Ada Apa Dengan Regulasi Crypto?

Penjualan dan Kembalinya Bitcoin Didorong oleh Regulasi

Unless you’ve been under a rock over the past couple of weeks, you know that Bitcoin (BTC) got hammered recently and then made a heck of a comeback. See for yourself…

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While volatility and fundamental factors are always at play, the big reason for the selloff was likely the China ban on crypto. Then the big reason for the comeback was likely the reassurance from U.S. regulators that they will not be following China’s ban.

But that’s not all. It’s pretty clear that the comeback by BTC – and other cryptos – was due to the welcomed larger response from U.S. regulators: Not only will they not ban crypto, but they are also (finally) getting started with the job of figuring out how to regulate crypto. And in my book, that’s bullish on the entire sector.

Inilah yang saya maksud.

Regulator yang Buruk Perlu Diubah

I don’t know about you, but when I think about regulatory clarity in the U.S. surrounding cryptocurrencies and blockchain, one word comes to mind:

There ain’t none.

Ok, that’s three, and poor grammar to boot.

But the fact is that U.S. regulators have dragged their feet on just about every facet of how they’ll treat crypto. From the regulation of exchanges to tax policy to ETF approval, their inaction has been mind-blowing.

Kabar baiknya adalah hal ini mungkin akan segera berubah.

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U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler told Congress last week that he had no plans to ban cryptocurrencies. In fact, during the hearing, Rep. Ted Budd from North Carolina – a crypto advocate and member of the Congressional Blockchain Caucus – confronted the Chairman head-on and asked if the SEC had any plans to follow China’s lead and ban cryptocurrencies. Unfortunately, Gensler’s response was just as direct:

“No, that would be up to Congress.”

Gensler went on to say that crypto regulation should include the need to regulate exchanges. In fact, they should “come in and register.” When Rep. Himes pressed Gensler to provide clarity on decentralized (DEX) exchange regulation, Gensler said:

“Bahkan di platform terdesentralisasi – yang disebut platform DeFi – ada protokol terpusat. Dan meskipun mereka tidak mengambil hak asuh dengan cara yang sama [sebagai pertukaran terpusat], saya pikir itu adalah tempat di mana kita bisa mendapatkan jumlah maksimum kebijakan publik.”

And it isn’t just Gensler and the SEC finally starting to do something about regulation: The Federal Reserve is also beginning to talk about getting up to speed.

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Pada sidang Komite Jasa Keuangan DPR baru-baru ini, Ketua Federal Reserve Jerome Powell mengatakan bahwa dia tidak punya niat untuk melarang atau membatasi penggunaan mata uang kripto. Namun, sekali lagi, Rep. Budd langsung membahas inti permasalahannya:

“So, Mr. Chairman, is it your intention to ban or limit the use of cryptocurrencies like we’re seeing in China?”

Powell replied, “No.”

But Powell added that stablecoins – which are cryptocurrencies pegged to government-issued currencies like the U.S. dollar — would be subject to regulation. Stablecoins…

“Are like money-market funds, they’re like bank deposits, but they’re to some extent outside the regulatory perimeter, and it’s appropriate that they be regulated.”

Powell also rolled back his July comments, saying that he had “misspoke” when he said that “you wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency.”

Crypto Regulation is a Good Thing… In Moderation

Jadi, apa yang mungkin dilakukan regulator?

Pertama, mereka perlu mendapatkan pendidikan.

Seperti kita sudah dibahas secara luas di sini di INO.com, teknologi, platform, dan kasus penggunaan seputar mata uang kripto dan blockchain sangat luas dan beragam. Memahami, misalnya, perbedaan mendasar namun besar antara keduanya Bitcoin (BTC) dan Ethereum (ETH) – dua mata uang kripto terbesar di luar sana – akan segera membuat regulator terkesan dengan betapa rumit dan rumitnya aset-aset ini.

So, before regulators begin to slap on layers of rules, they need to understand what these assets do. And I don’t have to tell you that they’re not anything like stocks, ETFs, mutual funds, or even futures. They are their own beast and need to be regulated as such.

Setelah regulator mendapatkan pemahaman menyeluruh tentang blockchain dan kripto, potensi regulasi kemungkinan akan berkisar pada beberapa topik hangat, termasuk menghentikan kejahatan mata uang kripto, penghindaran pajak, regulasi bursa, regulasi stablecoin, dan sarana investasi seperti ETF.

Faktanya adalah, saya akan menyambut baik peraturan apa pun di bidang ini.

Why? The answer is simple. Right now, it’s still the Wild West when it comes to crypto regulation. Rules are uncertain, murky, and poorly constructed. And while that lack of regulation may appeal to the egalitarian spirit of crypto, it scares investors. And when they’re scared, they’ll likely put their money in other asset classes. And that’s bad for the whole sector.

Regulator juga perlu memikirkan bagaimana mereka akan mendefinisikan mata uang kripto. Apakah mata uang kripto merupakan suatu keamanan? Mata uang? Sebuah komoditas?

Furthermore, what agency is going to take up the regulatory job? The SEC? The Fed? The CFTC? If they don’t answer these questions correctly, regulation is likely headed into a quagmire surrounded by nasty agency turf wars.

Wayne Burritt
Kontributor INO.com

Pengungkapan: Kontributor ini mungkin memiliki cryptocurrency yang disebutkan dalam artikel ini. Artikel ini adalah pendapat dari kontributor itu sendiri. Hal di atas adalah pendapat yang diberikan untuk tujuan informasi umum saja dan tidak dimaksudkan sebagai nasihat investasi. Kontributor ini tidak menerima kompensasi (selain dari INO.com) untuk pendapat mereka.

Sumber: https://www.ino.com/blog/2021/10/whats-up-with-crypto-regulation/