Happy Friday, Blockfolians
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.
Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.
Highly Relevant Reading
Mizuhu analyst says bitcoin play will put PayPal at the center of people’s financial lives
Goldman Sachs set to lead Coinbase IPO
DOJ calls on FBI to finish cryptocurrency strategy
Lil Pump latest artist to do a social token
Does BTC need adversaries?
Paul Sztorc @TruthcoinI actually don't agree with this. Instead I agree with Taleb who famously said: "For bitcoin to make it, it needs to be banned by a few governments and critiqued by policy makers. Otherwise it will fade." The sooner Bitcoin is banned, the better. https://t.co/8Ff6PlY0Az
Is ‘user farming’ a thing now?
A Really Big Number We Should Be Paying Attention To
That’s the bitcoin price target that new Derebit options let traders bet on
Painful and powerful.