I hear you. However, state-by-state laws on Bitcoin will not cover federal regulation or transactions sent out of state or country. The receivers of said transactions are still subject to the laws of their local jurisdiction or country.
Marijuana legality in the US on a state by state level is admittedly not a 1-1 exact comparison here, but it will serve as a similar example:
Marijuana is still illegal on a federal level. Just because Marijuana is legal in one state, does not mean you can travel or use it in another state where it is illegal, or ship it to a country where it is illegal. Medical marijuana cards are issued at the state level and are typically only valid for use within that state. Traveling within the United States with medical marijuana is typically only legal if a reciprocity program exists.
You know I love you GLACA, so let's agree to disagree here. The Samurai folks (charged with money laundering and Unlicensed Money Transmitting offenses) might also disagree with you about the current state of Bitcoin, privacy, and regulation.
"Because of the company’s disregard for regulation, it’s alleged that Samourai Wallet laundered more than $100 million in criminal proceeds."
*Warning, this link goes to a gov site:*
https://www.justice.gov/usao-sdny/pr/founders-and-ceo-cryptocurrency-mixing-service-arrested-and-charged-money-laundering
According to the US gov:
"Engaging in a money-transmitting business without being duly licensed or registering the company by federal regulations is a serious federal crime under Title 18 U.S. Code 1960.
18 U.S.C. 1960 prohibits operating a money-transmitting business without being licensed or registered. In other words, this federal statute makes it illegal to conduct financial transactions or provide services related to transmitting funds at the foreign or interstate level without being duly licensed by an appropriate state or federal agency."
When the US decides to back the dollar with a Bitcoin reserve, it will become more regulated on a federal level in the States, as it already is and has been in other countries.
And when AI is put to work doing on-chain heuristic analysis on the Bitcoin public blockchain, even the privacy hoops some Bitcoiners go through to try and achieve some level of privacy will be of little use. This is the nature of a public blockchain without privacy baked in on a protocol level.
"The U.S. government has taken steps to regulate the cryptocurrency market, with the White House outlining a "whole-of-government strategy" to protect consumers, financial stability, and national security."
Any digital transaction that takes place on a public blockchain is even less private that the strategic use of fiat.
Here are some links to check out:
https://www.investopedia.com/news/bitcoin-has-regulation-problem/
https://www.investopedia.com/cryptocurrency-regulations-around-the-world-5202122
Ava
npub1f6…azcka
2024-07-31 17:18:06
in reply to nevent1q…mzju
Author Public Key
npub1f6ugxyxkknket3kkdgu4k0fu74vmshawermkj8d06sz6jts9t4kslazckaPublished at
2024-07-31 17:18:06Event JSON
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"content": "I hear you. However, state-by-state laws on Bitcoin will not cover federal regulation or transactions sent out of state or country. The receivers of said transactions are still subject to the laws of their local jurisdiction or country.\n\nMarijuana legality in the US on a state by state level is admittedly not a 1-1 exact comparison here, but it will serve as a similar example:\n\nMarijuana is still illegal on a federal level. Just because Marijuana is legal in one state, does not mean you can travel or use it in another state where it is illegal, or ship it to a country where it is illegal. Medical marijuana cards are issued at the state level and are typically only valid for use within that state. Traveling within the United States with medical marijuana is typically only legal if a reciprocity program exists.\n\nYou know I love you GLACA, so let's agree to disagree here. The Samurai folks (charged with money laundering and Unlicensed Money Transmitting offenses) might also disagree with you about the current state of Bitcoin, privacy, and regulation. \n\n\"Because of the company’s disregard for regulation, it’s alleged that Samourai Wallet laundered more than $100 million in criminal proceeds.\"\n\n*Warning, this link goes to a gov site:*\n\nhttps://www.justice.gov/usao-sdny/pr/founders-and-ceo-cryptocurrency-mixing-service-arrested-and-charged-money-laundering\n\nAccording to the US gov:\n\n\"Engaging in a money-transmitting business without being duly licensed or registering the company by federal regulations is a serious federal crime under Title 18 U.S. Code 1960.\n\n18 U.S.C. 1960 prohibits operating a money-transmitting business without being licensed or registered. In other words, this federal statute makes it illegal to conduct financial transactions or provide services related to transmitting funds at the foreign or interstate level without being duly licensed by an appropriate state or federal agency.\"\n\nWhen the US decides to back the dollar with a Bitcoin reserve, it will become more regulated on a federal level in the States, as it already is and has been in other countries. \n\nAnd when AI is put to work doing on-chain heuristic analysis on the Bitcoin public blockchain, even the privacy hoops some Bitcoiners go through to try and achieve some level of privacy will be of little use. This is the nature of a public blockchain without privacy baked in on a protocol level.\n\n\"The U.S. government has taken steps to regulate the cryptocurrency market, with the White House outlining a \"whole-of-government strategy\" to protect consumers, financial stability, and national security.\"\n\nAny digital transaction that takes place on a public blockchain is even less private that the strategic use of fiat.\n\nHere are some links to check out:\n\nhttps://www.investopedia.com/news/bitcoin-has-regulation-problem/\n\nhttps://www.investopedia.com/cryptocurrency-regulations-around-the-world-5202122",
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