My submission to FINCEN's ridiculous new rules for crypto wallets - submissions close 4 Jan 2021

in #fincen26 days ago (edited)

Both @jrcornel & @brianoflondon have written about the need to object quickly to the new proposed regulations that would force US based crypto exchanges to do KYC on transfers to your own or other's crypto wallet.

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There is a ridiculously short 15 days period (from 18 Dec 2020) for comment (over Christmas and New Year!) ending 4 Jan 2021.

Here is the link to file a submission:

Also here

Here is my submission - feel free to copy parts.

The United States is the world leader in internet technology because it did not attempt to regulate the internet in its infancy.

Public blockchain technologies, enabled by cryptocurrencies, are a transformational change not just in finance, but in the whole way the internet works.

In particular, almost every current centralised application on the internet can be provided using blockchains as decentralised public back-end databases which can be shared between competing front ends. There are thousands of blockchain/cryptocurrency projects working on this right now, many with working systems with millions of users.

Thus the current problems centralised Big Tech like privacy infringement, lack of security, lack of data portability, anti-competitive behaviour and others can be solved by blockchain technology.

Interference in the natural development of this immense technological change with ill-thought out regulations like those proposed will not protect US national security - it endangers it by forcing technological leadership outside the USA.

These regulations will not stop terrorist financing or money laundering or ransomware - there are many better options for criminals.

It will only hurt law abiding citizens and endanger the United States technological and financial leadership.

Let the cryptosphere - Web 3.0 - develop in freedom like the internet for its Web 1.0 and Web 2.0 phases and the nation which is the beacon of freedom will benefit.

If the USA enacts these foolish and authoritarian measures it will further diminish itself and guarantee that the inevitable Web 3.0 revolution is led from elsewhere.

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submissions close 4 Jan 2010

Did you mean 4 Jan 2021?

This law could also mean surveillance on all of our activities on Hive, including social activities (e.g. what we post or vote etc) as it is still classified as crypto wallets 😫

Fixed. Thanks.

Yes. It risks the online privacy of those who chose to post anonymously on Hive.