Happy Friday, Blockfolians
The Lede
For weeks, rumors have been running rampant about the US Treasury leaving some last minute onerous anti-crypto legislation.
The Block is now reporting that the ruling is getting close:
The Block is told that under the rule, money services businesses would need to file a currency transaction report (CTR) if a client conducts a cryptocurrency transaction to or from a self-hosted wallet that involves their service and above an as-yet-unknown threshold. According to the Financial Crimes Enforcement Network (FinCEN), regulated financial institutions are required to report currency transactions "conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000 in a single day."
Until we see something real, we won’t know just how disruptive this might be. What’s clear is that self-hosting has a target on its back, and at stake is the very sovereign nature of cryptocurrencies.
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Community Commentary
Does BTC need adversaries?
Is ‘user farming’ a thing now?
A Really Big Number We Should Be Paying Attention To
$100,000
That’s the bitcoin price target that new Derebit options let traders bet on
Final thought
Painful and powerful.