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Users will be forced into other systems that are less tested and less regulated, forced to tie their wallet to the public ledger, or forced to pay high fees to
by whatisweb3 4y ago
Users will be forced into other systems that are less tested and less regulated, forced to tie their wallet to the public ledger, or forced to pay high fees to centralized exchanges to achieve similar privacy.
One compromise would be a US-based smart contract mixer that provides strong privacy but allows the US government to request transaction history in extreme cases. These addresses can then be sanctioned, frozen by USDC and barred by all regulated CEX.
- uncomputation 4y agoThat’s not a compromise at all to me. That’s total capitulation. Once any party has the right to sanction or ban and CEX comply with government orders, what is the point?
- whatisweb3 4y agoThe US government already has the right to sanction crypto addresses, they just did today with Tornado Cash. USDC also has the right to freeze funds, they have done it already. I would rather see the US support privacy, but if they refuse to allow their citizens the right to financial privacy, then at least they could provide better systems for regular users to keep their crypto transactions private from the entire world.