In the US, the Bitcoin community has stepped up efforts to protect the rights of the self-system of encryption, the basic principle of the Bitcoin ecosystem.
The campaign has been launched from Save Our Wallets, a project led by Bitcoin Design, an open source community. Limit access to the best autocustody Limit innovation in the Bitcoin ecosystem.
In December 2020, the US Treasury Department’s Financial Crime Enforcement Network (FINCEN) was classified as the “Financial Services Business” (MSB) as an auxiliary service that supports the wallet of its own ability.
These services include tools such as mixers (mixer), network network (LN) network nodes, sequencers Roll up (used in Ethereum Climbing Solutions), distributed application interfaces (DEFIs), and others are used in applications that improve the privacy, scalability, or behavior of these wallets.
mobilization For that categoryfor example, supported by Bitcoiner developer Matt Corallo, “.Blockchain Regulations Certification Act(Spanish Regulatory Certification Act on Blockchain), a 2023 legislative proposal aimed at clarifying the regulatory framework for cryptocurrency-related technologies, including those that promote self-existence.
Bitcoin Core Developer Warning
Corallo, a well-known Bitcoin Core developer (the software customer most used to operate nodes on the Bitcoin network), spoke about his concerns about the meaning of the current policy in a June 3rd publication.
According to him, “There’s only one chance to amend the law. Or Americans don’t have access to the best available wallets, and US developers are excluded from providing the best user experience.”
The expression of Cararo refers to the need to approve a proposal “The Certification Act on Blockchain Regulations.” According to your vision, this fix will provide a “safe port” for developers and suppliers of self-system services. They are exempt from being classified If you do not control a user fund as a “currency services business” under state and federal law.
What does it mean that a wallet is considered a “financial services business” (MSB)?
In the context of US regulations, the “financial services business” (MSB) is a category established by the Financial Crime Enforcement Network (FINCEN), which is Money, currency change, or fund management submission.
For example, within the entities that were cryptocurrency exchanges, they are regulated under the Bank Secrets Act (BSA) to prevent money laundering. That means strict requirements such as previous registrations of FINN, implementation of anti-Irabad (AML) and KYC (ID verification) programs, detailed financial reporting, and often state licensing.
When Fincen classifies an application or platform in December 2020 In relation to the wallet of self-capacity as an MSB, these may comply with the same regulations as banks and exchange housing; Though they don’t directly control the user fund.
How does users affect their interpretation?
Coralo was administered by the federal agency, the Department of Justice (DOJ), during the administration of President Joe Biden. In the US, we also understood services related to self-system wallets such as MSBs.
The DOJ led legal action to apply its interpretation, as in the case of Samurai Wallet (2024) and Tornado Cash (2022). They worked as MSB without registrationviolates the Bank’s Secret Act (BSA).
This definition not only affects privacy-focused services as mentioned in the previous paragraph, but also covers auxiliary technologies (such as LN nodes, DEFI applications) that provide these applications or platforms that are essential for cryptocurrency scalability and ease of use.
Corallo warned that “virtually all technologies developed to improve scalability, privacy, or cryptocurrency user experience require some type of auxiliary services.” They could be illegal under Finn’s interpretation.
Given all the regulatory requirements these services must meet, negative impacts for users include limiting access to sophisticated tools, increased developer costs, loss of privacy, impact on decentralization, risk of self-censorship, reliance on security wallets, and long-term legal uncertainty.
In such a way, classifying auxiliary services for platforms or applications such as MSBs is a very strict regulatory framework according to coral analysis. They will either discourage their development or make them unfeasible in the US. As a result, this limits innovation and access to secure wallets, and undermines the autonomy and privacy of the cryptocurrency ecosystem.
Donald Trump’s administration has it This position was partially softenedCoraro emphasized that the risks will last and that the new administration will be able to resume this hardline.
More voices in favour of independence as Pilar de Bitcoin
Along the same line, Pierre Rochard, CEO of Bitcoin Bond, focusing on Bitcoin-based financial products, will also be pronounced in X. Emphasises the importance of independence.
«I’ll pick up the phone and call the council. Self-ocustody rights are essential to Bitcoin’s continued success,” writes Rochard.
Save Wallet: Initiatives to Protect Your Self-Occastody
The Save Our Wallet campaign arises as a direct response to what you consider to be a significant regulatory threat. Initiatives Motivated by Bitcoin Design to Support the Bill Blockchain Regulations Certification Actattempts to mobilize users to support this legislative proposal.
According to its advocates, Blockchain Regulations Certification Act Grants legal clarity Exclude service providers Coacustodia’s MSB categoryif you do not manage your user fund.
This includes software developers, network nodes, and other technical services that do not directly manage user assets. The law aims to align regulations with Fincen guidelines.
In such a way, the Bitconner community in the US. Blockchain Regulations Certification Act It is considered an important step Protecting the innovation of the Bitcoin ecosystem and cryptocurrency.
Without this regulation, Developers may face legal sanctions Alternatively, transfer your business outside the US so that American users’ access restricts access to Bitcoin and other cryptocurrencies.