The Trump Admin has UNLEASHED memecoins.
As everyone goes full degen (👀 Javier Milei, Dave Portnoy) we know pump-and-dumps and crypto scams will thrive.
Naturally, we ask how Bitcoin can fix this.
Or, rather, how SMART Bitcoin policies can fix this.
I explore for Bitcoin Policy Institute👇
✴️First, we need enforcement agencies and investigators to update their technological stacks.
We don't need new laws to chase down outright fraud, deception, and self-dealing, but better training.
Train agencies with better tools, and apply existing laws to crack down on scammers and criminals.
✴️Second, smart rules on money transmission licenses (state reciprocity, lower surety bonds, etc.) would spur better exchanges and custodians to safely hold assets for those who don't want to hold their own keys.
Make the rules clear and easy so everyone can start.
✴️Third, we must enshrine Bitcoin and its offspring as technological tools that empower consumers and foster innovation, rather then just a mechanism for taxing gains.
Bitcoin is the ultimate financial inclusion technology. Self-custody is the ultimate advantage.
✴️And lastly, we must alleviate rules that make it more difficult to use bitcoin and alternative cryptocurrencies for ordinary payments w/o huge tax bills.
De minimis tax rules should be as liberal as possible. Agencies should be restricted from trying to abridge self-custody.
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