Now that Trump has been elected, bitcoin enthusiasts and businesses alike are more optimistic about the future of bitcoin in the United States. We can clearly see this reflected in the price of bitcoin, which continues to reach new all-time highs following the election.
While it is exciting to see US Bitcoiners breathe a collective sigh of relief as the price of bitcoin rises (which is important), it is also essential to recognize that if we do not stay alert and lose our ability to perform transactions privately and as anonymously as possible with bitcoin, as some rightly suggest could easily happen, then we will have failed in our mission.
<blockquote class="twitter-tweet”>
Former presidential advisor Pippa Malmgren on bitcoin legalization:
"If you legalize cryptocurrencies and bitcoin (…) you cannot keep them anonymously, you have to declare them."
"You will not be able to escape the reach of the United States government. (…) And because we are in… pic.twitter.com/aVeZBKodQ4
— L0la L33tz (@L0laL33tz) twitter.com/L0laL33tz/status/1854897168546513364?ref_src=twsrc%5Etfw”>November 8, 2024
While it appears that the Trump administration will be friendlier to bitcoin and the crypto industry in general than the Biden administration, we still have little idea what the regulatory details will look like under the incoming administration. Additionally, the judge in the Tornado Cash case recently posited that the Bank Secrecy Act (BSA) does not require fund control (private keys) for the transmission of money, which means we may soon see a precedent legal that lays the foundation for much greater actions. AML/KYC requirements for bitcoin users.
<blockquote class="twitter-tweet”>
main points of the twitter.com/TornadoCash?ref_src=twsrc%5Etfw”>@TornadoCash
(1) BSA does not require control for money transmission
(2) the 2019 guidance does not have a broad control requirement for money transmission, and "fully independent control" It is simply one part of a four-factor test specific to… https://t.co/1rnB2SCVpA
-Zack Shapiro (@zackbshapiro) twitter.com/zackbshapiro/status/1839417680186765569?ref_src=twsrc%5Etfw”>September 26, 2024
If we do not support efforts to legally defend our right to conduct peer-to-peer transactions without having to provide identifying information, then we will have lost one of bitcoin's main value propositions.
So, of course, let's celebrate the fact that the incoming administration supports things like bitcoin-to-be-mined-in-the-us.html”>bitcoin Mining in the USA and the right to keep your private keysBut keep an eye on what both the administration and the courts say about the need to provide identifying information to use bitcoin, and be prepared to fight back.
This article is a Carry. The opinions expressed are entirely those of the author and do not necessarily reflect those of btc Inc or bitcoin Magazine.
<script async src="https://platform.twitter.com/widgets.js” charset=”utf-8″>
