The Road To Hell is Easy and Paved in (allegedly) Good Intentions

facilis descensus Averno

Well I wrote 5 pages and then erased it with crt w….well shit

So ok, I'm not crazy. Everything I have to say has been confirmed by the CEO of ciphertrace.

My warning to all of you, is that we have very little chance of preventing mandatory global kyc on DeFi, but because because the language associated with incriminating people involves labeling individual developers and operators as vasp, it is true slippery slope to hell. It will be vauge on purpose left vauge on purpose.

This is the long march towards backdoors on everything. By toying with this language in the Banking Secrecy act, they can set the ground work for intimidating people like Trezor, an the ethereum foundation, btc miners, node operators, infura, I mean god at this point with everything happening on big tech do you think anything on aws is safe?!

People say this will never ever ever happen, they will never go after nodes, etc. Wrong. They don't want to ban it they want to control it. They want their nsa panopticon, they want hegemony. They will likely cause a bifurcation of the network at somepoint in the future, quite possibly a full hardfork.

What I ask is that people understand the dourness of needing to be unapathetic about this, to push back legally, through lobbying, to get the US to narrow the language, the industry needs to be firm with FinCen. You must narrow your language to protect developers as much as possible.

submitted by /u/samdane7777
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