Crypto News
US Government Frames Bitcoin Privacy As “Criminal”
In another unfortunate turn of events for anyone hoping their right to privacy to be protected as guaranteed by the US Constitution, the UN Declaration of Human Rights, or applicable state and federal law, the US government has argued that the disclosure of proprietary Chainalysis heuristics information in the case US vs. Sterlingov would “jeopardize numerous law enforcement investigations and impact the effectiveness of law enforcement tracing tools” by enabling the development of “criminal countermeasures to blockchain analysis.”
The oath each and every US government employee pledges when first taking office reads: “I do solemnly swear that I will support and defend the Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; that I take this obligation freely, without any mental reservation or purpose of evasion, and that I will well and faithfully discharge the duties of the office on which I am about to enter. So help me God.”
Apparently, this oath is only applicable so long it serves the US government’s agenda. While attempting to retain a protective order to seal the disclosure of Chainalysis heuristic information, the US government has, in essence, argued that the right to privacy does not exist when transacting on the blockchain. In the newly released court documents, the US government defines software developed to protect individual financial privacy on the blockchain, such as coinjoins, as “adversarial”, contending that the disclosure of Chainalysis training methods and techniques bears the reasonable expectation to enable “circumvention of the law.”
Unfortunately, it is unclear which laws the US government is referring to. The argument that the disclosure would enable “ criminals, drug trafficking organizations, and terrorists” to circumvent law enforcement cannot be made in good faith, as Chainalysis’ own 2023 Crypto Crime Report has found the overall transaction volume of illicit activity to lay at merely 0.24%.
Just as the early internet was allegedly only used for crime, the share of day-to-day commerce on the blockchain increases as Bitcoin adoption grows. It therefore cannot be argued that the development of privacy protecting software is adversarial in any sense of the word, except to Chainalysis’ business model and the surveillance agenda of the US intelligence complex, who invested $1.67 Million USD in Chainalysis in 2020 and another $1.64 Million USD in 2021 via the Central Intelligence Agency’s venture capital fund In-Q-Tel.
As long as the development and use of privacy protecting software such as PGP, E2EE or VPNs cannot be deemed as criminal under the first and fourth amendment, neither can the development or use of software aimed to protect one’s financial privacy in Bitcoin. However, it appears that constitutional frameworks do not stop the US government from putting forward statements which directly undermine the people’s right to protection from unwarranted surveillance.
Classifying blockchain surveillance countermeasures as criminal is just another step the US government has been taking towards the total surveillance of US citizen’s communications in recent years. In 2015, congress voted for the prolonging of the Patriot Act via the USA Freedom Act, which continues to allow the bulk collection of telecommunication data via telecommunications providers, and the proposed EARN IT Act, which, in essence, would outlaw end-to-end encryption.
So far, the only attempt to circumvent the law in the US government’s response to minute order is to be found in its own argumentation.
This is a guest post by L0la L33tz. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
New court documents reveal that the US government frames the use of blockchain analysis countermeasures as “criminal”.
Crypto News
The US Should Establish A Strategic Bitcoin Reserve
This morning, the Bitcoin Policy Institute (BPI) released a 53-page report on the pros of the United States establishing a strategic bitcoin reserve (SBR).
In July, @CynthiaMLummis announced the BITCOIN Act, the first bill in US Congress to propose a strategic #bitcoin reserve.
In our most comprehensive report to date, we endorse the United States adopting a strategic reserve. Read the report here: https://t.co/xQJG2Ebksi pic.twitter.com/gq3yI7oJUO
— Bitcoin Policy Institute (@btcpolicyorg) November 4, 2024
The authors of the report touched on four key benefits of holding bitcoin as a strategic reserve asset:
- Economic and monetary stability — bitcoin is a hedge against currency debasement and debt instability
- Geopolitical competition — the US could gain a strategic advantage over other countries that are contemplating starting a bitcoin reserve and can reinforce the US’ influence over global financial standards
- Energy and climate — Bitcoin mining can be leveraged to accelerate the movement toward renewable energy
- Financial inclusion and human rights — the US can promote both the concepts of individual freedom and financial inclusion for both US citizens and those abroad
While I agree that the US’ establishing an SBR would have these benefits, I also think it would send a certain message loud and clear: We embrace change in the United States.
We can tell the world that we’re aware of Bitcoin’s numerous positive attributes and that we want to use them to our advantage.
