pull down to refresh
158 sats \ 5 replies \ @cyphercosmo 30 Dec 2024 \ on: The two-pronged Eleventh Hour IRS squeeze on Bitcoin and crypto developers bitcoin
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.
reply
What is the point of having a non-custodial app KYC their people if it's non-custodial anyway?
reply
Good question
reply
This is going to be highly disruptive so few actually want this to be discussed. Honey badger don't care?
reply
Honey Badger 100% doesn't. But there is a meat-space too you know.
reply