Thread

FinCEN’s proposal to outlaw all crypto privacy is a huge overreach. They apply a section of the Patriot Act on a “class of transactions” in a new precedent. Doesn’t matter if it’s custodial or noncustodial- merely using certain type of code can be an illegal act. People are caught by the potential spot ETF, meanwhile this is proposed. Now they fight you.

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We are in the “then they fight you” stage. There are no laws anymore. “Law” is gone. Don’t get hung-up still thinking there are laws. It’s everyone for themselves. The people fighting within the (now) fake Laws, matter very greatly. The people rejecting the (now) fake Laws, matter very greatly. We don’t know our future. It’s never been more uncertain. The time we live in is not a good time for people who need to know how things are supposed to work. But it’s a very good time for those who are whatever the opposite of “Sociopathy” are.
Exchanges in the US are already co-opted and their over eager KYC allows the USG to track coins that originate domestically and a weapon against self custodial uses of coins from exchanges. I think this is also is a way to bully offshore banks to not work with local Bitcoin exchanges. The complexity of if a tx does or does not fall afoul of these proposed rules will not be worth the risk of losing access to the US banking system. I still don't think most government regulators realize the peril the state (and their job) is in. These regulations are just the start of them waking up.
Let's face it, if one day any government decides that crypto is illegal, there won’t be absolutely nothing we can do about it. For the moment, the crypto movement is tolerated, but if the feeling of mistrust towards a state, a currency or an institution grows, the tide may turn, and not necessarily in the right direction. It's the "anarchist" side of this ecosystem that displeases institutions, and that's damaging for the BTC project.