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279 sats \ 9 replies \ @Scoresby OP 17h \ parent \ on: Tether promoting their wallet dev kit again bitcoin
Yes, or perhaps they let you "manage" your tether tokens with a key you control (even though they can lock any tether they want at any time).
So I just went and doubled checked and in the Digital Asset Market Clarity Act of 2025 that is working its way through the House right now has a Protection of Self-Custody section and reading through it I believe it properly sets it up to where self-custody will not allow for the managed aspect.
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Maybe the reference is to this very short section on "Protection of Self Custody" which, to non-legal mind, seems incredibly limited (no self custody protection if you aren't going to follow sanctions law...well how is that going to be enforced?)
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From what I get out of this section, and yes there is always room for improvement this did manage to get bipartisan support though so naturally sacrifices had to be made, gives a user essentially how all other rights are promised... as long as you follow the law you are fine. I mean even the Second Amendment has limitation for violent offenders for what its worth (not saying it is right or wrong just what it is if that makes sense).
The Sec. of Treasury ie the Treasury Department is in charge of enforcement and would likely just follow the transactions. Think of it this way they are able to track and black list various terror org wallet addresses and so if you send money from your hardware wallet to fund ISIS then essentially your self-custody isnt protected anymore cause you just ya know funded ISIS.
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Think of it this way they are able to track and black list various terror org wallet addresses and so if you send money from your hardware wallet to fund [sanctioned party A] then essentially your self-custody isnt protected anymore cause you just ya know funded [sanctioned party A].
[sanctioned party A] coinjoins, so does Bob. Bob opens a lightning channel to your node with joined coins and spends the entire balance over a couple of months on zaps. Closes the channel because someone else offers better ppm fees.
The cyberspook company that we shall not name will now report coin in your wallet as linked to [sanctioned party A]. Do you lose your right to self custody? All you did was run a lightning node.
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Thanks for your insights here. I'm sure no bill gets this far without a lot of wrangling and changes.
My concern is not so much with the qualification, but with the door it opens for implementation.
It feels to me like this law leaves it pretty wide open for law makers to interpret this as: citizens may self custody if they do it the way we tell them (so we can ensure they aren't sending it to ISIS).
Finally, I'd note that neither the first nor second amendments felt the need to say that their respective rights were protected...except when people committed crimes with speech or guns.
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So working on legislation the reason that in general bills have gotten much larger the last 18 months or so is due to the fall of the Chevron Doctrine. Congress now has to directly tell exactly who exactly what they want. Also the pages are like freaking triple spaced and honest to god the words only are on a 4 maybe 5 inch space (notice now empty the sides are).
Plus with Finance law in particular they have to amend so many other laws and just opening the doc up I went to page 11 and this was the page
‘‘(II) a security issued by— ‘‘(aa) an investment com3 pany registered under section 8(a) of the Investment Company Act of 1940 (15 U.S.C. 80a– 8(a)); or ‘‘(bb) a person that would be an investment company under the Investment Company Act of 1940 but for paragraphs (1) and (7) of section 3(c) of that Act (15 U.S.C. 80a–3(c)); ‘‘(III) a deposit (as defined under section 3 of the Federal Deposit In15 surance Act (12 U.S.C. 1813)), ‘‘(III) a deposit (as defined under section 3 of the Federal Deposit In15 surance Act (12 U.S.C. 1813)), re16 gardless of the technology used to record such deposit; or ‘‘(IV) an account (as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752)), regard21 less of the technology used to record such account.
In honestly anything else this would be what maybe a quarter of a page a third tops but here its a whole ass page and there is a lottttttttt of this.
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