Crypto Analysts and Pundits Posit Money Laundering Bill Could Wreck BTC Market

Before the end of his administration, Donald Trump-led administration has set up new legislation that will track and tackle money laundering through cryptocurrency. These new regulations would mean that firms in the financial industry will have to keep records of cryptocurrency holders’ identities.

Following all analysis and examinations of the rules, experts in the market have concluded that they will cause a severe wreck to the crypto market. The rules have started receiving backlashing and opposition from different bodies and individuals in both the traditional financial industry and the crypto market.

The rise of the anti-regulation movement

Regular complaints such as the Winklevoss twins have raised their voice against regulations as being a harsh one and an anti-progress for the crypto world. They joined the multitude of companies like Kraken and Coinbase to lend their voice against the harsh rules and, in turn, voiced their opinions.

Many, however, believe that if companies like the Payment giants like MasterCard, Visa, and even Fidelity join the anti-rules movement, the resistance will be weightier.

The chief market strategist for Miller Tabak & Co. (which is a reputable company in the traditional financial industry), Matthew Maley, said that it is not a good time to increase the rules guiding the market operations.

Marly said that, truly, bitcoin is very volatile and risky, but it doesn’t look like it will change soon; it is, of course, going to continue that way. Adding new rules is only going to make it very susceptible and vulnerable to a correction.

Will Biden follow the path of his predecessor?

Examining the situation critically, another delicate part of this scenario is that the rules though proposed (or laid down) in the Trump regime, may be considered by Biden. The new Secretary to the Treasury in Biden’s administration, Janet Yellen, seems rendered quite positive and negative comments about BTC and other cryptos, but it is not too clear if she will adopt or impose the rules in the crypto world.

For now, there is no deadline as to when the rules will be adopted implemented. But the movement against the regulation is steadfast and intact.