Regulators about to push people into crypto faster than they imagined

The crypto landscape is very likely about to undergo another significant change, and this change is mostly being pushed forward by regulators.

In case you missed my earlier post, I recently got an email from Bittrex asking me to verify my "source of income".

It's not just that they want me to respond and tell them where funds are coming from, they sent me a list I am required to fill out and send back with supporting documents and proof that my funds originated where I am saying they did.

The list is not a fun one...

It's a two page document that looks like this to begin with:

(Source: https://bittrex.zendesk.com/hc/en-us/article_attachments/360044122611/Source_of_Funds_Bittrex.pdf)

I don't fill the need to upload the rest of the questionnaire, but feel free to download the above link if you want to see it in its entirety.

By the way if you want to see more about the Bittrex situation, read here:

https://hive.blog/hive-167922/@jrcornel/bittrex-asking-for-source-of-funds-verification

It appears if I do not comply I will no longer have access to my Bittrex account in roughly 4 days time.

Where things are heading...

In my opinion, this request by Bittrex is a pretty ridiculous request.

When I deposit funds in a bank I've never been asked to verify or disclose where said funds came from.

It's a huge invasion of privacy and a significant burden to comply with.

However, I am not really holding this against Bittrex as I am sure it is the higher ups that are forcing their hand here, which leads me to where I think things are eventually heading...

Crypto has had a major problem really gaining traction as a form of every day payments.

It's fun to speculate on and catch 10x gains from time to time, but for the most part most of these "currencies" are never really used like currencies.

However, regulators are going to make that happen sooner than they probably would have liked.

Here's where things go from here, in my opinion:

• First Regulators levy extreme KYC burdens on exchanges which is passed on to customers
• Customers eventually start using DEXs (Decentralized Exchanges) due to the over-burdensome demands
• Customers mostly lose the ability to get their fiat money in/out of crypto by abandoning centralized exchanges
• A huge demand pops up for an all-crypto economy where users buy and sell in crypto never needing to go to fiat

Poof, the crypto economy emerges and regulators have a heck of a time tracking money that they were able to monitor ever so closely previously.

And in ironic fashion, this will happen sooner than it would have had regulators not been so heavy handed right now.

How's that for irony?

Best options of STEEM if I abandon Bittrex?

Currently I am considering abandoning my Bittrex account after having it verified and KYC'd for many years now.

In fact I believe it is my second oldest crypto account at this point.

However, due to decent liquidity for both STEEM and SBDs I have been reluctant to go that route and would prefer not to if I don't have to.

If I need to though, what other exchanges are good for STEEM and/or SBD for US based users in terms of liquidity?

I have used Ionomy but there wasn't much liquidity there if I recall.

Thanks in advance for any tips.

Stay informed my friends.

-Doc