Roman Storm's guilty verdict for operating an unlicensed money service business raises questions regarding regulatory consistency, especially since FinCEN previously indicated that self-custodial tools for cryptocurrency are not classified as money transmitters. Despite an administration claiming to support Bitcoin, government actions contradict this stance, leading to a crackdown on privacy and increased KYC surveillance. The prevailing sentiment suggests that governmental assurances are unreliable, with a call to recognize the antagonistic nature of government towards the cryptocurrency community and to stop seeing them as allies.
FinCEN, the regulator responsible for licensing, monitoring, and enforcement actions concerning criminal activity in money transmission has themselves explicitly stated that self-custodial tooling that facilitates the transmission of value using cryptocurrencies are not money transmitters and are not subject to the relevant regulations.
The government's word is worthless. It means nothing.
They will continue cracking down on privacy, they will continue pushing KYC surveillance... They will continue treating the desire for privacy as evidence of criminal intent.
We need to stop treating these people as our friends, we need to stop pretending and lying to ourselves that they can be won over and become powerful allies.
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