Here are 6 reasons we hate the new cryptocurrency surveillance provision buried in Biden's infrastructure bill:

11:22 PM · Aug 2, 2021

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#1 It will require new surveillance of everyday users of cryptocurrency.
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#2 It could force software creators and others who do not custody cryptocurrency for their users to implement cumbersome surveillance systems or stop offering services in the United States.
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#3 It will create more honeypots of private information about cryptocurrency users that could attract malicious actors.
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#4 It will create more legal complexity to developing blockchain projects or verifying transactions in the United States—likely leading to more innovation moving overseas.
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#5 It is impossible for miners and developers to comply with these new reporting requirements.
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#6 It creates uncertainty about the ability to conduct cryptocurrency transactions directly with others via open source code, for example through smart contracts and decentralized exchanges.
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Replying to @EFF
Yup sounds awful. The weird part is I keep hearing peeps in crypto asking for regulation. I guess they are going to get it. Did these people really think the US gov was going to come up with something great? Regulation is the last thing crypto needs right now.
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My outlook has always been that it's coming one way or another, and I can only hope it won't be too onerous. What they originally crafted was either done in blind ignorance or with malevolent intent. A proper regulatory framework could help grow the industry, but this aint it.
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