You can also find out more about the following: Bitcoin Policy Institute The BPI has launched its new website. Peer-to-Peer Rights FundThe initiative is a strategic one that aims to safeguard the integrity and decentralization of the Bitcoin eco-system. Mission of the fund is to safeguard non-custodial and developer tools from overreaching regulatory measures, protecting innovation, privacy, user autonomy, etc.
🚀The Peer-to-Peer Rights Fund has been announced
What is the mission? Protect the integrity and decentralization of the Bitcoin eco-system by protecting non-custodial software developers against regulatory overreach.
Learn more & make a tax-deductible donation here:…
— David Zell (@DavidZell_) May 20, 2024
By pursuing key legal cases and providing essential regulatory guidance, the fund aims to establish a fair legal framework that promotes Bitcoin’s open-source nature. Funds that support pivotal cases, provide regulatory guidance, and promote the openness of Bitcoin are the goals.source community.
BPI argued that Bitcoin’s success is due to its peer-topeer basis, which sets it apart from other electronic money attempts. This decentralized, transparent system has been a major factor in Bitcoin’s rise.source Users are in control of the tool and it is free from corruption, greed or politics. The developers have created non-custodial Bitcoin tools, such as multi-signature wallets and Lightning Service Providers. These enhance privacy, reduce transaction costs, and increase security.
Recent U.S. regulatory changes have changed their position, and they are now threatening to go after developers of open source software, which threatens the ecosystem that is not under custody.source Tornado Cash is a tool and company that allows you to send money using Uniswap and MetaMask. The cases may set a bad precedent, putting the US non-custodial Bitcoin eco system at risk. This is because the broad interpretation of the Bank Secrecy Act suggests that any person who facilitates fund transfer should be subject to regulation under it, regardless of whether they control the funds. This could extend regulation to various non-custodial Bitcoin tools, affecting developers of hardware wallets, transaction-broadcasting nodes, miners, and collaborative custody services.
The first project of the fund is to defend Keonne Rodriguez, William Lonergan Hill and Samurai Wallet founders. Rodriguez and Hill have been charged with a crime. charges Conspiracy to launder money and running an unlicensed business.
“The prosecution’s attempt to classify Samourai’s non-custodial coinjoin tool as a money service business risks setting a damaging precedent that could impact the entire Bitcoin ecosystem,” stated BPI co-founder David Zell. “By defending this case, the fund aims to ensure the court understands the technology and legal principles at stake, and seek a favorable result establishing that non-custodial privacy tools cannot be regulated under the Bank Secrecy Act.”
The result of the Rodriguez and Hill case could have a significant impact on the future of Bitcoin non-custodial tools, and the decentralized financial landscape in general. BPI’s fund aims to provide resources and support for the defense attorneys, amicus briefs and impact litigation in order to promote innovation and fairness within Bitcoin.
Visit their site for more information and to make a donation here.
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Source: bitcoinmagazine.com