After the stable law, it makes sense to revise the coin center safe harbor block node * -*>
Preventing crypto-currency providers from repeating the crimes against people of color with the under- and middle-wage options that traditional big banks commit is of major importance. Which is why i'm willing to introduce #stableact with @repchuygarcia and @repstephenlynch. Https://t.Co/yorqpo6wz4
Academia/think tank supporters of the bill posted messages such as the landing page:
Crypto twitter excited about the law stable. They simply do not like to take responsibility for trying to synthesize a bank account or provide a payment infrastructure for it. Now our employees are aware of how reputable counterfeiters will be protected if the act on physical counterfeits is adopted now almost always due to the (i suspect) phenomenon that the proponents of the bill are mmt theorists but not engineers. Although they have some very complicated versions about it, what function does the cryptocurrency perform with it in particular, how what could undermine their money printing macro strategy, brr), they are able to buy somewhat weaker information about how the cryptocurrency actually works.
1. What is your purchase bill
I preface this essay so stablecoin issuers can be licensed. What kind of license, no tour group can predict. Now i have to guess where the permission to transfer funds will play a role, but in reality there are no factors by which the issuer will not also see a banking license.
The stable law makes it much higher than them are and most likely require a license for any blockchain that issues a stablecoin code. For example:
- The bill prohibits the issuance of a stablecoin other than "by an insured depository institution that is a member of the federal reserve pipe, under which the bank.- The bill prohibits the issuance of stablecoins, the provision of services," conditional on stablecoins”, or other presence in any business activity related to stablecoins, including activities through stablecoins issued by others, without prior written consent ... From the relevant federal banking agency.- The bill establishes a requirement for prior approval, among other things, for another passage of any trading activity related to the stablecoin. Will not be named for the assigned tasks of this post on the page), already have lists of difficulties with following the characteristics of a mile long. Adding a second condition does not provide an answer to the question of how to force non-compliant stablecoins to adhere to the provisions that currently exist. Is discriminated against by stablecoin issuers. To such a step, i would respond that every stablecoin issuer is worth doing business with, comfortable doing business in the new york area, and committed to complying with the new york state membership law, which prohibits discrimination. (With regard to persons with disabilities, i also note that the 2nd district believes that under title iii of the community boundaries act, "community space" does not need to have a physical location, so the equal access aspect could well cover new york city. In the image of stablecoin providers.) Also, given the difficulty of regulating some of the existing stablecoins, even in particular their role as providers of dollar liquidity for offshore exchanges with lax kyc that are unable to gain bank access, it may be someone who will get round-the-clock access to markets for stablecoins, they do not necessarily have to be guaranteed against failure free to stablecoins, but rather should be kept safe from the mass of stablecoins where they will collide in unbridled nature.- And third, the regular text of the bill presents a strange possibility , the compilers probably assumed that earning a node on the simplest unlicensed chain that backs any stablecoin would be illegal and, in harmony with 12 u.S.C. § 1833a, subject to a fine of up to one,000,000 u.S. Dollars. Criminal liability is also possible. The rest of this post is dedicated to this segment.2. Introducing the ethereum statutory interpretation rule
Lawyers have miniature creatures called "statutory interpretation canons" that our confectioners use to decipher laws.Thus, in great britain there is the so-called “golden principle”, which only means that, in trying to understand what the law calls for, you give the statute its simple and ordinary meaning, unless such a statute leaves the statute absurd. Alternatively, there is an approach called the “target approach”, which is immediately applied for the purpose of interpreting indirectly relevant eu legislation, when the interpretation of the rule is determined by the purpose for which the statute is being drafted.
In america, on the contrary, you , you may have heard about the approach of "textualism", "originalism" or "living constitution" in recent hearings in the supreme court. This is the same game when we choose what kind of laws we select just language.
I offer one kind of curtains for cryptocurrency. I call this the ethereum rule, and it assures that “the law should be given its simple and familiar meaning, in a situation where the holder does not insist that ethereum (as a drug developed this year) perform [x] because a corporation would do it including but not limited to applying for a license, in which case the law is absurd.”
This bill seems to require just that. While the definition of “stablecoin” in the legislation appears to exclude bitcoins like ethereum, the pain is not that the choice is too wide, but that the bill aims to force everyone who works with stablecoins to do it in the form of the federal reserve systems. Just learn without complicated turns of phrase:
“It is illegal for anyone to…otherwise engage in any commercial activity related to stablecoins, including activities related to stablecoins issued by others, without acquiring written consent in advance… from the appropriate federal banking agency”
This doesn’t leave much wiggle room: “any” means “anyone” and “every stablecoin-related work” is just that if we take into account that every user of any smart contract blockchain will end up verifying stablecoin transactions to some extent.
To prevent our staff from thinking we are misinterpreting the proposal, its individual proponents publicly agree with this interpretation. :
A key supporter of the stable law thinks that the ethereum protocol will get a banking license to comply with his law.
