The Digital Clarity Act – A Regulatory Threat to the Lightning Network by Sat \ stacker news ~bitcoin

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The Digital Clarity Act – A Regulatory Threat to the Lightning Network by Sat njump.me/naddr1qvzqqqr4gupzq5cze54lutwvwmz6n27t5a8xchc6qazykdwztcxdwjavtdznld0kqythwumn8ghj7un9d3shjtnswf5k6ctv9ehx2ap0qpr8g6r994jxjemfw3skcttrd3shy6t50ykkzcm595kkzttjv4nh2mrpw3hhy7fdw358yetpwskhgmedw35x2ttvd9nksarwd9hxwttwv468wmmjdvkswulz9d

164 sats \ 6 comments \ @OriginalSize 20 Jul bitcoin

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192 sats \ 3 replies \ @freetx 20 Jul

Hmmm.... Perplexity says there are exceptions.

The Act defines a DCB as any person who, as a regular business, solicits or accepts orders for the purchase or sale of digital commodities and has control over customer funds or the execution of transactions.

However, the text also includes exceptions: it does not include persons whose activities are "solely incidental to making, sending, receiving, or facilitating payments, whether involving a payment service provider or on a peer-to-peer basis"

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210 sats \ 2 replies \ @k00b 20 Jul

Yeah this post is pure slop with no citations.

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100 sats \ 0 replies \ @freetx 20 Jul

“(ii) EXCEPTIONS.—The term ‘digital commodity broker’ does not include a person solely because the person—

“(I) solicits or accepts an order described in clause (i)(I)(aa)(AA) from a customer who is an eligible contract participant;

“(II) enters into 1 or more digital commodity transactions that are attributable or solely incidental to making, sending, receiving, or facilitating payments, whether involving a payment service provider or on a peer-to-peer basis; or

“(III) is a bank (as defined under section 3(a) of the Securities Exchange Act of 1934) engaging in certain banking activities with respect to a digital commodity in the same or a similar manner as a bank is excluded from the definition of a broker under such section, as determined by the Commission.

https://www.congress.gov/bill/119th-congress/house-bill/3633/text#H482A59B2DC8C434D8F5A42439E8EC31E

However I do feel that the DCB definition is overly broad and doesn't offer more clear explicit carve-outs for hobbyist, non-commercial use.

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10 sats \ 0 replies \ @OriginalSize OP 20 Jul

I read it and then searched the act for a while but there were 300+ mentions of broker so at looking at 70 of them I gave up and posted here. The rebuttals here are reassuring.