Thread by @JTheAccountant

There are a lot of people currently afraid of the impending regulatory clarity from @USOCC Brian Brooks and the Office of the Comptroller of the Currency (OCC). #cryptocurrency = wild west since 2009, we've witnessed extraordinary growth, and extraordinary amounts of fraud.

#Cryptsy #MtGox exchanges closed down, stole individuals account balances, and employees fled countries only for the individuals to have little recourse under local and international laws. 11 years later, many individuals losing it all we're getting clarity, and that is exciting.

You see like many people I've talked Crypto to family, friends, colleagues, and strangers since 2009. Every year brought exciting innovation #Ethereum, #Bitcoin #SegWit, #XRP, #Ripple. It also brought fraud #PinCoin #iFan #Bitconnect, and moral impediments #SilkRoad stopping any

of these individuals from entering #Cryptocurrency out of fear of uncertainty. The time for regulatory clarity and regulation was before #mtgox & #cryptsy walked away with millions from individuals and their families and when #Silkroad was operating an illegal underground economy

#Cryptocurrency as a #Currency has had its growth stunted for the last 11 years, people want control and certainty regarding their holdings. We've had a solution with #coldstorage and #Ledger however the same solution also opens up the door to bypassing KYC/AML regulation...

Nothing is stopping a citizen of a country from buying #Cryptocurrency in any $/amt, putting it on a #Ledger or #Trezor and crossing national boarders only to cash out their holdings in a new nation. The implication is illegal activity with #Cryptocurrency is widespread.

academic.oup.com/rfs/article/32… "#Cryptocurrencies are among the largest unregulated markets in the world. We find that approximately one-quarter of bitcoin users are involved in illegal activity. We estimate that around $76 billion of illegal activity per year involve bitcoin...

(46% of #bitcoin transactions.... which is close to the scale of the U.S. and European markets for illegal drugs." "Our findings suggest that #cryptocurrencies are transforming the black markets by enabling “black e-commerce." #Regulation will finally help market crypto.....

@USOCC "regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. The OCC is an independent bureau of the U.S. Department of the Treasury." @USOCC Brian Brooks is on the board @FDICgov , FDIC is..

one of two agencies that provide deposit insurance in the US. @CFPB Director Kathy Kraninger is also on the board of @FDICgov. @USTreasury and @USOCC are working together on these regulations. If #Cryptocurrency is #Currency it will be subject to #FDICgov insurance, this means..

exchanges will be treated like #banks and expected to obtain #KYC #AML information for deposits/withdrawals. IT also means that if a majority of #crypto transactions are coming from legitimate sources, it will make it easier to trace to the illegitimate actors. This is.....

overwhelmingly positive news for #CryptoCURRENCY! But in the eyes of those who are acting in the shadows of the law incredibly bad news. These exchanges most likely will freeze assets until you prove #KYC info. If you hold on a Foreign Exchange , these exchanges in conjuction...

with the new #OECD and #EU #DAC8 regulations will reveal KYC/AML info to regulatory bodies these bodies do not take lightly to #KYC #AML violations. US has a #FATCA reporting requirement for foreign accounts in excess of a dollar amount during the year, penalty is ....

max of 50% of max portfolio value during the year or $100,000, each year unreported. Many of you may not be aware of these laws, and may have holdings on a foreign exchange not located on US soil. You should contact a lawyer and an accountant in this space to get on track..

before any such changes take place. Regulatory clairty provides a greater market for buyers and sellers of #cryptocurrency and brings the technological innovation exactly where it is needed to the #people using the outdated #banking system #ExcitedforClarity!