Many people start coding at a young age. Imagine your kid having to report their dapp to the IRS. It's not about the money. It's about the control.
The situation is probably worse for adults. Why go through the hassle of developing dapps when it means dealing with the IRS and potentially jail, etc.? Personally I've abandoned working on completely harmless dapps because of threats from the state. It's stifling for independent development.
On the other hand, when people compare this to China banning mining, I think the USA is far friendlier to crypto than China, because, as the ascending fiat superpower, China has much more to lose. As the dollar continues to devalue, the USA would most likely prefer a future based on Ethereum rather than the Yuan.
Many people start wood working at a young age. If they want to build a house, they need to acuire permits, comply with zoning regulation, comply with building codes, get sign off from a certified engineer.
Not all coding is the same. If you want to work to code in a regulated industry, you need to play by the regulations.
Finance is a regulated industry, not a sandbox.
Yeah but at the same time if you mint a few beautifully patterned - 300 hours-of-work each - wood coins and trade them; it’s not finance and it’s unregulated.
The situation is probably worse for adults. Why go through the hassle of developing dapps when it means dealing with the IRS and potentially jail, etc.? Personally I've abandoned working on completely harmless dapps because of threats from the state. It's stifling for independent development.
On the other hand, when people compare this to China banning mining, I think the USA is far friendlier to crypto than China, because, as the ascending fiat superpower, China has much more to lose. As the dollar continues to devalue, the USA would most likely prefer a future based on Ethereum rather than the Yuan.