DERO MUE(Meta-Universe Elf) NFT

🚨URGENT: REPUBLICANS TRYING TO DESTROY CRYPTO FREEDOM USING TERRORISM AND MONEY LAUNDERING HR 2969 just sailed through the House. So, while all of you are jerking each other off about how great Trump is going to be, here’s a summary of this gem of a bill. Summary of the Bill 1Establishment of Working Group: ◦An Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing will be established. This group will include representatives from various U.S. government agencies, financial technology companies, blockchain intelligence companies, financial institutions, and research organizations. 2Duties of the Working Group: ◦Conduct research on the use of new financial technologies, including digital assets, by terrorists and other illicit actors. ◦Develop legislative and regulatory proposals to improve anti-money laundering, counter-terrorism, and other counter-illicit financing efforts in the United States. 3Reporting Requirements: ◦The group must submit annual reports for three years and a final report detailing findings, recommendations, and activities. ◦These reports must include strategies to prevent the illicit use of digital assets and emerging technologies, and they must be made publicly available. 4Definitions: ◦The bill defines key terms such as “digital asset,” “foreign terrorist organization,” and “illicit use,” including activities like fraud, money laundering, and the purchase of illicit goods. 5Preventing Sanctions Evasion: ◦The bill requires the President, through the Secretary of the Treasury, to submit a report within 180 days of enactment that describes how digital assets can be used to evade sanctions and finance terrorism. This report must also outline strategies to mitigate these risks. 6Public and Private Sector Collaboration: ◦The bill encourages collaboration between the public and private sectors, including the use of blockchain intelligence companies to support investigations and risk management activities. Why This Bill is Bad for Pro-Crypto and Pro-Self-Custody Advocates 1.Increased Surveillance and Control: ◦The bill mandates extensive monitoring and reporting on digital asset transactions. This could lead to increased surveillance of individuals' financial activities, infringing on privacy and the principle of self-custody in the crypto community. 2.Broad Definitions of Illicit Use: ◦The term “illicit use” is defined broadly to include a wide range of activities. This broad definition could potentially criminalize ordinary crypto transactions or minor infractions, leading to increased regulatory scrutiny and enforcement actions against legitimate users. 3.Potential Overregulation: ◦The legislative and regulatory proposals developed by the Working Group could result in overregulation of the crypto industry, stifling innovation and making it difficult for new projects to comply with stringent requirements. 4.Public Disclosure of Strategies: ◦The requirement for the public disclosure of reports and strategies might deter individuals and businesses from participating in the crypto economy due to fears of legal repercussions or unwanted attention. 5.Collaboration with Blockchain Intelligence Companies: ◦The bill promotes collaboration with blockchain intelligence companies that provide tracing and screening tools. This collaboration could undermine the decentralized nature of cryptocurrencies and lead to a de facto centralization of control and oversight. 6.Impact on Privacy Coins: ◦Privacy coins, which are designed to provide greater anonymity, could be particularly targeted by the bill's measures. This could lead to restrictions or bans on privacy coins, negatively impacting their users. THE bill's focus on combating terrorism and illicit financing through stringent regulations and increased surveillance poses significant risks to the principles of decentralization & privacy.