NFT is threatened. What’s next?

 

Friends!

 

Unfortunately, I have bad news. We just saw US tax authorities are planning to actually destroy the privacy of the crypto business. This will affect everyone: cryptocurrency exchanges and wallets, platforms, developers, any decentralized services. This will affect all users, at least US users.

 

This in itself will hit the crypto community hard. It won’t be critical, but a lot of people will have to leave the US and actually start a business from scratch or forget Crypto.

 

I absolutely agree with Adrian Brink, one of the founders of Nomada blockchain, that if somewhere we lose privacy, we should leave this place. Let them exist by themselves without us.

 

But that’s not all. Another message is coming. Our beloved SEC first drew attention to the NFT and accused the media company "Impact Theory" of illegal trading in securities. This has already become traditional in the commission’s communication with the cryptobusiness. This could be a decisive litigation, similar to cases SEC-Ripple and SEC-Binance/Coinbase. However, Impact Theory decided not to take the risk and agreed to pay the fine, but pleaded not guilty.

 

The logic of the SEC is difficult to explain. If the artist draws a picture and puts it up for sale - does he have to get a license from the SEC? Do they not realize that their actions are pushing businesses out of the country with all their might. There will be no NFT, and the SEC will consider that did a good job. Is it our future?

 

The position of the two SEC Republicans, who disagreed with the commission’s decision, is somewhat encouraging. They quite logically said that they were surprised at the way the Howey test was applied and that in their opinion, NFT does not possess the properties of securities.

 

I understand that everything is not a position of individual regulators, but a political decision. However, I suspect that there is still no understanding of the essence of crypto business and crypto community, for which privacy and freedom of business are important. Also, this business is mobile and can exist in a cross-border mode.

 

So now I’m going to ask you a question that I don’t have an answer for yet: who needs it and why?

 

#NFT #threatened #Crypto #SEC #HoweyTest