The protocol Privacy-oriented Cryptocurrency is not capable of being used for a credit license. Pic.Twitter.Com/hdosupfksb
To such a step, i respond with the ethereum charter construction rule. Ethereum has no central owner, forks regularly, and is currently regulated as a commodity. If your law requires such a system to obtain a bank charter, the law not only fails to effectively control the blockchain, but it will also be difficult for the regulators tasked with enforcing it to find a citizen who has the right to sign the application.
The law of stable states that many blockchains will be allowed to transact once they first reach the impossible. This is an absurd problem and a clear sign of the phenomenon that the law stable in this version, in which it is written, cannot be a good law.
3. Would the stable law really make running node illegal?
Of course, there is no chance that the stable law would become law at this time in congress. After all, people involved in coins, and even more so people working with ethereum, asked themselves the question: what if this became possible?
The answer cannot be unambiguous. Peter van valkenburgh of the coin center argues that the strict ban on "stablecoin-related commercial activity" hits node operators or anyone running an ethereum client:
The logical consequence of the bill is that, in the event, when any decent person uses software that checks dai smart contracts as well as other stablecoins, they will break the law on their own when know-how alone cannot become a registered bank. Correct, we haven't forgotten the holder, because the current wording of the stable law, being both overly broad and inaccurate, leaves a lot of memory for poking holes in it. For example, it is unclear whether the operation of a node is considered for nothing, as many full nodes do) as a “commercial activity associated with a stablecoin”, if it is carried out on a non-commercial basis. Especially since nodes are generally not subject to compensation, it is likely that they will become the case when the case of the node is sub-commercial, if not non-commercial. It will take some research to find the answer here.
Also, the last thing i understand is that running a full node is a “stablecoin-related commercial activity”, especially since some, if not most cryptocurrency transactions are devoid of a stablecoin component.The lack of specifics in the legislation narrows the scope of its use. If it were to mention "every work involved in any stablecoin transaction, or any communication that can facilitate any stablecoin transaction", that would be one thing. But not exactly what the language will tell. When properly understood, ethereum is a rail, and just as the representatives of mankind do not call the process of driving “jogging touching” just because cars and runners use the same roads, people cannot refer to driving mashups. Node as "stablecoin linked" just because stablecoin transactions are broadcast along with other other transactions via devp2p. In addition, some research will be needed to see if the court will agree with that interpretation.
There is also an inverse problem, since, in my opinion, the operator of the cryptocurrency node is possibly the supplier. Interactive computer service under a statutory provision known as section 230 of the decency act relating (47 u.S. Code 230(c)(1)). Certain parts of that law state that interactive computer service providers, in fact, "information content providers", do not are publishers or distributors of content that third parties transmit to their own servers, and of course are not responsible for the account, subject to certain limited exceptions.
Coin center in 2019 called for a safe haven for node payment, similar to section 230. Since the blockchain is in fact, formally, no more than a published, cryptographically verifiable stream has been authorized by the bitcoin network (and other blockchains, all for their respective native assets), i am inclined to believe that it is most likely that the blockchain application is subject to work section 230. But i freely acknowledge that whether the node operator has the prerogative to release is an open question. The law defines an "information content provider" as "a system ... Manufacturer that will guarantee or permit computer access of a group of people to a computer server." I would have to note some analysis to see if there is any precedent regarding the question of everything that is a "server" for this, but at least on first consideration, one can make an argument that the activity with an official node on the blockchain, which, by its very nature, is a distributed timestamp server, can comply with the rules, at least insofar as it relates to third party financial messages that are transmitted by this node.
Section 230, however, it only grants immunity from established criminal and civil suits. None of this has an impact on federal criminal law, and there are criminal penalties throughout the fdi act (see, for example, 12 usc § 1818(g)). In order to clarify whether a full node needs to be captured in the legal field of stable, the first thing you need to do is read the statute and try to determine whether the provision of a peer-to-peer connection service to the world wide web is considered “commercial activity associated with a stablecoin”. If the answer is negative, then the office of the node is not fixed by the charter and the evaluation ends. If so, the next questions are (a) whether node operators are covered by section 230(c)(1), and (b) whether the stable law is intended to narrow or eliminate the application of section 230 to node operators to the extent that nodes process transactions, related to stablecoins. After answering such questions, the picture may become clearer.
From the position of the current federal picture, we are sure that the internet connection service is not equivalent to transferring money, that fincen does not consider the operation of the node to be a transfer of finance or that for a lot of federal crimes, additional liability requires increased intelligence and filming, which we simply do not attribute to node operators. Maybe because, as far as i know, there has not yet been a criminal halt for running a full bitcoin node. The arena should go on, maybe it makes sense, realizing how wrong the stable law is - not about certification of stablecoins, since i believe that stablecoins have exhaustively shown themselves to be subject to regulation, that's about certification of blockchain nodes - reconsider the coin center proposal for a safe harbor blockchain node. Which succinctly and unequivocally gives blockchain nodes a status that many alternative online publishers read.
Section 230's most learned interpreter, jeff koseff, titled his book on the position “26 words that created the internet."I'll note for the record that neither facebook, nor google, nor twitter, nor youtube have turned into uk-based. If america leads the decentralized web, we'd better go to the 230 service, such as the proper regulation of the internet.
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