In light of this terrible news lets remember not to blame the CeFi companies like Celsius, BlockFi, Nexo, etc

CelsiusCelsius
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self.CelsiusNetwork2m ago
I, like almost everyone here, was extremely disappointed to hear the news for US non-accredited investors to no longer get yield. That being said lets not forget that this decision, along with the hand that forced others like BlockFi, Nexo, etc to close the same program, was not made by Celsius alone. As long as the US Government continues to muddy the waters with what is legal and what isn't, these kind of things are bound to happen to both CeFi and DeFi protocols in the US. There are far too many people making rules for US citizens who don't even understand the basics of crypto, but all US crypto companies will need to play by these rules unfortunately. Let's not forget that Celsius moved from UK to US because they wanted to grow within US and work within the laws to help grow out a CeFi platform. While Celsius just got the letter, I have no doubt that those who are still left in the space for CeFi are going to be hit next (ie Voyager for example). Really you have 3 options left with your crypto: 1. Leave it on Celsius - It will continue to get yield and will force you to HODL while still getting yield and surviving bloodbaths in the markets. If you choose good projects or simply bought BTC, ETH, and Stablecoins, you are most likely OK holding for a long period of time. Celsius still uses industry-standard security custodians and have a good team to stop threats. At least until Celsius stops giving yield on whatever coins they have, I plan to leave my coins here and let the rewards stack. Obviously if you are getting too low or no yield on a coin, then it makes sense to keep it elsewhere. 2. Withdraw from Celsius to another CeFi/DeFi place - I personally do not think any CeFi place in the US is safe in the next few weeks/months. If they can force the largest names in crypto to block all yield payments, then all the alternatives are going to face a similar issue. DeFi is another good place you could start getting yield, but just know most of them carry WAY more risk than any CeFi protocol ever did. Celsius is also planning their DeFi space with CelsiusX, which I hope can somehow connect straight to my existing Celsius wallet to earn yield in DeFi, but I'm doubtful and we'll see what happens. I also don't think DeFi has the same risk that CeFi is facing with US banning rewards. Decentralizing should be inherently more difficult to shut down, though I do see an issue if they start forcing KYC like they bought up months ago. 3. Withdraw from Celsius to cold storage wallets - This is what most of us did before CeFi/DeFi, and this is what probably some of us who are more worried about leaving their coins behind should do. The real purpose to use something other than cold storage was to get yield on your assets. If CeFi is going away and you don't have the risk tolerance for DeFi, then cold storage is the best spot. Again if you bought assets you want to hold for the long, then it makes sense to have your own keys for your own coins. Whatever option you choose don't forget that the crypto space has evolved a lot from the early days of tipping BTC on Reddit posts and ordering things on the internet for 100s of BTC. Adoption for crypto continues to grow with financial brokerages beginning to offer crypto, and companies/institutions getting involved in accepting payments. Things will change a lot over the years but really the best we can do on a macro scale is **hopefully** continue to elect good representatives and politicians, and let our dissatisfaction be heard.