3 ms·

> To subject miners to FinCEN rules, the US would have to recognize bitcoin (and any other cryptocurrency one wanted to so regulate) as a legal currency. Isn't

• jjk166 5y ago
  Yes, but recognizing it as a foreign currency would be a huge gain in legitimacy, which would seriously work against the author's stated goal of disrupting cryptocurrencies. Further, it's not enough to only require this for bitcoin, people would just jump to the next cryptocurrency. You'd essentially have to recognize all mined cryptocurrencies as valid foreign currencies (which would probably lead to a whole slew of complications) or significantly amend many existing laws to create some third category, which again goes against the author's "use existing laws to deal with bitcoin" approach. Of course once we get into this quagmire of trying to determine what exactly counts as a money transmission, there will be a whole host of financial institutions who will throw quite a bit of money at the prospect of creating new loopholes in existing regulations. All in all I would be very surprised if the author would desire the actual outcomes of their stated plan.