the government "monitoring and regulating people's lives" as you say. The stock market is the greatest game there is to be played, but that doesn't mean you're required to play it. You can feel free to sit on the sidelines and not put your money into it. Just like in the future after regulation, you have the freedom to not purchase any cryptocurrency or regulated funds that include cryptocurrency.
There's not a downside to regulation and clarity, unless you are a speculator or using cryptocurrency for illegitimate purposes.
"why there's such a push to abolish cash and to add 87,000 IRS agents"
Countries are going to continue issue sovereign currency. I do agree that a digital dollar that is easily tracked is on its way and inevitable. That's why more than ever it's important to understand the alternative options that we now have. Something like bitcoin for instance, that is not a sovereign currency and the government cannot control despite their best efforts. It's the best chance at financial freedom we have currently
KYC regulations are applied to every asset class that is traded on the NYSE. Basically the IRS and the SEC know what you're buying and who's buying it. There's no way that due to taxes alone they are going to let cryptocurrencies circumvent that regulation for much longer. Uncle Sam just wants to get paid and once they're cut. It takes money to make money and investors know that you got to pay Uncle Sam and accept that reality. Cryptocurrency is going to be no different eventually. Doesn't mean they're controlling your life, They just want to peer into it. Unless you are a person that's not a citizen and without country, you're going to be subjected to eyes looking in no matter where you are. Might as well make it safer at least.