Government shutdown effect on cryptocurrency

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The sample included 91, unaffected government worker households and 61, affected government worker households. This pattern is consistent with credit constraints and federal government workers exhausting their savings. The largest drop is seen in the third week of the shutdown, after the end of the shutdown was announced.

This pattern is not consistent with alternative explanations such as the drop in spending being driven by revised beliefs about permanent income. Following the shutdown, there is a rebound in spending. This had the anticipated consequence of reducing visits to the parks in the near term. But what of the communities that neighbor these parks?

This study analyzes the effects of the shutdown on Acadia National Park and the neighboring community of Bar Harbor, Maine. Institute for the Study of Labor working paper, February This study, published by a private, independent economic research institute based out of Germany, compares crime rates in Washington, DC with those in Baltimore, Maryland to understand potential impacts of the federal government shutdown.

The study also tests the approach by conducting the same analysis with crime data from DC exactly one year earlier. Types of crime studied in the analysis include burglary, robbery, theft and homicide. We also found that the decline in crime was concentrated during workdays 4 percent reduction , while crime overall increased during weekends 1.

Not well, according to this research, which looks at the impact of the government shutdowns of and on the stock price returns of a sample of 50 firms for each. The authors compared data from a month before the shutdown to the two-week shutdown period and the two weeks after the shutdown. Peak reductions ranged from 5. Although EFF is still reviewing the proposal, we have several initial concerns.

First, the regulation would mean that people who store cryptocurrency in their own wallets rather than using a professional service would effectively be unable to transact anonymously with people who store their cryptocurrency with a money service business. The regulation will likely chill the ability to use self-hosted wallets to transact with the privacy of cash. That means that if you know the name of the user associated with a particular Bitcoin address, you can glean information about all of their Bitcoin transactions that use that address.

Third, the regulation could hamper broader adoption of self-hosted wallets and technologies that rely on them, or at least make it difficult to integrate these technologies with intermediaries like exchanges. The regulations make it significantly more difficult for self-hosted wallet users to seamlessly interact with other users who have wallets provided by a service subject to the regulations.

Under the proposed rules, these hosted wallet services would have to collect certain information about self-hosted wallet users who transact with their customers in some circumstances. That may complicate certain automated transactions, such as smart contracts, or be difficult to implement in scenarios involving decentralized exchanges.

It could also chill the ability of innovators to create decentralized financial platforms with a wide range of lawful uses. Fourth, although the proposed rules purport to simply apply pre-existing regulations involving cash transactions to cryptocurrencies, they ignore that these digital financial tools exist in part to afford financial privacy and anonymity equal to and perhaps beyond that of traditional cash.

In this respect, the proposed regulations are part of a larger troubling trend of the U. This proposal comes just two months after the Department of Justice published its Cryptocurrency Enforcement Framework , which made it abundantly clear that the DOJ wants to undermine the ability of cryptocurrency users to transact anonymously.

Financial regulators, much like the NSA , apparently suspect that anyone attempting to protect their financial privacy is doing something illegal. That Framework also targeted decentralized exchanges. Decentralized exchanges are typically open-source software allowing people to exchange cryptocurrency directly with each other, with no other party involved.