• U.S. Senate has introduced the Digital Asset Anti-Money Laundering Act of 2022 which contains KYC laws and money-transmitter licensing requirements.
• European Central Bank has declared Bitcoin to be on an “artificially induced last gasp before the road to irrelevance” and is considering a ban to mitigate environmental damage.
• Calls to elected representatives can influence situations and help protect Bitcoin from bans and regulations.
The introduction of the U.S. Senate’s Digital Asset Anti-Money Laundering Act of 2022 has sparked a lot of controversy and conversation. The bill includes several intimidating aspects such as KYC laws for self-custody wallets and money-transmitter licensing requirements. In addition, the European Central Bank (ECB) recently spoke out against Bitcoin, claiming it to be on an “artificially induced last gasp before the road to irrelevance”. To make matters worse, the ECB has also declared it is considering a ban in order to mitigate environmental damage, even though Germany’s rising use of coal power could be a much bigger issue.
In light of these events, it is important to stay vigilant and aware of the current political climate. To make sure Bitcoin and other digital assets are protected, it is essential to keep an ear to the ground and to Bitcoin Twitter in order to stay abreast of situations that could be influenced by a flood of calls to elected representatives. This is the same strategy that was used in 2021 with the infrastructure bill, and it is a proven way to help protect digital assets from bans and regulations.
Though a ban and many of the regulations proposed in the Digital Asset Anti-Money Laundering Act of 2022 would be difficult to enforce, they would still serve as a major speed bump for widespread adoption. This is why it is so important to be aware of the current political climate and to take action if necessary. By standing together and making sure our voices are heard, we can ensure that Bitcoin and other digital assets remain a viable way of exchanging value.