Reckless - attitude by USA regulators

[revo999]

Liked the Statements from shape-shift

Cryptocurrency exchange ShapeShift has announced it will terminate service to Washington state residents due to the BitLicense-style regulations imposed by the passage of Senate Bill 5031.  The company called the state’s position “unethical, wasteful, and reckless.”

"We will not be extorted. And what our customers deserve is to make their own decisions with their own property, not be told by politicians which private parties they are permitted to transact with….We’ll continue protecting users by building systems which are safer than the status quo; the hideous banking system such regulators have long endorsed, designed, and shielded from competition. "
Source : https://www.cryptocoinsnews.com/shapeshift-leaves-washington-state-due-to-bitlicense-style-regulations/

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[Palmerson]

If banks begin to slow down the exchange of bitcoins it will lead to a reduction in demand for currency and speed up the process of trade development for bitcoins. Banks can only blackmail us, but to do what they can not do anything.

[Yoandy10]

Hahaha, and America is not ran by aristocrats...what a joke. This country is as free as the ones in power want it to be. Forget liberty...

[Xavofat]

It doesn't matter what Shapeshift say about having to ban residents of Washington State.  They know perfectly well that people from Washington State are going to continue using their service.

As long you don't need to create an account and comply to complex KYC procedures, people will just use a free VPN to pretend they're from a different location.

Using VPNs is also far safer with Shapeshift than with other exchanges because you get your coins out instantly.  You don't hold them in there for ages and make trades when you feel like it, so there's not much risk of Shapeshift finding out.

I suspect Shapeshift would try their best not to find out so that they don't have to do anything about it and people from Washington State can keep using it.

[9000]

I predict, eventually, ShapeShift will only be available to people outside USA.

Actually we need some big exchanges outside USA and China, specially altcoin exchanges, hope these kind of regulations may open the opportunity in other countries.

[revo999]

everyday new problems for bitcoin users

[Cloud27]

In a business world, there is an expression to be a successful in business, you need the three most important sectors in business these are location, location and location. Washington state is one location and more states will follow to furnish their own regulation. Is leaving the state the solution? I don't think so, ShapeShift needs a creative mind, they must think what is good for their business.