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2 sats \ 2 replies \ @jgbtc 1 Jan \ on: Strike Adopts Transfer of Funds Regulation bitcoin
If Strike thinks complying with this will get regulators off its back they will be disappointed. When this does absolutely nothing to stop bitcoin adoption they will keep turning the screw until they ban self custody completely or shut down Strike and similar companies. Compliance never works for long.
How would they ban self custody completely? Like they banned torrents? Like they banned privacy - they can't.
Just as torrenting continues despite legal restrictions, and self-custody to self-custody transactions remain outside current government regulations, a complete ban on self-custody would be practically unenforceable. Self-custody is essentially knowledge of specific words arranged in a specific order - you would need to ban code and free speech itself to ban self-custody.
You cannot ban a borderless network that no one controls.
Buy on CEXes if you want, send it to self custody or burner wallet immediately, say it's your own wallet (if asked), send to who ever you want and go on with your business as usual.