Bitcoin objection: “No regulation, it’s the Wild West”

Objection number seven to Bitcoin is that it's no regulation. It's the wild west. This has not been true for a very long time. All the way back to 2013, government agencies were making rulings about Bitcoin, about the nature of Bitcoin as it relates to taxation, uh, money transmitting, holding it, owning, property rights. All of that has been spelled out by Fininsson and FINRA and the IRS and you know all these different agencies at the government. But but regardless, if you're worried about that, the Clarity Act is going through Congress right now. It passed out of the Senate Banking Committee yesterday. It goes to a full bo uh vote in the Senate, I don't know, next week or whenever it is. Then it will have a final vote in the House of Representatives, which has already passed a version of it and it will be signed into law. So, probably by the time you're watching this video, unless you're watching it live, if you're watching it at any point in the future, that is not May 15 of 2026. I'm recording this on May 15 of 2026, but if you're watching it in the future, the Clarity Act is probably already the law of the land in the United States. So, anybody that worries that there's not regulation and there's not clarity, first of all, if you're watching in this and the Clarity Act has already passed, there's belt and suspenders worth of clarity. There is already a belt or a suspenders worth of clarity and regulatory certainty and all of that around Bitcoin. But if you're worried that's not enough, the Clarity Act puts a whole additional layer on top of that of congressional clarity defining what is a security, what is a commodity, what is a memecoin, what is a um you know what is a digital asset, what is a tokenized security um all of that. I mean it's just it defines all of it. What of it is regulated by the SEC? What is uh regulated by the CFTC, the Commodities Futures Trading Commission, all of that, the Clarity Act clarifies all of that, including giving you the right, you know, the the acknowledgement of the right by an act of Congress that you have the right to self-custody your Bitcoin and are not required to keep it on a major exchange or something like that. and it gives protections to software developers working on open source and decentralized technologies and all of that. So, Bitcoin has not been the wild west of regulation for many, many, many years. And there has been great clarity in the past. People just don't know it. And if someone says that their problem with Bitcoin is a lack of regulatory certainty or lack of clarity or a uh you know, it's just the wild west, that represents a lack of knowledge of the current state of affairs. The current state of affairs is very well regulated very a great deal of clarity with or without the clarity act and with the clarity act again it's belt and suspenders it's a double dose of clarity and regulatory certainty and that is just has not been an issue for a very very long time in the world of Bitcoin now it is an issue in the world of cryptoc crazy coins NFTts meme coins tokenized securities all that sort of stuff yes in that world there is it is the wild West and there is not regulatory clarity. But that does not apply to Bitcoin. Bitcoin is its own thing. It doesn't live in a world of random stupid coins and memecoins and dub stuff. Bitcoin has had regulatory certainty because Bitcoin is a monetary commodity money and that has had uh regulatory and legal clarity for a very long time.