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Technically speaking, every Ethereum node operator with that code is now potentially an unlicensed money transmitter, in violation of U.S. banking regulations.

Technically speaking, every Ethereum node operator with that code is now potentially an unlicensed money transmitter, in violation of U.S. banking regulations. It'll really only take getting enough of the right ears to get this recognized. Make no mistake, it was never the intent of the United States Government to leave the door open to everyone to operate their own personal money transmitter. That's actually something I like about this to be honest. There really is no avoiding coming to terms with the fact that structurally speaking, the U.S. regulatory edifice outsources to private industry. All the typical "It's a private business, not the government" people need a reality check. This is how regulation works.

from 4y ago
> Technically speaking, every Ethereum node operator with that code is now potentially an unlicensed money transmitter, in violation of U.S. banking regulations. Except Treasury has released guidance saying the opposite. Not sure what would make one so giddy about a mandatory and opaque financial surveillance apparatus being a part of daily life.
- salawat 4y ago
  >Not sure what would make one so giddy about a mandatory and opaque financial surveillance apparatus being a part of daily life. The part where it becomes common knowledge and we actually have a more public discussion on whether it's a good idea in the long run. I actually feel quite squicky about the fact that most people don't seem to realize there's this orchestrated black hole capability strategically wielded with very little recourse by the Executive.
  - notch656a 4y ago
    The sooner Americans realize they're basically all criminals, the better. The arbitrary and capricious selection of who to hold accountable for TC transactions is classic divide-and-conquer tactic. The 'honest' reader here should realize they aren't the 'good guy'. They're just someone a prosecutor hasn't found convenient to destroy yet.

from 4y ago

> Technically speaking, every Ethereum node operator with that code is now potentially an unlicensed money transmitter, in violation of U.S. banking regulations. Except Treasury has released guidance saying the opposite. Not sure what would make one so giddy about a mandatory and opaque financial surveillance apparatus being a part of daily life.

salawat 4y ago
>Not sure what would make one so giddy about a mandatory and opaque financial surveillance apparatus being a part of daily life. The part where it becomes common knowledge and we actually have a more public discussion on whether it's a good idea in the long run. I actually feel quite squicky about the fact that most people don't seem to realize there's this orchestrated black hole capability strategically wielded with very little recourse by the Executive.
- notch656a 4y ago
  The sooner Americans realize they're basically all criminals, the better. The arbitrary and capricious selection of who to hold accountable for TC transactions is classic divide-and-conquer tactic. The 'honest' reader here should realize they aren't the 'good guy'. They're just someone a prosecutor hasn't found convenient to destroy yet.