If we don't stand up for ourselves against over-burdensome regulations, who will?
The crypto space needs your help to impact the outcome of the proposed rule changes regarding self hosted crypto wallets.
The Treasury Secretary Steve Mnuchin dropped a major regulatory proposal on the crypto space back on December 18th, a nice Christmas present for us all btw.
If this proposal is passed, the new law would essentially mandate that US based crypto exchanges verify users identities and their respective wallets whenever they withdraw over $3,000 to a self-custodied wallet, or if they move more than $10,000 to another platform.
This in itself is not the only problem, the whole thing has been rushed as well.
Rather than the normal 60-day period for comments, the regulatory body has only left the crypto industry with a 15-day window for feedback on the proposal.
Here's more on what you can do to help:
And if you can't write a letter, there is still a way you can help as well...
We may not even have to get these rules changed, but instead if we can just delay them until the current administration leaves office, which is what we may be able to accomplish with these letters etc., there is a decent chance that this gets looked at again and perhaps some more thoughtful regulations can be put in its place instead.
I understand the need to prevent money laundering and terrorist financing etc, but this is not the way to do it.
Sure we can prevent all sorts of crimes if every person in the world gives up all their rights and privacy to a centralized ruling authority, but that's not really what American is all about.
In fact, people fought and died to get away from those types of totalitarian ruling authorities.
Lets make sure to do our part to make sure we don't start heading down that path!
Stay informed my friends.
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