Part 4/15:
Greg Exothalis highlighted the impracticality of enforcing such provisions, noting that for standard peer-to-peer transactions—such as a casual transfer of bitcoin or NFTs—compliance is virtually impossible. For instance, a sender like a regular user with no identification verification system in place could send assets anonymously, making verification and reporting unfeasible. Conversely, the recipient would be compelled to collect personal identifiable information (PII)—a process that contradicts the very decentralized ethos of cryptocurrencies and raises privacy concerns.