Crypto Exodus: Why Bitcoin Wallets are Leaving the U.S. by Kim’s Workspace
two Bitcoin wallets are pulling out of the US market in response to recent regulatory actions async announced it is pulling its lightning Network wallet Phoenix from App Stores in the US citing regulatory uncertainty users are recommended to close their channels and move their funds before access is terminated on May 3rd 2024 ZK snacks also announced it is closing off access to its privacy preserving Wasabi wallet in the US strictly prohibiting us users from using its services recent announcements from us authorities cast a doubt on whether self- custodial wallet providers lightning service providers or even lightning nodes could be considered Money Services businesses and be regulated as such legal action taken against Samurai wallet and the recently disclosed Wells notice inquiring about metamask indicate that non-custodial wallets could fall under us Regulatory purview and April 26th US Department of Justice Court Document responding to a motion to dismiss a case against tornado cash co-founder Roman storm indicates that even decentralized non-custodial Services likely need to implement kyc AML and register with finsen based on Section 1960 of the US code this could extend the MSB laws to Encompass practically everything in the cryptocurrency space outside of a user who runs their own node if no control is required for money transmission then anything that makes it easier to use Bitcoin could fall into this over broad definition
Description:
In this video, we delve into the recent exit of two major Bitcoin wallets from the U.S. market, shedding light on the regulatory actions and uncertainties that led to this decision. Join us as we explore the implications of this development for the cryptocurrency world and what it could mean for the future. Stay informed and don’t forget to like and share this video to spread awareness! #Bitcoin #Cryptocurrency #Regulation #USMarket #Wallets
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