"This law take effect on Jan 1, 2024, and will require citizens who are recipients of crypto payments of $10,000 or more to report to the government not just the transaction, but the PII (personal identifiable information) of the sender as well–all without a warrant."
Discussion
Isn't that also happening in the EU for all transactions?
Yes but in the EU the limit will be 600 bucks.
And with inflation eating that value away constantly in a few decades, or shorter, it will be no different than a couple bucks today. Yaaaaaay
Is that what Mica says?
It's a democracy though so this must be what most people want
and it is always the best to force on all, what most people want😁
I thought America had some kind of protection against this, like a bill of rights or something
unfortunately the ideals/ values that are actually behind the constitution can only be realized in the complete absence of government/ monopoly on violence.
the bill of rights is probably well meant, but in the end it is still a part of a system that has the monopoly on violence and thereby destined to be corrupted.
a 51% democracy is still a 49% dictatorship.
#bitcoinfixesthis
Land of the free!
🤡🌎
This one will make its way through the courts and it has the makings of a Supreme Court case. It’s implementation likely to be stayed until resolution.
Scary stuff.
They're appealing to the 6th circuit court. The Chief looks pretty good.
big big oof
Laws and regulations supposedly enacted to protect citizens now being used against the citizens. Funny how that works.
Freedomlawschool.org
nostr:note1fn4xu4ysta4macqdrfdg0mtnkxgjlqkj0wfguvhsk5q36hflc9aqmpdz22
Freedomlawschool.org
NON-KYC sats would be priceless.
Thank God for Easysats and Azteco
which is the opposite of what #btc has always been meant for - anonymity and freedom
don't care 🦡
Worst thing is that in the foreseeable future $10k ain’t gonna be that much worth of goods or services.
And once its acceptable at any amount it will eventually be acceptable for any amount.
Shove it
I thought Congress passes the laws in the US 🤔
This is completely unenforceable at scale, though they could scare people into compliance by making some public examples.
How will this work because each block mined at current price after halving would have to be reported as well as it would be over that threshold?
Will this apply to people who already live on a bitcoin standard too? If not that might be another advertisement for people to try to get off of fiat