Bitcoin Magazine
On Bitcoin Privacy: More U.S. Deputy Attorney General, Less New York Attorney General
On Monday, Deputy Attorney General (DAG) Blanche provided a memo entitled “Ending Regulation By Prosecution,” in which he revealed a substantial shift in the U.S. Department of Justice’s technique to Bitcoin and cryptocurrency mixers. The memo suggested that the Department would stop its regulative actions versus these entities.
The memo mentioned:
“…the Justice Department will stop participating in regulation by prosecution in this space. Specifically, the Department will no longer target virtual currency exchanges, mixing and tumbling services, and offline wallets for the acts of their end users or unwitting violations of regulations…”
In contrast, the following day, New York Attorney General (NYAG) James co-authored a letter prompting congressional leaders to develop federal cryptocurrency guidelines, pointing out issues over the usage of crypto mixers for illegal activities.
In the letter, she and her associates articulated the following position on crypto mixers:
“Effective legislation must require cryptocurrency platforms to expressly comply with anti-money laundering laws, know your customer (“KYC”) guidelines and cyber security procedures to avoid the usage of cryptocurrency to fund terrorism, adversarial programs, and criminal offense. Cryptocurrency that cannot be totally traced, such as those going through cash laundering mixers, should not be enabled to be transformed, straight or indirectly, to U.S. dollars.”
While DAG Blanche extended a degree of trust to users of Bitcoin and crypto mixers, NYAG James’s comments recommended an anticipation of regret towards these people, labeling the innovation as “money laundering mixers.”
This rhetoric is uncomfortable, especially from a state attorney general of the United States, as it naturally presumes regret without due factor to consider for the intricacies surrounding the usage of such innovations. Since taking workplace in 2018, NYAG James has actually regularly used a story that ignores the truth that human rights and pro-democracy activists typically make use of mixers to secure their personal privacy which of their donors. Furthermore, it is essential to acknowledge that U.S. residents have an intrinsic right to monetary personal privacy.
As conversations surrounding Bitcoin personal privacy gain traction in the political arena, stakeholders are motivated to raise the discourse promoted by DAG Blanche while seriously resolving the unjustified rhetoric presented by figures such as NYAG James. It is important for constituents to voice their issues on this concern, especially as continuous cases like Samourai Wallet and Tornado Cash concerned the leading edge.
The battle to promote the right to independently move worth throughout the web is now more important than ever. Engagement in this discussion is necessary.
This post represents a perspective. The viewpoints revealed are those of the author and do not always show the views of BTC Inc or Bitcoin Magazine.
This post, On Bitcoin Privacy: More U.S. Deputy Attorney General, Less New York Attorney General, very first appeared on Bitcoin Magazine and was authored by Frank Corva.
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