If you don't know what this is, then you should ... the vote is happening today.
The most controversial and significant part of the bill regards to crypto is the "broker" definition which requires among others, developers and miners to perform KYC/AML for transactions (which is of course impossible).
Further more, there is an exception for networks that use proof-of-work, meaning that Bitcoin miners and developers don't have to perform those KYC tasks, but miners of POS/POB/etc coins DO!
This is of course absurd, as policy should not be taking into account the technology used to perform a service. The likelihood is though, that this will pass.
Many of you are probably aware of Cassandra, which is part of the prototyping roadmap we have here at Radix. Cassandra is a hybrid consensus mechanism which uses both POW AND POS for different parts of consensus.
I'm about to publish a paper on it, but the proposal of this bill in the US motivated me to show how ambiguous the exception for just POW platforms is. Cassandra being a hybrid, would developers and miners be exempt from this bill or not? What are the provisions for hybrid technologies like Cassandra? It may be the first of its kind but it wont be the last.
The complete paper is not yet ready, but I've been working extra hard on the relevant sections to highlight that point. As a protocol developer in this space it is my duty to do so.
I have tweeted some excerpts from the paper that are relevant here
https://twitter.com/fuserleer/status/142...1348669440
Maybe it's too late, I couldn't work any faster ... but if the right people see it, maybe it can make a difference.
Thanks
The most controversial and significant part of the bill regards to crypto is the "broker" definition which requires among others, developers and miners to perform KYC/AML for transactions (which is of course impossible).
Further more, there is an exception for networks that use proof-of-work, meaning that Bitcoin miners and developers don't have to perform those KYC tasks, but miners of POS/POB/etc coins DO!
This is of course absurd, as policy should not be taking into account the technology used to perform a service. The likelihood is though, that this will pass.
Many of you are probably aware of Cassandra, which is part of the prototyping roadmap we have here at Radix. Cassandra is a hybrid consensus mechanism which uses both POW AND POS for different parts of consensus.
I'm about to publish a paper on it, but the proposal of this bill in the US motivated me to show how ambiguous the exception for just POW platforms is. Cassandra being a hybrid, would developers and miners be exempt from this bill or not? What are the provisions for hybrid technologies like Cassandra? It may be the first of its kind but it wont be the last.
The complete paper is not yet ready, but I've been working extra hard on the relevant sections to highlight that point. As a protocol developer in this space it is my duty to do so.
I have tweeted some excerpts from the paper that are relevant here
https://twitter.com/fuserleer/status/142...1348669440
Maybe it's too late, I couldn't work any faster ... but if the right people see it, maybe it can make a difference.
Thanks
![[Image: rH1OGR3.gif]](https://i.imgur.com/rH1OGR3.gif)