Lummis signed onto KYC mining and anti mixing provision for a bill. That sets up their blackrock fork.
They can't kill Bitcoin outright but they will try to stunt it's growth. It's going to be a giant mess.
Discussion
Failing to see why a bill is relevant here.
There isn’t even a majority of bitcoin trading volume in the US.
I have no doubt they may try to fork it some day but most of them don’t even understand how it works yet. I don’t have much faith that they would be able to pull off anything close to a successful fork.
They are much more likely to try and attack it with the legal system if they do attack it and that won’t work because of jurisdictional arbitrage.
Let me be clearer.
I think they are going to say : all blocks mined in the US MUST build on an OFAC AML KYC compliant chain. No mixing allowed, no anonymous txs allowed.
That's a de-facto fork.
Then BlackRock uses that fork. Coinbase too (by extension). And then they say : exchanges that deal in something else than our fork are dealing in shitcoins and that's not allowed.
So to transact with these entities, you must use a KYC/AML enabled wallet.
That's the attack I envision. The bill is a clue in that direction.
I wouldn’t be surprised if they tried something like this but the only way for it to work long term would be for them to have a majority of global trading volume, a majority of nodes, and a majority of miners all on their side.
I don’t think they have anywhere close to that nor do I think they will be able to amass it even with all of the wealth they manage. It flys in the face of why bitcoin has any value in the first place so ultimately I think it will fail and the people that buy into their scams will get hurt in the process 🤷♂️.
Idk maybe I’m naïve but I just don’t think it’s a big concern tbh
We already has an ofac fun with Marathon. Didn't go well at all.
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