Elizabeth Warren wants the police at your door in 2024

[_act_]

Please, is this woman serious or just too old to understand the meaning of noncustodial wallet?

https://cointelegraph.com/news/elizabeth-warren-wants-the-police-at-your-door-in-2024

In 2022, Massachusetts Senator Elizabeth Warren authored a bill that would require cryptocurrency wallet providers to comply with bank Anti-Money Laundering rules. Not crypto exchanges, mind you, but the wallets themselves.

More exchanges are getting regulated already, but some people just think there should be nothing called self custody and privacy. If this happens, it is modern slavery.

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[Majestic-milf]

Please, is this woman serious or just too old to understand the meaning of noncustodial wallet?

A little senile if I might add.

More exchanges are getting regulated already, but some people just think there should be nothing called self custody and privacy. If this happens, it is modern slavery.

I knew these guys were scared of the freedom and privacy Bitcoin gives to people but I never imagined the length they'd go just to keep having control. With her real intentions camouflaged under the guise of protecting Americans from scam, I think we know the real motive

[Cantsay]

This part of the article explains it all.

This bill is a Trojan horse designed to destroy the crypto markets under the false guise of a pro-national security bill

I haven't been up to date on the issue but I don't think it's going to happen, they clearly can pass their bill on centralized exchanges (which I believe its regulation has already begun) but for that of a non-custodial Wallet I don't know how they're going to make it work except they are planning to eradicate everything that has to do with non-custodial in the crypto sector.

[Husires]

I think that the bill will be directed to Self-Hosted (or non-custodial) wallets, which are those wallets that control the private key in one way or another, yet grant the user access to his account while claiming that they are wallets. The most famous example of this is freewallet.

If this is what the bill aims at, then there will be no difference between these wallets and crypto exchanges.

As for traditional (custodial) wallets, how can they apply regulatory restrictions to them, especially if their developer is anonymous and they are open source?

[mk4]

I know there are really really bad politicians out there with malicious intent, but I think this is one of those cases that it's just simply ignorance. Even I personally back then couldn't immediately grasp the concept of non-custodial money. We've simply just been so accustomed to custodial everything that custodial services is pretty much the norm.

^And we all know how stupid politicians can be a lot of times.

[dzungmobile]

In 2022, Massachusetts Senator Elizabeth Warren authored a bill that would require cryptocurrency wallet providers to comply with bank Anti-Money Laundering rules. Not crypto exchanges, mind you, but the wallets themselves.

I could be wrong but if my memory is well, it was raised a few years ago like in either 2019 bear market or 2020. Now it returned but let's sit down and think about it.

There are two types of wallet: Custodial vs. Non Custodial Wallets - "Not your keys, not your coin" Explained.
Even without Elizabeth Warren, we already know about the big lesson "Not your keys, not your coins". It is just we really practice it for our coins or just listen, read, watch it and forget about it immediately or a few days, weeks later.

Reminder: do not keep your money in online accounts

If you have your keys, you have control of your coins fully. You don't have to worry about E. Warren and any similar proposal.

[Saisher]

More exchanges are getting regulated already, but some people just think there should be nothing called self custody and privacy. If this happens, it is modern slavery.

It will not materialize, she will be alone on this crusade because she is so ignorant of how custodial and noncustodial wallet works, we can consider her the enemy or FUDER of the Cryptocurrency industry, no one will agree to register his wallet because it means surrendering your funds and your financial status, there are a lot of loopholes in her proposition and aim to discourage the use of Cryptocurrency as a mode of payment

The legislation also seeks to outright ban crypto privacy tools.

This is against the ultimate goal and vision of Bitcoin, the whole world has adopted Bitcoin and Cryptocurrency because the banking industry failed to serve the needs of this generation.

[Upgrade00]

Please, is this woman serious or just too old to understand the meaning of noncustodial wallet?

They definitely know what it is and that is the exact reason they are kicking against it. The government wants financial custody, Bitcoin challenges that so the government attacks Bitcoin.

I think that the bill will be directed to Self-Hosted (or non-custodial) wallets, which are those wallets that control the private key in one way or another, yet grant the user access to his account while claiming that they are wallets.
<snip>
As for traditional (custodial) wallets, how can they apply regulatory restrictions to them, especially if their developer is anonymous and they are open source?

You are mistaken the terms. Self custody or non custodial wallets are those that do not own your private keys while custodial wallets are those that do.

[boyptc]

It's still a bill until it becomes a law.

I remember that these law makers have no sense at all and it was during when Mark Zuckerberg was summoned and ask for funny things in the congress or senate(cmiiw) about how they're gathering data.

It seem that they're like kindergarten that don't do any further research before the investigation.

It's also the same with the hearing that they've made for the TikTok CEO. The senate is becoming the entire circus with these regulations they're trying to propose.

[Gallar]

Please, is this woman serious or just too old to understand the meaning of noncustodial wallet?

https://cointelegraph.com/news/elizabeth-warren-wants-the-police-at-your-door-in-2024

In 2022, Massachusetts Senator Elizabeth Warren authored a bill that would require cryptocurrency wallet providers to comply with bank Anti-Money Laundering rules. Not crypto exchanges, mind you, but the wallets themselves.

Somehow the contents of Elizabeth Warren's grandmother's mind, I think maybe it's like she doesn't have a key in her mind and heart. Because he has hated the crypto system that is currently running for a long time, even though if you think about it, this crypto system is very good and very efficient in managing transactions to make them faster and safer. But until now Elizabeth Warren's grandmother has not been able to open her heart and mind to study or explore this crypto system. Indeed, I also know, that not everyone on this earth has to like crypto. But in my personal opinion, if you really don't like crypto, go ahead. But don't incite other people to join in the anti-crypto ideology. But in essence, we as investors in crypto, don't take too seriously what comes out of Elizabeth Warren's mouth. Because I'm sure, this ideology will not have a big effect on crypto.

[Zlantann]

Please, is this woman serious or just too old to understand the meaning of noncustodial wallet?

She is not too old to understand that she must do the bidding of her sponsors and collaborators. The cosponsor of the bill Senator Roger Marshall is 62, so it's not the age but they are backed by powerful bankers and federal agents that are threatened by the ever-increasing popularity of decentralization. I think there are other Senators that understand the inevitability of privacy, so doubt if they will get the required vote to pass the bill into law.

More exchanges are getting regulated already, but some people just think there should be nothing called self custody and privacy. If this happens, it is modern slavery.

If this law scales through, it will give rise to underground wallets and many cryptocurrency enthusiasts will have to leave the US for freer nations. The US should focus on its fragile banks instead of pursuing shadows.

[Lucius]

@_act_  -> https://bitcointalk.org/index.php?topic=5446972.0

First of all, a woman is an insignificant figure unless you live in Massachusetts, secondly, there is already a discussion, and thirdly, why is this thread in the B&H board? Modern slavery is at your every step, don't be surprised that politicians want control even over the few human freedoms that still exist.