The unending urge to identify cryptocurrency holders stacks up and causes a lot of nuisances in the system. Ten days ago as highlighted in this post by me, FinCEN imposed cryptocurrency regulation laws, this fine-tuned laws were more of a dreading want to have an eye over all crypto activities, thereby stimulating a rather non-private system whereas - in my opinion : is all formed up as a bridge to the whole flexibility and supposed farial nature of crypto ownership. FinCEN really be posing on vanity because crypto holders are not ready to accept the so called " Earth to FinCEN concern over monetary transactions" The new rule forces owners of self-hosted cryptocurrency wallets to give up vital personal data, and that's a No response from crypto holders because this abolishes the whole system concept. These data required is really not the best way forward, imagine holder a huge fraction of Bitcoin, let's say 10 BTC, at the currency price value, making such transaction with your personal data publified is a huge threat to your safety in the first place, and having no big ground amongst the gang of rich nerds and finance Morgans, there's a chance you may be alleged and sued for it, losing against this allegations will end you up in three grounds, losing your money, gaining more charges and in all, a possible prison pass for adoption.
At your leisure you can go through the comments for Certain Transactions Involving Convertible Virtual Currency or Digital Assets documented by FinCEN, if you really ain't ready to be bored out by bunch of blurted out shits, pussy-footed words that I myself couldn't waste a minute reading. I was more concerned about the public contributions, Over 7.37k visible comments out of over 65k comments and still counting yet, this is my favorite from a recent report I read, anonymous: “touch bitcoin and you will feel the wrath u moneygrabbing pric [sic].” Hilarious, but now I wish he added 3inches before "pric" :)
SO FAR
Lots of industrious leaders including Coinbase, Fidelity and Coin Center have also filed more serious comments. Coinbase has been silent in terms of implementing these regulatory laws, at the moment Coinbase will not ask you for any personal data for any transaction in or out.
"The Financial Crime Enforcement Network (FinCEN), a unit of the U.S. Treasury Department wants crypto exchanges to collect a lot more data about individuals transferring more than $3,000 in cryptocurrencies into private wallets. The crypto industry isn’t having it"
Under the proposed FinCEN rule, unveiled late last month, exchanges would have to collect names and home addresses for the owners of private crypto wallets (also referred to as self-hosted wallets, unhosted wallets or sometimes just “wallets”) receiving more than $3,000 in cryptocurrencies in aggregate in a day. If a wallet receives more than $10,000, the exchange would be required to file a Currency Transaction Report (CTR) to FinCEN.
Oh well, it is clear that FinCEN now seek measures to implant their visual on Bitcoin whales, thereby protesting a monetary bound, the likeness of calling high fraction holders launderers, conducting suits and some other stupid shits that are obvious at this instance. The bureau of U. S. Treasury Department is rather thirsty at the moment, "The proposed rule goes beyond Bank Secrecy Act requirements, a16z claimed. Haun and Albanese’s letter said correspondent banking most closely resembles the FinCEN rule’s KYC obligation, but goes far beyond what correspondent banks must comply with"
“There, the BSA requires banks broadly to understand the correspondent banking customer’s customer base, but only seldom might a financial institution subject to the BSA know and collect information about the identities of specific customers of its respondents. Here, the proposed rule requires that Covered Entities collect information on their customers’ counterparties, and potentially take steps to verify such information, in all cases. ”
What's The Way Forward?
Well if you ask someone like me that lives in pluto, I'd say this is all just a cold approach, Crazy enough reports state that there's actually no legal rights to implement this laws and if this shoots true, it will be in favor of crypto holders. I personally don't see any good intentions in all these FinCEN rants, all of it is just a plot to have all crypto transactions on the government database, regardless of how high or low of a fraction it is, such cold shits.
Gif Created by me