BTC Network Infrastructure Site Operator: If you think governments won’t come for your bitcoins, then you just haven’t been paying attention

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The operator of the BTC network infrastructure site under the pseudonym Cobra warns that the US authorities in the near future intend to prohibit citizens from independently storing the main cryptocurrency. Local regulators, the expert believes, have begun to prepare for a total ban on personal ownership of bitcoins.‌

The consequence of such an initiative may be the obligation of individuals to contact intermediaries who will be involved in the storage of cryptoassets. Cobra believes that implementing such restrictions and having to comply with them may not be practical.‌

“If you think they won’t eventually come for self custody of #Bitcoin you haven’t been paying attention,” wrote the operator in the social media X.‌

He recalled the confiscation of gold from US citizens in the 30s of the last century. Then, as a measure to combat the consequences of the Great Depression, a ban was introduced on the accumulation of gold coins, bars and gold certificates.‌

All citizens and companies were required to exchange gold for paper money. The crypto enthusiast suggested that the US government could do the same with digital currencies — introduce restrictions on the mining and personal storage of BTC.‌

The general partner of the a16z crypto fund, Chris Dixon, believes that the current approach to regulation allows only meme tokens to flourish, while useful cryptocurrency projects are persecuted.‌

The SEC is increasingly filing lawsuits against such companies, citing the fact that they deal in unregistered securities. And this raises big doubts in Dixon’s mind about the prospects for digital currencies in the United States.‌

“The US has an absurd regime for regulating cryptocurrencies, because under these conditions it is mainly meme tokens that can develop. While large industry companies developing blockchain solutions face constant pressure. Current rules encourage platforms to only host memcoins, which can be freely traded on markets without any restrictions, and not other, more useful crypto assets,” the expert said.‌

In his opinion, the SEC is not up to the task of protecting the rights of investors and maintaining order in the market, especially when it comes to crypto assets. To resolve these issues, it is necessary to work out the requirements for the business in more detail, the general partner of a16z is sure.