Mnuchin’s DISASTROUS Crypto Regulation

skycorridors (71)in #bitcoin • 4 years ago (edited)

https://open.lbry.com/@NaomiBrockwell:4/Mnuchins-DISASTROUS-Crypto-Regulation:6?r=FDreZsjE2C4VBDAr8tVX1a56tJRe5Hpq

Treasury Secretary Mnuchin plans to rush out new regulation regarding self-hosted crypto wallets before the end of his term.
Apparently the proposed regulation would “require financial institutions like Coinbase to verify the recipient/owner of the self-hosted wallet, collecting identifying information on that party, before a withdrawal could be sent to that self-hosted wallet” according to Coinbase CEO Brian Armstrong

So what would this ruling mean? Don’t want to have to KYC a store before buying groceries? Want to participate in DeFi? Then move your money out of financial institutions and into non-custodial wallets. Remember: not your keys, not your coins.

Happy thanksgiving everyone!

Reporting by C. Edward Kelso and Naomi Brockwell
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#crypto #cryptocurrency #regulation #privacy