Now that Trump has been elected, Bitcoin enthusiasts and companies alike have high hopes for the future of Bitcoin in the United States. We can clearly see this reflected in the price of bitcoin, which continues to reach new highs during the election.
Although it is interesting to watch Bitcoiners in the US breathe a sigh of relief for something as collective as bitcoin price pumps (important), it is also important to realize that if we do not remain vigilant and lose our ability to exchange privately and anonymously as possible with bitcoin, as some rightly suggest that it can easily happen, there – then we will have failed in our work.
Former presidential adviser Pippa Malmgren on Bitcoin legalization:
"If you make crypto and Bitcoin legal […] you can’t keep yourself anonymous, you have to announce yourself."
"You cannot escape access to the US Government. […] And because we are… pic.twitter.com/aVeZBKodQ4
— L0la L33tz (@L0laL33tz) November 8, 2024
While it appears that the Trump administration will be kinder to the Bitcoin and broader crypto industry than the Biden administration, we still have little idea what the regulatory details will look like under the incoming administration. Also, the judge in the Tornado Cash case recently suggested that the Bank Secrecy Act (BSA) does not require the control of funds (private keys) to transfer money, meaning we may soon see a legal basis that sets the stage for a much larger one. AML/KYC requirements for Bitcoin users.
Main points of @TornadoCash verdict (so far):
(1) BSA does not require transfer control
(2) the 2019 guidance does not have a comprehensive regulatory requirement for cash transfers, either "complete independent controller" it’s just one part of a four-pronged test… https://t.co/1rnB2SCVpA— Zack Shapiro (@zackbshapiro) September 26, 2024
If we don’t support efforts to legally protect our right to peer-to-peer exchanges without providing personally identifiable information, we will lose one of Bitcoin’s core value propositions.
So, by all means, celebrate the fact that the incoming administration is supporting things like Bitcoin mining in the US and the right to hold your private keys, but be wary of what the administration and the courts are saying about the need to provide identification. experience using bitcoin – and you’re ready to go back.
This article is a Take it. The views expressed are entirely those of the author and do not reflect those of BTC Inc or Bitcoin Magazine.