A stupid I.T. illiterate senator wants to introduce a new bill

[HAL1000]

THIS WOMAN MAKES ME WANT TO PUKE, SHE IS  I.T. ILITERATE AND DEAD WRONG... GO GET AN EDUCATION IN I.T. AND CRYPTO, BEFORE PUSHING THIS TYPE OF CRAP.

SEN. ELIZABETH WARREN INTRODUCES SWEEPING ANTI-PRIVACY, ANTI-FREEDOM BITCOIN BILL

U.S. Senators have introduced a bill that would have a direct impact on the categorization and regulation of bitcoin miners, wallets and nodes.

https://bitcoinmagazine.com/legal/elizabeth-warren-introduces-anti-bitcoin-bill

https://bitcoinmagazine.com/legal/sen-warren-unconstitutional-crypto-bill

 

Edited December 15, 2022 by HAL1000

[HAL1000]

If this bill passes, then to put it simply, everyone who stores their crypto on any type of self hosted wallet, outside of an AML / KYC compliant exchange in the USA, would have to go through KYC / AML and also have to know who they are sending crypto to, via a KYC, AML system.

Crypto is global, if this passes, good luck, freedom loving America, it's not just unworkable, its unconstitutional, if you send $5 to someone in real dollars, so what, if you do it using crypto, THEY want to know about it. That's what this bill boils down to. Want to send a dollar to a kid in Africa, who hasn't gone through AML / KYC and has a wallet APP on their phone... nope you can't do that if you're a US citizen, not if this STUPID BILL passes.

Edited December 15, 2022 by HAL1000

[peanut56]

I watched a short video of Mrs. Warren yesterday. Most of her arguments could handled with regulating CEX's. As far as DEX's, wallet to wallet, mixers, and the sorts. What I don't see is how the blockchain is any more of a threat and probably less so since a public ledger exists documented transactions, than that of cash being handed off from one person to another. In the end the same tools that are utilized for money laundering, terrorism, drugs, ect will be used with both traditional markets and a new market known as blockchain.

The big difference is that it privatizes currency, which in the end is a threat to the FED. I forgot who made the quote, but it was something along the lines of "I don't care who runs a country, I care who controls the currency." The banks have enjoyed since the inception of the Federal Reserve a tool for bailing out banks. When money became freedom of speech, it allowed corporations the same opportunity for bank bailouts to apply to companies. So currently we have a private bank controlling a nations money that was in bed with the politicians and companies who now are in bed, through lobbying, and a new asset class that disrupts the current circle jerk of power.

This is similar to World Trade Center attacks. The utilization of a crime/crimes to sensationalize an issue, create fear, and with that fear conjure up laws that "fix the terrible new thing" while really just allocating power and control over it or the people.

Blockchain isn't the problem, having honest regulations that protect new comers and companies can be controlled with proper regulation involving the on off ramps, auditing of exchanges, and generally regulating public facing companies. Private decisions or risks are that, they are private. So she has either been ill-informed or being influenced with her posturing.

[HAL1000]

https://www.btcpolicy.org/articles/senator-warrens-misguided-war-on-self-custody-of-digital-assets