Biden administration freezes private wallet KYC bill

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A recent proposed Financial Crimes Enforcement Network (FinCen) bill would enforce a law where exchanges would be required to collect Name, Social Security, and Address of private wallets used to connect to exchanges.

This change would extend KYC allowing the US government to collect and keep record of every private wallet that ever touches an exchange.

This bill was proposed and was set to expire during the Christmas and New Year holiday but was granted an extension prior to Biden taking office. This would allow for Biden's administration to decide on this controversial bill.

This bill (among most others) has been frozen and will be reviewed at a future date once the Biden administration has deemed it appropriate. This is a common practice as a new administration takes office.

This bill if approved would require a full KYC (know your customer) approval process to use a private wallet with an exchange. This means photo id, name, address, and social security number. This would be required before you can withdraw funds to your own wallets.

While this is good in the sense the bill won't be pushed to law without much publicity, the end is no where in sight as the nominee for Treasury suggested recently that Bitcoin and other crypto must be "curtailed" as it is mainly used for illegal activity.

"You're absolutely right that the technologies to accomplish this change over time, and we need to make sure that our methods for dealing with these matters, with terrorist financing, change along with changing technology,"
Treasury nominee Janet Yellen


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Without privacy what is the point of freedom. It’s disturbing to think that our society is moving towards the mindset that if you want your data private and your finances un-surveilled you must have something to hide. Anyone with “something to hide” must be an enemy of the state. These are twisted times... And many are beginning to ask questions like, “What advantages do common citizens have for participation within a country.” These are the sorts of totalitarian thinking that strip individual freedom, erode trust, and dissolution the vision people have for building a future that’s worthwhile.

I hope freedom loving people everywhere resist this bill and the notion of “domestic terror”. At some point will they begin to ask better questions of themselves and hold responsibility for their own actions to their constituents? We are not electing overlords here... we are electing representatives...

And if those representatives do not listen to the people who elect them... what should those people do? I fear that democracy by representation may have to evolve to democracy by itemized issue.

Human freedoms need to continue to evolve rather than contract. When they are contracting it is every citizens responsibility to ask politely (at first) and then demand an accounting of actions (or lack there of) taken.

Thanks for the write up @themarkymark. It’s good for me to catch up on general sentiment and to also get a sense of the state of society from time to time. I don’t listen or watch a lot of mainstream news as I like to be a bit removed from it. It helps me think more objectively for myself. Anyways... I’m counting this as a quick political check up around a very important issue.

I’ll be keeping an eye on this one.

Honestly, it would be better if I never had to use fiat again so while I hope it doesn't pass, I'm more concerned about getting everything in order so I don't have to use exchanges at all and thus not worry about it. If I need something I can't grow organically or mine I can hit a DEX, but prefer to just make my own. Soon we'll have tech that can replace the power of Visa's backing, no need for a physical card, and won't need to engage with the feds on their terms at all anymore. That's my hope. I want the government to remember we're running the show...not pawns to be played.

On a side note, on this subject, I wonder how long before I can just make my own coin and ensure it's value is stable, connect it to something like what Visa is doing with Block FI, and have my earning auto convert to my own money.

I agree...There's just so many loop holes to finance now. It's truly a new frontier with as many hazards as opportunities! Being a skilled operator with a critical and quick mind is where it's at! I like to equate investing and risk to driving. There's plenty of risky drivers on the roads... just like there's plenty of risky investors. People get so focused on the investment/vehicle that they forget the operative consideration is their own performance. And it's usually best to start off small and scale things out! That's how you avoid being the pawn that's played!

Thanks for taking the time to share your thoughts! It's always good to hear new peoples thoughts because it gets the brain juice going! 👍

Thanks for chiming I’m. I like your analogy. So many of us just trying to keep it on the road amid a pileup. Lol.

And gawd there’s a pileup out there right now isn’t there?! 😳😬😲😵

Everything I have is piling up :D

Hahaha! Keep on HODL’ing my friend! Price is what you pay BUT value is what you get. Keeping this kiln mind it’s pretty easy to know what needs to be piled and what needs to be pulled! 😆

Anything that can be staked definitely in the pile. 😁

Identity verification didn't solve that problem. Over the centuries there have been money laundering individuals and money-laundering banks. Identity verification is just one reason to easily gather information across borders for political purposes. When a new financial management platform comes into being, the old financial management platform always tries to hold back. The thing to consider here is whether the interests of individuals and the country are really interested or that group interests will overshadow all and forever.

It's a little worrisome. It seems to remove anonymity completely from the process. I can see how this is important from a justice-perspective but would seem to suck overall for everyone else.

Just stop declaring freedom "illegal," you authoritarian assclowns.

All these laws that try to contain crypto remind me of The red flag traffic laws that were enacted in the 19th century that atempted to regulate motor vehicle use.

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One Throneclub to bash them all, every citizen is a Terrorist, potentially.

It is really sad that the left-wing president is showing more support for economic freedom (cryptocurrencies and financial market) than the alleged right-wing Trump.

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NY state already has this law, coupled with a lengthy (and seemingly arbitrary) approval process for exchanges, and many limitations on what tokens the exchanges can trade. I cannot legally trade Hive here, without finding someone I trust out of state.

Federal regulation of this sort would allow them to effective kill any token at will, and with all the money in the game already, that will get politicized fast.

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I could write something, but Stalin says more than 1000 words.

Lol, once a roman senator proposed that all the slaves had to wear armband so free people could ID them.
The other senators told him to sit down, if the slaves ever figured out their true numbers they would rise up before nightfall.

So, for all you squares out there that will never buck the system, you are welcome, ingrates.

No one rules where none obey.

You know, the thing,...freedom.

Shut the fuck up dumb ass.

What a sad little man with his facist followers. Guess what? QAnon did not take over the government little military band player. Like many, I served in the military folks that talk shit? Not impressed.

Me? My folks? My family has served this Republic since the 1600s. Bring it! I got my cane in my left hand and my K-Bar in my right. Not a threat to anyone, just a warning for those that wish to commit sedition a second time.

amen to that and seditionist.. insurrectionist i think they should be called domestic terrorist and taken to a military tribunal.. if i had my way

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If you're on a CEX, I don't see how more KYC makes a difference... it's all a step in the wrong direction and we shouldn't be the least bit surprised. If we're doing things non-custodially as a rule, none of this matters. Or am I missing something here?

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We're mostly on a Cex at a rate of over 90%, lol. We've already in some form provided most of that data and information. So the narratives of cryptocurrency has been a bit weird as the driving force of why we're here. Doesn't seem quite consistent does it? Perhaps we're here for other reasons. Although Uniswap had a great 2020 it's still too expensive to use and not only that user friendly probably doesn't come to mind either. So you will probably see this continue for quite awhile. So I wouldn't worry about Biden policies or anyone elses for that matter. We been providing this data since we started.

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The main thing this will do is bring a rise in identity theft.