Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (166725)	1/4/2021 10:13:40 PM
From: Julius Wong	Read Replies (1) \| Respond to of 219532

Jack Dorsey and Square against Mnuchin's proposed new crypto rule Jan. 04, 2021 3:48 PM ET Bitcoin USD (BTC-USD) By: Stephen Alpher, SA News Editor 129 Comments To review, Treasury Secretary Steven Mnuchin is attempting to push through an 11th-hour action aimed at throwing a regulatory wrench into the cryptocurrency markets. The proposed new rule looks to expand Know Your Customer (KYC) obligations to parties who may not even be customers. Typically, there's a 30-day comment period before proposals like this can be implemented, which would take the date past Jan. 20, when Mnuchin will have been shown the door at Treasury. And the incoming administration is likely to have a friendlier stance towards the crypto market than the current one. Treasury, however is using some fancy legal footwork to make today the last day for public comments. "We believe this rule will do the opposite of what it intends, will leave people out of participating fully in the economy, and that it being rushed prevents better solutions.," says Square (NYSE: SQ), coming out forcefully against the proposal. "Instead of leveraging blockchain tracing with wallet addresses (which to date has proven effective in tracking the unlawful activity cited in the Proposal leading to indictments and convictions), FinCEN proposes a static requirement that would have us collect names and physical addresses from non-customers." Taking to Twitter, @jack retweets a message noting the absurdity: If a Square's customer's mother gifts her daughter $4K in cash, and the daughter deposits in a bank, the bank would have no obligation to get info on the customer's mother. Under the proposal, if the same transaction occurred in cryptocurrency, the bank would have to go past its relationship with the daughter to get the mother's private info if the daughter wished to access her gift.