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Replying to Avatar Shawn

This looks to be an existential threat to custodial Bitcoin startups operating in the United States and possibly to any entity running a node.

> The recommendations go on, however, to claim to close “loopholes in Treasury authorities.” It does this by defining “virtual asset wallet providers, certain blockchain validator nodes, and decentralized finance services” as “financial institutions.” This definition would make each of these entities subject to the Bank Secrecy Act (BSA). Treasury also recommends that “DeFi service providers, noncustodial wallet providers, miners, and validators” all be treated the same as financial institutions and banks.

https://www.coincenter.org/in-an-effort-to-close-perceived-loopholes-treasury-recommends-massive-expansion-of-warrantless-surveillance-and-power-to-sanction-open-source-software/

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kidwarp 2y ago

No msb/mtl & aml/kyc = criminal

It was only a matter of time

I spoke about these issues years ago

It’s all starting to play out

We’re all going to get labeled as criminals/terrorists

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