In recent years the US has been attacking encryption.
For longer than that, though less noticed, the US has made an enemy of nations whose leadership acted to undermine the USD reserve currency status. The lightening rod scenario for overthrow is to propose (or support) pricing oil exports in other than dollars. (e.g., Venezuela, Libya, Iran)
Cryptocurrencies are a different threat. BTC has a bullseye on it for the same reason the US has defended eurodollar pricing of the oil market: the sheer size of the market has the potential to undermine the reserve status.
Australia has leapfrogged the US in anti-encryption laws. They have them on the books. Fairly OK, but vague, and rushed through. First few cases will be interesting. (the UK was usually the test bed for draconian laws the US wanted to enact.)
And I'd ban any encryption tech coming from them. (They have a cool hardware/network level real time encryption company, (forgot the name Senetas?) has to be quaking in their boots.)
Money isnt but code is. It has already been violated though, with trying to ban tiktok. They dont care about laws anymore. At this point it's a "laws for thee but not for me" state. But yeah you are right that they "couldnt" but they will
TikTok is more than just code though. It's a service that wouldn't operate without their business's servers running, moderators looking after the platform, selling advertising space to sponsors, etc.
If TikTok made in a way such that it consisted of only client-side code, then maybe you could argue that it's a free speech issue.
Perhaps, but a seizure is the greater risk, not a ban. And most coins are far more vulnerable to seizure than monero.
Therefore a ban alone might not kill monero, because it could exist underground.
But for any coins held in custody with KYC, or even just recorded on a transparent blockchain, the US could simply seize accounts of US citizens. For that matter, the US might even seize funds abroad, **where the counterparty was a US Citizen**.
Buried near the bottom of a DOJ press release *released yesterday* is this gem:
>The claims made in these three complaints are only allegations and do not constitute a determination of liability. The burden to prove forfeitability in a civil forfeiture proceeding is upon the government. Further, charges contained in criminal complaint are merely allegations, and the defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
In other words, the risk scenario has already been telegraphed:
1. Declare suspicion of a crime.
2. Take funds.
3. Anyone think they can defend themselves and get their coins back? Step right up and challenge the US Federal government, in a US Federal court, or worse, a non-court administrative proceeding.
Bro, you can't seize a bitcoin unless its on an exchange. If youre holding your coins on an exchange your a fucking retard. The whole point is that you don't need to rely on a third party to hold it for you.
True, I guess I'm safer than I though holding monero. This is pretty unfortunate because what you just said is basically how red flag laws work.
1. Someone complains
2. The cops take your firearms
3. You have to defend yourself in court from allegations and suspicions
pabbsevenGold | QC: CC 87, BTC 16 | r/WallStreetBets 295 months ago
To enhance the Federal Reserve's understanding of digital currencies, the Federal Reserve Bank of Boston is collaborating with researchers at the Massachusetts Institute of Technology in a multiyear effort to build and test a hypothetical digital currency oriented to central bank uses. The research project will explore the use of existing and new technologies as needed. Lessons from this collaboration will be published, and any codebase that is developed through this effort will be offered as open-source software for anyone to use for experimentation.
They have already been developing it for years**
We have been conducting in-house experiments for the last few years, through means that include the Board's Technology Lab, which has been building and testing a range of distributed ledger platforms to understand their potential opportunity and risk