Cryptocurrency is extremely resilient to government action. Regardless of what happens with this legislation, I can virtually guarantee you that crypto will still exist in a decade. Obviously the market agrees, as the major coins and tokens have reached 3 month highs while this legislation was unfolding.

The reason I oppose hamfisted laws in crypto is the same reason I oppose the War on Drugs. Is the government even remotely competent to eliminate illicit drugs or even reduce the supply of illicit drugs? Not even close. But is the government capable of finding a few poor bastards and ruin their lives to make publicity stunts? Absolutely.

Just like with drug laws, the primary victims are going to be the disadvantaged and disconnected. Just like with drugs, the elites will be able to insulate themselves from the rules. Two out of three of our past presidents suffered no consequences from their admitted illicit drug use, while millions of poor minorities were locked up.

I’m a professional crypto dev, and I’m not sweating this at all. Our venture funded startup can easily afford high powered lawyers to make sure we’re compliant. Now what about the 17 year old hacker who quickly uploads a smart contract that he thinks does something cool, and all of a sudden is looking at two decades in federal prison because Elizabeth Warren wants to nail a sacrificial “shadowy super coder” to the wall.