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Unfortunately, saying that something is "illegal by design" is not usually an effective defense. This is just the kind of thing that cryptocurrencies need to c
by Arcuru 5y ago
Unfortunately, saying that something is "illegal by design" is not usually an effective defense.
This is just the kind of thing that cryptocurrencies need to contend with if they want to be used everywhere. Either they need to comply with the existing financial regulations or become powerful enough that they can change the financial regulations.
- josho 5y agoOr where we are today raise enough attention (through articles like this) that this new requirement does not become law.
- BitwiseFool 5y ago>"saying that something is "illegal by design" is not usually an effective defense." Is it though? Putting onerous requirements on something is an excellent de-facto way to effectively outlaw something when there isn't enough political will to directly ban it. Edit: Look no further than what Texas is trying to do with abortion access. They can't directly outlaw abortion but they can add a bunch of inane requirements that make getting one prohibitive. Alabama continually passes laws that put additional requirements on the staff of abortion clinics and most of them are not reasonable, unless the reason is to make operation increasingly difficult. https://www.prochoiceamerica.org/state-law/alabama/ https://www.prochoiceamerica.org/state-law/alabama/
- Cederfjard 5y agoWell, I guess it boils down to whether the requirements are still reasonable or not? If yes I guess the grandparent comment stands, if not I suppose there might be reason to review them. But just because something inherently can’t comply with laws and regulations doesn’t mean it should be given exemptions.
- deleted 5y ago[deleted]
- tata71 5y agoLike Uber changed taxi licensing just about anywhere they flexed their wallet?
- godelski 5y agoLegal also didn't mean moral. But we're also talking about making something a law or not. I'm not sure how your comment really responds to the person saying that they don't want this to become the law.
- matheusmoreira 5y ago> become powerful enough that they can change the financial regulations This is what should happen.
- bonzini 5y agoUntil then (or for that to happen) they should focus on solving the issues that the reporting requirements are meant to solve. Sure, all transfers are visible in the blockchain, but how do you preserve that information across tumblers and/or associate wallets to tax IDs?