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.
remyers /
npub1yak…r5aj
2023-10-21 09:45:44
in reply to nevent1q…eqc4
Author Public Key
npub1yakm7yssey6y2jxulr7gy62ca9704pclnqjwzxmqetqyqa4t97uq9vr5ajPublished at
2023-10-21 09:45:44Event JSON
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"content": "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.\n\nI 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.\n\nI 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.",
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}