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Bitcoin Miners Help Human Traffickers

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Yeah, now I've seen it all.

In the USA, apparently on a path to challenge all other "free" nations in financial repression, a Senate subcommittee heard testimony that bitcoin miners, not bitcoin, but bitcoin miners, facilitated human trafficking.  I am not making that up.  Check it out:

Quote

David Murray, vice president for product development and services at Financial Integrity Network, recommended that Congress create a new class of regulated financial institutions known as “virtual asset transaction validators,” i.e. crypto miners.

These validators would have to know who they are dealing with, just like other financial institutions but very much unlike today’s miners.

“For these essential actors in cryptocurrency transactions, such a regulatory regime would emphasize counterparty financial institution due diligence,”

 

The article goes on to note that this would essentially ban crypto mining in the USA as it would be extremely difficult for anyone to meet these types of constraints with crypto assets.

I'm sorry, but this is just absurd.  These buffoons act like there wasn't any human trafficking before bitcoin showed up.  Please.  Human trafficking is horrible, and these guys should be stopped, but you don't pin it on the people mining bitcoin, if you're gonna do that you might as well blame the Bureau of Engraving and Printing.  Plus even if you banned it in USA it's not like mining is going away.

Anyway, the misinformation ignorance and just trying to apply a regulatory regime designed around existing banking systems to a decentralized payment network is either going to result in gains for miners elsewhere or turning many people in the USA into criminals.

There is at least a nice rebuttal at the end of the article talking about how the internet facilitates lots of crimes but no one is talking about getting rid of it.  Which is true, though I won't need the internet as soon as I get back to this Nigerian Prince who just needs my bank account information so I can help him out by having him send me millions of dollars....

Link:  https://www.coindesk.com/human-trafficking-expert-urges-us-congress-to-regulate-crypto-miners

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Politicians are always behind technology and they have no idea what they are talking about. Unfortunately they have power to introduce stupid bills. Everything that is beyond control of politicians will be attacked sooner or later with some absurd accusations as excuse to regulate and tax 

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