LiberLion on Nostr: I have been warning about the intensifying attack by regulators on the Blockchain ...

I have been warning about the intensifying attack by regulators on the Blockchain industry.

A bill has been introduced in the House of Representatives in the United States:
"Blockchain Integrity Act" tl;dr:

• Bans mixers (defined as a "service designed to conceal counterparties of digital asset transactions")
• The fine for interacting with mixed coins is $100k
• Privacy coins (defined the same as mixers!) will be examined separately

https://t.co/ZfjPn4Wr9Z

quoting nevent1q…x7py

Money Transmitter

With this explanation you will understand why all blockchain money exchange protocols will be regulated or banned.

A money transmitter is a company or individual that transfers funds for businesses and individuals. The key functions of a money transmitter include:

- Transferring funds: Money transmitters receive money from a sender and deliver it to the intended recipient through various transfer methods like wire transfers, electronic funds transfers, or mobile-based transfers.

- International money remittance: Money transmitters enable individuals living abroad to send money back to their families or businesses in their home countries, supporting immigrants and workers overseas.

- Currency conversion: Some money transmitters provide currency exchange services, allowing users to convert one currency into another, which is beneficial for travelers and those involved in international business.

- Compliance and oversight: Money transmitters are strictly regulated to prevent illicit activities like money laundering and terrorist financing. They must register with relevant authorities, maintain anti-money laundering measures, conduct Know Your Customer procedures, and report suspicious transactions.

- Payment solutions: Money transmitters enable users to pay for goods and services, including online payment processing, bill payments, and facilitating transactions using mobile apps or digital platforms.

- Financial inclusion: Money transmitters offer avenues for the unbanked or underbanked to store and transfer money, pay bills, and receive funds, improving global financial accessibility.

In summary, a money transmitter is a regulated financial service that facilitates the transfer of funds domestically and internationally, while also providing currency conversion, payment processing, and financial inclusion services.