On Dec 18th, FinCEN announced a proposed rule that will require collection of personal information for transactions of >$3,000 sent to self-hosted wallets.
https://t.co/h1GT64oOqo

We are very concerned about this proposal @OKCoin.

Key takeaways below:

1/ The results seem to be pre-determined.

Transparency and full public participation is needed for sound policy making on complex topics like this. However, with a shortened 15d window (holiday included) vs standard 60d, we are not getting a genuine opportunity to participate.
2/ Cyber-crime is not unique to crypto. An FBI report in June said that daily digital crime has risen 75% since March.

No evidence indicates that illicit crypto activity has risen disproportionally to threaten national security that warrants such a rush.
3/ A unique nature of #bitcoin is to transmit value without intermediary.

This is revolutionary in human history and will greatly promote financial inclusion and freedom. It would also lead to innovations and paradigm shifts that we cannot imagine today.
4/ This is the “responsible innovation” that sound policy making is supposed to protect.

It is also very nascent that needs very careful and thoughtful policy-making.
5/ However, if this proposed rule on self-hosted wallets is implemented, FINCEN registered exchanges will be forced to either non-comply or significantly increase the friction w/r/t self-hosted wallets, which are the major medium where such innovations actually happen.
6/ It is essentially slamming the door closed on crypto-related innovation in US.
7/ This proposed rule won’t succeed in “protecting national security”.

Good guys will have increased burden of compliance, less access to the system, and potential risk of data leakage.

Bad guys can off-ramp in other jurisdictions, which weakens law enforcement.
8/ Nor can this proposal be practically implemented without unintended consequences:
9/ There are fundamental differences between crypto and banking system.

The former being decentralized in nature (and by design), and therefore does not have a centralized, secure messaging network like SWIFT for Travel Rule compliance by banks.
10/ In other words, there is no practical tools available yet that allows effective identity checking while protecting individual privacy.
11/ Most concerningly, such a proposal is a serious infringement on our privacy and constitutional rights.

It would force crypto exchanges to store and hand over customer information automatically, every time, while today law enforcement has to subpoena to get such information
12/ Such monitoring may be needed where intermediaries are indispensable.

But when we are building a more sovereign financial world where trust is built into code and enabled through smart contracts, people are entitled to their financial privacy when using self-hosted wallets
13/ Like many others in the industry, we find it to be our social responsibility to have our voices heard.
14/ There are sensible voices among policy-makers, as demonstrated by @CynthiaMLummis.
https://t.co/RDxcWZLWFB

We hope that sound policy-making can finally prevail.
15/ End.

More from Crypto

You are running out of time to get ahead in cryptocurrency.

You know what's coming:

🔺️ Regulation
🔺️ More shutdowns
🔺️ Banks deciding who gets to do business

It's time you got your own crypto wallet.

Don't know how? I'll show you.

/////THREAD\\\\\

METAMASK

What's metamask? It's a wallet. That you -- I mean YOU -- own.

You see, when you buy crypto through an exchange like CoinBase, you own it but only kind of.

If they get

🔺 Hacked
🔺 Shutdown
🔺 Servers crash

-- your money is STUCK.

We are gonna avoid that 👇


First thing,

Go to

https://t.co/JXAp9o5RzJ

You can download it on your computer. It's a browser extension.

Alternatively, go to the app store on your Android or iPhone. It's there too.

As part of the setup process, you will choose a password.

More importantly though...

SEED PHRASE

As you follow the setup process, you will be given a 12-word seed phrase.

WRITE. THIS. DOWN.

Take it down and guard it like the map to Davey Jones' Locker.

THESE ARE THE ONLY WAY TO RECOVER YOUR ACCOUNT.

DO NOT LOSE.

We good? Great.

Let's continue.


Once you're all setup, your MetaMask wallet is going to look something like the picture below.

See where it says Crypto Address? That's where your actual address will be.

It'll be a random arrangement of letters, numbers, etc.

Click on it to copy to your clipboard

NEXT STEP
2020 was a game changer for Ethereum.

The vast majority of its success was fueled by #DeFi.

Here's what happened in 5 Tweets 🔽

1) Governance Tokens 🪙

Projects gave complete ownership of billion dollar protocols to their users, often using retroactive airdrops.

Early adopters earned tokens for past usage, and token-based voting now dictates all technical


2) Liquidity Mining ⛏️

Power users were the first to earn on-going distribution by providing liquidity.

$COMP sparked the wave, with $BAL coining the term a few weeks


3) Yield Faming 🌾

Projects coupled liquidity mining and governance tokens to boost 'yields' by combining lending rates with an incentive layer.

APYs peaked as high as 1M% during 'DeFi summer', leading to a 'food coin' craze like $YAM and


4) Fair Launches ✅

Who needs investment when you can launch using yield farming?

@iearnfinance debuted $YFI with no formal funding, seeding a community treasury for self-sustainability.

The notion of a core team and community became one and the

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