| >US wants to treat crypto as foreign bank accounts to coerce disclosure but that severely limits the scope of regulation they can do as it would place public blockchains as strictly not being American jurisdiction, and it would make monitoring American activity on these blockchains outside of the scope of domestic agencies and spy agencies would not be legally able to spy on American activities on these blockchains. ...You have no idea how this'd shake out do you? OFAC'll be able to still do it's thing, the only thing it needs is LE or IC input saying "Yup, sanctioned individual's value is there." Domestic law enforcement will have literally no legal impediment to surveilling the blockchain, because guess what? It's public! They don't even need a warrant to serve. You just send it on over to their node. With a financial institution, you at least generally have a shot at counsel requiring a warrant to be served. Jurisdiction is going to be determined based on where you (the operator of the transacting medium) operate. Hell, I could see the potential for some intrepid implementer to put in-line packet analyzers capable of creating a signal propagation map to home in on where a candidate block originated, causing a reversion back to the old school system under which enforceable strict liability will disincent anyone but people willing to participate in good faith from processing anyone else's transactions. In the end, the only people who have really gotten anything out of this fad, were the people who cashed out early in the hype cycle, and the government/regulators who now jave a medium much more condicive to centralized surveillance. Good job, lads. |