Coinbase Ceo Brian Armstrong Opposes Senate Democrats’ Plan To Extend Id Verification To Decentralized Finance
Coinbase Ceo Brian Armstrong Opposes Senate Democrats’ Plan To Extend Id Verification To Decentralized Finance
The proposed rules would force open-source coders into the role of financial gatekeepers.
Coinbase CEO Brian Armstrong has joined the growing wave of opposition to a new Senate Democrat proposal aimed at tightening federal control over decentralized finance.
The draft legislation would give the Treasury Department expanded authority to target DeFi protocols and extend Know Your Customer rules to a broad range of non-custodial interfaces and wallet developers.
If adopted, the Senate Democrats’ proposal would have profound implications for financial privacy in the United States.
By attempting to impose Know Your Customer rules on DeFi frontends and non-custodial wallets, the legislation would effectively strip users of the ability to transact anonymously or pseudonymously on open financial networks.
These tools allow individuals to maintain sovereignty over their funds without relying on centralized intermediaries.
Subjecting them to surveillance mandates would mean forcing developers and interface operators to collect personal data they were never designed to access or store, an impossible task in many cases and a clear threat to user anonymity.
The broader consequence is a chilling effect on privacy-focused innovation.
Developers who build permissionless tools that enable self-custody and decentralized access could face legal exposure simply for contributing to open-source code or maintaining user interfaces.
This would not only discourage US-based development but could also erode protections for individuals seeking alternatives to traditional financial surveillance systems. Rather than targeting criminal activity narrowly, the proposal sets a precedent for blanket financial monitoring that treats all users as potential suspects.
For privacy advocates, this is a direct challenge to the right to private, censorship-resistant economic participation.
Armstrong, in a post on X, was clear in his rejection. “We absolutely won’t accept this,” he wrote.
“It’s a bad proposal, plain and simple, that would set innovation back, and prevent the US from becoming the crypto capital of the world.” While criticizing the substance of the proposal, he emphasized the importance of ongoing engagement in the legislative process.
🔗SOURCE ➡️ ReclaimTheNet
Related: 8/13 – 🚨Google Reverses Course On Non-Custodial Crypto Wallet Ban Following Backlash
8/13 – 🚨BREAKING: Google Play Will Ban Non-Custodial Wallets Unless Developers Hold A FinCEN, State Banking, Or MiCA License.
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[For the skimmers out there… : Unless you are cool with CBDC’s, 15 minute cities, digital identification, surveillance state expansion and intranational cooperation, carbon credits, ESG, social credit scores, and everything one associates with Agenda 2030 and the sustainable developmental goals…you shouldn’t look to BRICS governments or politicians to save you from the globalist agenda they are taking the reigns of]...
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Bloomberg also said Nigerians view the eNaira as “a symbol of distrust in the ruling elite” and that the people view the government as “hostile to them and therefore have no interest in anything it introduces.”12/7/22 — Nigeria Limits Cash Withdrawals to $45 per Day in CBDC, Digital Banking Push
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… As we can readily see, it wasn’t just the BRICS axis gearing towards CBDCs of course. Its been both, and that is the point.[More on CBDCs in full article]
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