If you are involved in Crypto you need to file a complaint against FinCEN's proposed Crypto rule changes!

in LeoFinance9 months ago

If we don't stand up for ourselves against over-burdensome regulations, who will?

The crypto space needs your help to impact the outcome of the proposed rule changes regarding self hosted crypto wallets.

The Treasury Secretary Steve Mnuchin dropped a major regulatory proposal on the crypto space back on December 18th, a nice Christmas present for us all btw.

If this proposal is passed, the new law would essentially mandate that US based crypto exchanges verify users identities and their respective wallets whenever they withdraw over $3,000 to a self-custodied wallet, or if they move more than $10,000 to another platform.

This in itself is not the only problem, the whole thing has been rushed as well.

Rather than the normal 60-day period for comments, the regulatory body has only left the crypto industry with a 15-day window for feedback on the proposal.

Here's more on what you can do to help:

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(Source:

1343641669527367685) twitter metadata:amVycnlicml0b3x8aHR0cHM6Ly90d2l0dGVyLmNvbS9qZXJyeWJyaXRvL3N0YXR1cy8xMzQzNjQxNjY5NTI3MzY3Njg1KXw= ~~~

And if you can't write a letter, there is still a way you can help as well...

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(Source: https://www.stopfinancialsurveillance.org/)

We may not even have to get these rules changed, but instead if we can just delay them until the current administration leaves office, which is what we may be able to accomplish with these letters etc., there is a decent chance that this gets looked at again and perhaps some more thoughtful regulations can be put in its place instead.

I understand the need to prevent money laundering and terrorist financing etc, but this is not the way to do it.

Sure we can prevent all sorts of crimes if every person in the world gives up all their rights and privacy to a centralized ruling authority, but that's not really what American is all about.

In fact, people fought and died to get away from those types of totalitarian ruling authorities.

Lets make sure to do our part to make sure we don't start heading down that path!

Stay informed my friends.

-Doc

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I've already submitted my objections.

Feel free to copy parts.

My submission:
The United States is the world leader in internet technology because it did not attempt to regulate the internet in its infancy.

Public blockchain technologies, enabled by cryptocurrencies, are a transformational change not just in finance, but in the whole way the internet works.

In particular, almost every current centralised application on the internet can be provided using blockchains as decentralised public back-end databases which can be shared between competing front ends. There are thousands of blockchain/cryptocurrency projects working on this right now, many with working systems with millions of users.

Thus the current problems centralised Big Tech like privacy infringement, lack of security, lack of data portability, anti-competitive behaviour and others can be solved by blockchain technology.

Interference in the natural development of this immense technological change with ill-thought out regulations like those proposed will not protect US national security - it endangers it by forcing technological leadership outside the USA.

These regulations will not stop terrorist financing or money laundering or ransomware - there are many better options for criminals.

It will only hurt law abiding citizens and endanger the United States technological and financial leadership.

Let the cryptosphere - Web 3.0 - develop in freedom like the internet for its Web 1.0 and Web 2.0 phases and the nation which is the beacon of freedom will benefit.

If the USA enacts these foolish and authoritarian measures it will further diminish itself and guarantee that the inevitable Web 3.0 revolution is led from elsewhere.

This is great, thanks for sharing with everyone!

hope many people will sign it!

Did you sign it?

I'm not from the US, which I think is a condition for signing it

Same here.

The more visible the cryptosphere becomes, the more likely it seems that we'll get meddlesome government regulations. Since crypto has now grown to the point where outright banning them is too late... now come all the regulatory attempts.

Annoying, for sure... but it seems almost inevitable.

What do you see will become of this? Do you think they will win? Will crypto survive beyond?

Good question. I think with enough push-back we can get some more sensible regulations.

Use a DEX in the mean time to be safe. Never put all your coins on 1 exchange either.

DEX is not the ultimate solution... because DEX only works with tokens, not full-fledged cryptocurrencies, one needs to have intermediate step to swap between wrapped tokens and the cryptocurrency. This will increase the fees exponentially and triple the security risk.

Waves doesn't use tokens. It even has z address support for zcash.

Not true... Waves doesn't use smart contracts, but it does use tokens.

It has tokens, but it also used Bitcoin, Litecoin, Monero, Zcash, and a few other blockchain ledgers on their platform, natively integrated.

You have the private keys to your wallet too which signs the tx on all those chains.

You can also integrate CryptoNote with Ethereum or Tron blockchains natively, because CryptoNote and Tron use compatible address coding derived from Bitcoin and ERC20 is largely compatible with TRC20, but that doesn't mean there is no extra fees... As long as you use more than one blockchain, there is always a fee, if the blockchain itself has a transaction or node fee. Some blockchains allocate "resources", but those are just "prepaid" fees...

So what does this teach us?

There is no decentralized exchanges... There is just exchanges that use internal or external bookkeeping... So-called decentralized exchanges are not more secure as they rely on trust that the contract operating the exchange and contracts operating the tokens are safe and bug-free.

Like I mentioned earlier centralized exchanges can have a lot lower fees due to internal off-chain bookkeeping.

United States of America is already declared lost cause... Delaying one legislation change doesn't fix the core issue.

Like I said when Bittrex announces split to USA and rest of the world, the governments are trying to isolate continents as own sub-Internets that are not connected with each other...

This is akin to the notorious EUnet-IRCnet split during early days of public internet.

Welcome to North Korea!

I wish I could disagree, but yes this does seem to be the direction things are going...

As far as what I have understood, USA (and Donald Trump) has tried to alienate itself from both EU and China, and EU has tried to alienate itself from USA to get closer to China. EU heavily depends on import from and export to China.

With him on the way out, things could change drastically...

I don't think so... Even though Donald Trump made a lot of bad decisions, I think this specific one was due to a international treaty... And international treaties are something Donald Trump can't decide alone...