Now that Trump has been elected, enthusiasts and businesses alike are more optimistic about Bitcoin’s future in the United States. We can clearly see this reflected in the price of Bitcoin, which continues to reach all-time highs in the wake of the election.
While it is exciting to watch US Bitcoin users breathe a collective sigh of relief as Bitcoin prices rise (which is important), it is also essential to realize that if we do not remain vigilant we will lose our ability to transact as privately and anonymously as possible with Bitcoin, as… Some suggest that if it could easily happen, we would have failed in our mission.
Former presidential advisor Pippa Malmgren on Bitcoin legalization:
"If you make cryptocurrencies and Bitcoin legal (…) you can’t keep them anonymously, you have to declare them."
"You will not be able to escape the reach of the United States government. (…) And because we are in… pic.twitter.com/aVeZBKodQ4
— L0la L33tz (@L0laL33tz) November 8, 2024
While it appears that the Trump administration will be kinder to the broader Bitcoin and cryptocurrency industry than the Biden administration was, we still have little idea what the regulatory details will look like under the incoming administration. Additionally, the judge in the Tornado Cash case recently posited that the Bank Secrecy Act (BSA) does not require control of funds (private keys) to transfer money, meaning we may soon see a legal precedent paving the way for more money transfers. AML/KYC requirements for Bitcoin users.
The main points of @Tornado Cash Verdict (so far):
(1) The BSA does not require funds transfer control
(2) The 2019 Guidance does not include broad money transfer oversight requirements, and "Complete independent control" It is just one part of a four-factor test for… https://t.co/1rnB2SCVpA— Zack Shapiro (@zackbshapiro) September 26, 2024
If we do not support Efforts to legally defend our right to peer-to-peer transactions Without the need to provide identifying information, we would be missing one of Bitcoin’s core value propositions.
So, by all means celebrate the fact that the incoming administration supports things like this Bitcoin mining in the United States and The right to keep your private keysBut be alert to what both the administration and the courts say about the need to provide identifying information to use Bitcoin — and be prepared to push back.
This article is a takes. The opinions expressed are entirely those of the author and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.
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