Rumors of New Bitcoin & Cryptocurrency Self-Hosted Wallet Regulations in the US [Bypassing is Easy]
Is the Trump administration is trying to push through bitcoin & cryptocurrency wallet regulations in the USA? Maybe you’ve seen the CEO of Coinbase make statements against these regulations. But what’s actually being proposed? Why are exchange CEOs making statements [HINT: it’s not altruism or principles]? Watch this 10 min video to learn what these proposed regulations are, how they’d affect regular crypto users, why the regulations would be impotent if actually enacted, and why CEOs of exchanges are worried.
0:00 Donald Trump asks, “What’s your opinion about the rumored burdensome cryptocurrency wallet rules that I may rush out soon?” (obviously this is a pseudonym and POTUS did not actually ask this question)
0:32 You should be using self-hosted bitcoin crypto wallets, non-custodial wallets where you control the cryptocurrency keys
0:48 Financial regulators are getting nervous about… burdensome civil liberties and freedom
1:17 They are trying to regulate the use of self-hosted wallets, by way of regulations on cryptocurrency exchanges
2:01 You cannot enforce regulations on how people use their own self-hosted cryptocurrency wallets
2:55 Can you prove the address you’re withdrawing to belongs to you? (yes, always)
3:00 The proposed law: when you withdraw from an exchange, you must prove the address you’re withdrawing to belongs to you
4:02 Cryptocurrency exchanges would be negatively affected but not users of self-hosted wallets
5:12 How easy would these proposed regulations be to bypass? Too easy, trivially easy
8:23 The regulation will make cryptocurrency exchanges less valuable, less useful, and more expensive than self-hosted wallets
8:56 Making Not Your Keys, Not Your Coins even more attractive
10:00 What is the impact of these regulations? Drive more people to self-custody of their cryptocurrency!
This question is from the November 2020 monthly Bitcoin & Open Blockchain livestream event, which took place on November 28, 2020. Watch the entire video here: https://aantonop.io/nov2020livestreamqa. If you want to ask questions early (before the live event), become a Community Builder on Patreon: https://www.patreon.com/aantonop Patrons get early access to ask questions, view talks, behind-the-scenes content, and much more.
Take a look at some of our favorite questions from Monthly Livestream videos:
Bitcoin Q&A: Climbing the sovereignty staircase – https://youtu.be/pOVm8YK3A_0
How do Mnemonic Seeds work? https://youtu.be/wWCIQFNf_8g
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