In doing so, we can shift the narrative around Bitcoin from something to be feared and controlled to something that should be embraced and utilized, and we can stand behind a tool that can be used to increase the financial buoyancy of both people and institutions around the globe instead of standing in its way.
We can send a message to the world by doing so.
Crypto News
PAID IN BITCOIN: BTCPay Documentary Showcases Bitcoin as the Medium of Exchange at Bitcoin 2024 Conference in Nashville
BTCPay Server has just released a new documentary covering the use of bitcoin as a means of exchange this summer during the Bitcoin 2024 in Nashville. The documentary by Parker Worthington (@webworthy) takes a look at the behind the scenes set up of both BTCPay Server and Strike with merchants around the conference venue, documenting the use of bitcoin as a real payment tool during the course of the conference.
Watch the documentary below.
Watch the new documentary PAID IN BITCOIN about Bitcoin use at Bitcoin 2024 in Nashville.
Crypto News
I’m Grateful for Trump’s Embrace of Bitcoin
Co-founder of BTC Media eleven years ago, I am passionate about the future of Bitcoin – and in the spirit of free speech and democracy on this election eve – I feel compelled to share my first Bitcoin Magazine opinion article. Weeks ago our editor-in-chief, Aaron Van Wirdum, published his Take, “Trump Does Not Give a Damn About Bitcoin,” and he invited submissions of a counter-take.
Our company was founded on the mission of hyperbitcoinization. Since the beginning, educating Main Street on Bitcoin has been core to our values. We’ve made great strides. I believe Trump – as standing president – with pro-Bitcoin advisors, could significantly fast-track Main Street’s embrace of Bitcoin, create the world’s most pro-Bitcoin economy, and commute Ross Ulbricht’s sentence… a powerful trifecta.
The resounding skepticism found in Aaron’s TAKE is not a sentiment that I share; rather, I trust in Trump’s declared support for Bitcoin. His inner circle is full of fervent Bitcoiners and those who have signaled support for Bitcoin: his children, JD Vance, Elon Musk, RFK Jr., Tulsi Gabbard, Vivek Ramaswamy, Senators Lummis, Blackburn, Hagerty and Scott plus many, many more.
As a newcomer to the Bitcoin space, Trump, like many, is still learning. I recognize and appreciate his ever-student curiosity and desire to fully grasp the future of money. A U.S. president with exposure to Bitcoin, who surrounds himself with pro-Bitcoin advisors and policies, is certainly a more favorable alternative than the openly-hostile administrations of the past and present.
In Aaron’s TAKE, Trump was chastised for failing to transact his own bitcoin purchase at a campaign stop at PubKey – a Bitcoin bar in Greenwich Village; again, there is no stone to throw here. I was elated that Trump accepted PubKey owner Thomas Pacchia’s invitation to make a campaign stop (and as I understand it, that was an invitation extended to both V.P. Harris and Trump, with only Trump accepting). The transaction was a gesture, facilitated by the community, and was a well-received and celebratory moment for that small business and for the global network of Bitcoin businesses that have struggled for this level of acceptance by politicians.
Like others, you might be questioning if donations and votes are the driving force of Trump’s interest in Bitcoin. Does it actually matter what drives any of us as we strive for a common good? We are a diverse community with diverse reasons for embracing Bitcoin — whether a desire for financial sovereignty, an investment opportunity, a sudden inability to purchase basic necessities during a protest, a distrust in the existing financial system and, yes, even politicians seeking the Bitcoin community’s support through donations and votes.
The Bitcoin Community knows Bitcoin will flourish and thrive in spite of politics; however, not all issues are apolitical. At Nashville’s Bitcoin 2024 conference (and the Libertarian National Convention), Trump stated, unequivocally, that he will free Ross Ulbricht if given the opportunity as President. The Ulbricht family needs a miracle, and it is Trump who pledges to deliver it.
I had the golden opportunity to meet Trump backstage at Bitcoin 2024 (alongside two strong, intelligent women – his granddaughter Kai and her mother Vanessa). I found Trump to be warm, humorous, and sincere. I wholeheartedly welcome Trump to Bitcoin and appreciate bipartisanship support in freeing Ross and our mission of hyperbitcoinization.
I encourage you all to vote this Tuesday, and to join Bitcoin Magazine and Stand With Crypto for The Road to Election Day, live from Las Vegas, this Tuesday, November 5, 2024, beginning at 3 p.m. PST.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
As the U.S. faces the most consequential election of our lifetime, the Trump administration offers an unprecedented opportunity for the Bitcoin community.
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