The proposed rule requires all U.S. providers of U.S. IaaS products to create, implement, and maintain an appropriately tailored, written CIP—akin to the “know your customer” (“KYC”) information that banks maintain. The primary purpose of the CIP is to verify whether potential customers and beneficial owners are foreign or U.S. persons, and to verify the identities of potential foreign customers and their beneficial owners.
Forced KYC when motivated by hampering foreign enemies feels an awful lot like a new form of The Draft. If modern warfare is fought with information, how long before we recognize this kind of thing as an atrocity?
This also makes me question which is worse: price controls or customer controls?