The crypto industry needs a better legal strategy and does not have one.

The crypto industry needs a better legal strategy and does not have one. There are four major act that must be amended or curtailed by new acts and new federal legislation, SCOTUS wins help.

• Banking Secrecy act
• Foreign account tax compliance act (the one that will destroy our industry more than any other)
• Frank and Dodd CFTC act
• Investment Company act

I will not explain these, because your lack of knowledge of them is *the* problem. You need to use free cornell legal website, you need to educate yourself.

They additionally amended an IRS & Treasury provision called 6050I, that will kill defi, when it takes effect in Jan 2024, this is old news, but it will force mandatory white label KYC on US citizens to use ethereum and smart contract in general without committing a felony. So I fear that the road the feds are choosing to go down is to just white label everything and make everyone a felon. One way or another they will make the offramps return or freeze most funds related to most smart contracts that aren't white labeled. White labeling can be enforced through countless legal and tech mechanisms.

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Here's another important question, a rhetorical one:

Which US citizen, which percentage who made *any meaningful money on altcoins other than ethereum* SERIOUSLY ever used Kraken, Bittrex, Binance US, or Coinbase.

They don't, we aren't. US citizens do not officially have access to affordable trading, coinbase takes a round trip fee of 100 basis points or 1 percent, this makes day trading impossible, it's a hidden ban on domestic day trading of crypto. None of the US exchanges offer altcoins that people actually made major wealth on during this recent bull run, none of them, US citizens made their money off of fully unregistered unregulated Defi products, if any of it were regulated, no one would have made money.

People are not being realistic or honest about this.