It's about to get interesting folks...
The definition of a non-custodial wallet as a money service business and the consequent indictment of the wallet’s maintainers can set dangerous precedents for the wider Bitcoin space and may go as far as affecting the freedom of the internet, essentially endangering all individuals, organizations and technologies involved in the transfer of financial transactions without exercising control over funds.
As interpreted by the department of justice, AT&T would require a money service business license to allow customers access to their PayPal, an ISP would need a money service business license to allow users to access online banking services, a postman would require a money service business license to deliver cash in mail, a grocer would need a money service business license to hand out change, and Telegram, WhatsApp, Signal and X (formerly Twitter) would require a money service business license if users utilize the platform to share PSBTs or lightning invoices – subsequently deeming all such services to require full know your customer verification.
Check out this article on Bitcoin Magazine: https://bitcoinmagazine.com/legal/samourai-wallet-breaking-down-dangerous-precedents?utm_source=carrot&utm_medium=partner&utm_campaign=carrot_share
Michael Sparks ✨ 😶🌫️🗽⚡
npub168u…68qx
2024-05-05 14:10:46
Author Public Key
npub168u2cl8m4s9htdym5yref7tpkghw96lngc0d8cxqyc400f02sdjs3q68qxPublished at
2024-05-05 14:10:46Event JSON
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"content": "It's about to get interesting folks...\n\nThe definition of a non-custodial wallet as a money service business and the consequent indictment of the wallet’s maintainers can set dangerous precedents for the wider Bitcoin space and may go as far as affecting the freedom of the internet, essentially endangering all individuals, organizations and technologies involved in the transfer of financial transactions without exercising control over funds.\n\nAs interpreted by the department of justice, AT\u0026T would require a money service business license to allow customers access to their PayPal, an ISP would need a money service business license to allow users to access online banking services, a postman would require a money service business license to deliver cash in mail, a grocer would need a money service business license to hand out change, and Telegram, WhatsApp, Signal and X (formerly Twitter) would require a money service business license if users utilize the platform to share PSBTs or lightning invoices – subsequently deeming all such services to require full know your customer verification.\n\n\nCheck out this article on Bitcoin Magazine: https://bitcoinmagazine.com/legal/samourai-wallet-breaking-down-dangerous-precedents?utm_source=carrot\u0026utm_medium=partner\u0026utm_campaign=carrot_share",
"sig": "dc473c8d5f09804a55828d852b0294c5757c6dce65749564f20ffaf8fee81e6e900f8f6a4915c475e88cb14d2ffa8bb31f234b9016d54c32a7bba7d00331288a"
}