the Department of Justice is deviating from established FinCEN rule-making, which still de jure considers that noncustodial software developers who do not take custody of funds are not liable to be licensed as money transmitters and are not required to implement KYC/AML programs
This will affect SN, yes we are going noncustodial and as the quote mentions the current law is that if a company doesn't hold the funds they are not required to have licenses. But it seems this entity FinCEN is pushing to change that and hold companies or indie developers accountable if they produce software that would transmit money (zapping a post for example) and doesn't KYC their users.
What's left? Custodial-custody... oh I mean "hosted wallets"?
Yes that are all fully-KYC and hold your funds. Don't want to give them back to you?
Oh that's too bad.
There is nowhere near enough conversation or dialogue about what is going on right now.
Yea Orwell really nailed it. I always find it hilarious to watch people argue about which political party is "literally 1984" as they continue to watch their rights disappear regardless of who is in power.
This will affect SN, yes we are going noncustodial and as the quote mentions the current law is that if a company doesn't hold the funds they are not required to have licenses. But it seems this entity FinCEN is pushing to change that and hold companies or indie developers accountable if they produce software that would transmit money (zapping a post for example) and doesn't KYC their users.
I mean wake up. Am I crazy? Doesn't this basically end the Bitcoin-software community in the United States?
Self-custody wallet developers. Gone. Self-custody Lightning developers. Gone.
What's left? Custodial-custody... oh I mean "hosted wallets"? Yes that are all fully-KYC and hold your funds. Don't want to give them back to you? Oh that's too bad.
There is nowhere near enough conversation or dialogue about what is going on right now.
What is the point of having a non-custodial app KYC their people if it's non-custodial anyway?
Good question
This is going to be highly disruptive so few actually want this to be discussed. Honey badger don't care?
Honey Badger 100% doesn't. But there is a meat-space too you know.
so glad i dont live in the US
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very true, the IRS is a very disgusting and scary thing tho
Why is every name a government agency comes up with for a rule or regulation always the exact opposite of what it actually is?
Sounds familiar.. do you know the ministries in 1984?
Yea Orwell really nailed it. I always find it hilarious to watch people argue about which political party is "literally 1984" as they continue to watch their rights disappear regardless of who is in power.