Cryptocurrency: Action - Comment Period, Shut FINCEN Down, Build and Use Privacy Coins

[grarpamp]

We've achieved 791 comments on this terribly conceived FinCEN
guidance. We need your help, Bitcoiners. Let's get to 1k comments by
tomorrow. 300 more people need to spend less than 5 minutes completing
the steps below:

Yan | swan.com
@skwp
Oct 30
🚨Action Required: FinCEN has a proposed rule that tramples our 1st
and 4th amendment liberties, continuing the expansion of unwarranted
search and seizure on law abiding Americans. You can comment in less
than 5 minutes with 3 easy steps: 1. Source a list of objections.
Here's a nice list of bullets: x.com/HodlsSherlock/status/1…. Or look
at the bottom of this post for my full text, which was generated from
my own bullets using OpenAI. 2. Go to chat.openai.com, paste your
bullets, alter them as you wish, add the prompt at the top: "Reformat
the following in a voice appropriate for submission as a FINCen
proposed rule making comment". 3. Go here to comment:
federalregister.gov/document… and paste your letter. Example text
generated from my own input of issues: -- snip -- I am writing to
express concerns regarding the proposed rule that pertains to the
reporting of Bitcoin transactions. I believe it's crucial to
reconsider certain aspects of this rule to ensure that it aligns with
the principles enshrined in the 4th Amendment. Address Reuse in
Bitcoin: Bitcoin, by design, promotes the use of unique addresses for
each transaction to maintain user privacy. Repeatedly using the same
address exposes one's entire transaction history to any recipient.
Such a practice compromises user privacy, a concern that the proposed
rule might inadvertently encourage. Mixing and Privacy: Mixing is an
essential privacy-enhancing technique in the Bitcoin ecosystem.
Without it, users would inadvertently reveal their entire Bitcoin
balance every time they transact. It's akin to sharing one's bank
balance each time they make a purchase, a scenario that's clearly
problematic. The proposed rule might deter users from using mixers,
leading to unintentional privacy breaches. The Programmability of
Bitcoin: Bitcoin's architecture allows for various transaction
structures, such as joint wallets or lightning channels for
small-value exchanges. The current draft of the rule may inadvertently
categorize these standard practices as reportable events, leading to
an overwhelming number of reports that might be challenging to process
effectively. Concerns about Terrorism Financing: While the intent
behind the rule is understandable, it's essential to note that there's
limited evidence to suggest that Bitcoin plays a significant role in
financing terrorism. Most illicit financing activities still occur
through traditional fiat channels. Implementing rules that might be
perceived as infringing on the 4th Amendment could unintentionally
diminish FINCEN's standing as an institution grounded in democratic
principles. Geographical Implications: It's vital to recognize that
while these rules might be applicable within the U.S., a significant
portion of cryptocurrency activities occurs outside our borders.
Implementing stringent rules might inadvertently push more users to
platforms that are less transparent and harder to oversee. I kindly
urge the commission to evaluate the potential unintended consequences
of the proposed rule, especially concerning the preservation of civil
liberties and effective oversight. It's essential to strike a balance
between national security and individual rights. Thank you for your
time and consideration.