Elizabeth Warren unveils bipartisan bill to crack down on crypto money launderin

zasad@

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Quote from: Poker Player on December 15, 2022, 10:48:46 AM

Quote from: zasad@ on December 15, 2022, 07:38:12 AM

https://www.reuters.com/technology/g20-wants-build-policy-consensus-crypto-assets-2022-12-14/
"The grouping comprises 19 countries and the European Union, and represents in total around 85% of the world's GDP"
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This problem is not only in the US. All countries of the world will regulate cryptocurrency payments, and the laws will be written by American legislators.

Lol. I have been saying it for a long time. I am preparing for a future where 99% of transactions are KYC.

This is going to happen at the same time as CBDC implementations. Does anyone think many people are going to protest this? I don't. This forum is not representative of society. Those of us who prefer a world with Bitcoin transactions with a good degree of privacy are few. Most people are going to applaud CBDCs and pay with them from their cell phone, while their friend/partner/whatever records them doing it to upload the video to TikTok/Instagram/whatever with the caption "My first CBDC payment WOW!". And obviously it will get a lot of likes.

It depends on how people's brains are polluted with propaganda. In Nigeria, with a population of almost 250 million, less than 10% have tried CBDC, the rest use cryptocurrencies or stablecoins.
In Russia, there is a shadow exchange market in almost every major city. I think that the Europeans and Americans will not obey the bankers either.

BlackHatCoiner

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Farewell, Leo

Quote from: Poker Player on December 15, 2022, 10:48:46 AM

I have been saying it for a long time. I am preparing for a future where 99% of transactions are KYC.

It wouldn't make much sense, if it ever happened. But, a completely surveilled state neither makes sense, and we're heading towards that path.

Quote from: Poker Player on December 15, 2022, 10:48:46 AM

Does anyone think many people are going to protest this? I don't.

Protesting in the streets isn't effective, and I doubt it ever was. I think we already have the tool to protest effectively, and it's this very tool they're trying to take away. I rely on the easiness of accomplishing an electronic transaction without borders, peer-to-peer. Nobody ever stopped this, even pessimistically I don't see it going extinct.

Sometimes people just naturally take the situation to their hands-- with or without restrictions.

Poker Player

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Quote from: zasad@ on December 15, 2022, 07:38:12 AM

https://www.reuters.com/technology/g20-wants-build-policy-consensus-crypto-assets-2022-12-14/
"The grouping comprises 19 countries and the European Union, and represents in total around 85% of the world's GDP"
__
This problem is not only in the US. All countries of the world will regulate cryptocurrency payments, and the laws will be written by American legislators.

Lol. I have been saying it for a long time. I am preparing for a future where 99% of transactions are KYC.

This is going to happen at the same time as CBDC implementations. Does anyone think many people are going to protest this? I don't. This forum is not representative of society. Those of us who prefer a world with Bitcoin transactions with a good degree of privacy are few. Most people are going to applaud CBDCs and pay with them from their cell phone, while their friend/partner/whatever records them doing it to upload the video to TikTok/Instagram/whatever with the caption "My first CBDC payment WOW!". And obviously it will get a lot of likes.

zasad@

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Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

Quote from: BlackHatCoiner on December 14, 2022, 01:39:47 PM

This is probably one of the biggest attacks in freedom of bitcoin users in the USA. So, in a nutshell, there cannot be anonymous developers, neither usage of privacy preserving cryptocurrencies (e.g., Monero, ZCash). Instead, developers must register officially and have license to operate.

Wait, there's more bureaucratic, dystopian nonsense. As written in the bill, owners of digital kiosks (lol) shall report who they are every once in a while. Running a node (Bitcoin full node, LN node etc.) is illegal otherwise. Specifically, according to the 6th page, you must submit your name, phone number, physical address and date of birth to the provided government-issued form every once in 3 months. A year after this bill is approved, the FINCEN ought to identify unlicensed node operators, and the DEA shall issue a report identifying recommendations to node operators to reduce drug trafficking.

Absolutely ridiculously oppressive. I hope the rest politicians disapprove this. I'm not in the USA, but I'm feeling that a sufficient part of the republican party won't pass this on, even though republicans are fine with government spending and other such nonsense nowadays. Ironically, one of the authors of this bill, Roger Marshall, is a republican.

https://www.reuters.com/technology/g20-wants-build-policy-consensus-crypto-assets-2022-12-14/
"The grouping comprises 19 countries and the European Union, and represents in total around 85% of the world's GDP"
__
This problem is not only in the US. All countries of the world will regulate cryptocurrency payments, and the laws will be written by American legislators.

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

This is probably one of the biggest attacks in freedom of bitcoin users in the USA. So, in a nutshell, there cannot be anonymous developers, neither usage of privacy preserving cryptocurrencies (e.g., Monero, ZCash). Instead, developers must register officially and have license to operate.

Wait, there's more bureaucratic, dystopian nonsense. As written in the bill, owners of digital kiosks (lol) shall report who they are every once in a while. Running a node (Bitcoin full node, LN node etc.) is illegal otherwise. Specifically, according to the 6th page, you must submit your name, phone number, physical address and date of birth to the provided government-issued form every once in 3 months. A year after this bill is approved, the FINCEN ought to identify unlicensed node operators, and the DEA shall issue a report identifying recommendations to node operators to reduce drug trafficking.

Absolutely ridiculously oppressive. I hope the rest politicians disapprove this. I'm not in the USA, but I'm feeling that a sufficient part of the republican party won't pass this on, even though republicans are fine with government spending and other such nonsense nowadays. Ironically, one of the authors of this bill, Roger Marshall, is a republican.

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

https://edition.cnn.com/2022/12/14/business/elizabeth-warren-bipartisan-crypto-crackdown
Other requirements in the legislation include:

- Banning banks and other financial institutions from using or transacting with anonymity-enhancing technologies such as digital asset mixers and from handling or transacting with digital assets that have used those technologies.

- Extending Bank Secrecy Rules on reporting of foreign bank accounts to include digital assets by requiring Americans engaged in digital asset transaction greater than $10,000 through offshore accounts to file a report with the Internal Revenue Service.

- Directing regulators to strengthen enforcement of Bank Secrecy Act compliance by establishing compliance examination and review process for money service businesses.

- Cracking down on digital asset ATMs by making sure operators and administrators submit and update the physical addresses of their kiosks.

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