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> Bitcoin (and Ethereum) were given a historic strategic value by the US Gov because they get grand fathered in that they are not required to have KYC & AML. C
by paulgb 7y ago
> Bitcoin (and Ethereum) were given a historic strategic value by the US Gov because they get grand fathered in that they are not required to have KYC & AML.
Could you elaborate on this (e.g. what law or decision are you referring to?) I tried searching for more info and only found another comment of yours[1]
1:https://news.ycombinator.com/item?id=21032259 https://news.ycombinator.com/item?id=21032259
- HashThis 7y agoWhen people launch tokens (new cryptocurrencies) today, they need to be KYC and AML compatible. KYC and AML add so much friction, it destroys usage. It blocks it from working on some parts of the planet. (Small third world countries don't all of the FinCen-like organizations that exist across the US and Europe)
- paulgb 7y agoWhat's the law or legal precedent that grandfathers Bitcoin and Etherium?
- HashThis 7y agoThe SEC sues people who launch tokens without KYC and AML these days. The SEC is having a hard time finding Satoshi. Here is where SEC has grandfathered in ETH and BTC specifically: > The SEC has declared that Ethereum and its digital coin ether, are not securities today, during the Yahoo Finance summit. https://www.cnbc.com/2018/06/14/bitcoin-and-ethereum-are-not-securities-but-some-cryptocurrencies-may-be-sec-official-says.html https://www.cnbc.com/2018/06/14/bitcoin-and-ethereum-are-not...