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115 sats \ 5 replies \ @justin_shocknet 5 Jun \ parent \ on: Save Our Wallets – Protect Your Right to Transact Freely Politics_And_Law
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If you're changing or clarifying the law already, just do it correctly
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That's it. Why Spiral would be behind this is, Square already has money transmitter licenses and would love to keep unlicensed services down. Every other transmitter would spend on lobbying against a good version of this.
This is will make it much easier for transmitters to selectively wage lawfare against competition with better cost structures and UX. Standard deep state playbook, bad stuff... squash it and make noise over something that's not a corporate protection job.
What? So you think that we should remove regulations on Cash App and Coinbase (custodial wallets) and this is so important that we shouldn't try to get the (actually maybe achievable) outcome of making non-custodial wallets less regulated, and that somehow this is good for Block (the company behind Cash App, that generally drowns in regulations)? Enabling people to better build non-custodial wallets that outcompete Block's products is...good for Block? Okay man.
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making non-custodial wallets less regulated
Stop lying, there's no regulation on non-custodial wallets.
There's the Blanche Memo and favorable case law in the hopper.
should remove regulations on Cash App and Coinbase
Yes.
that somehow this is good for Block
You're really incapable of having an honest back and forth.
Deregulation is bad for Block, who spends a fortune to maintain a regulatory moat. This isn't de-regulation, it's regulation affirming because your boss is scared of what's happening at the DOJ/Courts.
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There's the Blanche Memo and favorable case law in the hopper.
The Blanche Memo can and will be reversed by the next administration. There is no case law here.
I'm not gonna bother engaging on the Block nonsense, if you think Block is evil, great, go read Coincenter's view on this, Bitcoin Policy Institute's view, CCI, or literally any other lawyer's take on this stuff.
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There's no regulation against self-custodial software. Fact not opinion.
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the next administration?
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