1/ On 31 March, the EU Parliament will vote on its proposal for a new crypto surveillance regime. The proposal is anti-innovation, anti-privacy, and anti-law enforcement. Make your voice heard and contact your member here:
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2/ The latest draft by Parliament of the Transfer of Funds Regulation treats crypto, and every person who holds crypto, differently from fiat.
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3/ Every crypto transaction (and not just those with a 1,000 euro threshold, as is the case with fiat) would be “travel rule eligible.”
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4/ This means before you can send or receive crypto from a self-hosted wallet, Coinbase will be required to collect, store, and verify information on the other party, which is a not our customer, before the transfer is allowed.
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5/ Moreover, any time you receive 1,000 euros or more in crypto from a self-hosted wallet, Coinbase will be required to report you to the authorities. This applies even if there is no indication of suspicious activity.
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6/ Imagine if the EU required your bank to report you to the authorities every time you paid your rent merely because the transaction was over 1,000 euros.
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7/ Or if you sent money to your cousin to help with groceries, the EU required your bank to collect and verify private information about your cousin before allowing you to send the funds. How could the bank even comply? The banks would push back. That’s what we are doing now.
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8/ This eviscerates all of the EU’s work to be a global leader in privacy law and policy. It also disproportionately punishes crypto holders and erodes their individual rights in deeply concerning ways. It's bad policy. Act now here:
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innovation can occure inside the law. Original Bitcoin, now only BSV, was actually designed to live inside this world as BitcoinSV.com can explain.
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List , help onboard more of the community to private crypto (standard transactions and smart contracts), and lets get more folk with skin in the game to educate and shield from these attacks in the future
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