X (Twitter) Obtains License to Store, Transfer, and Trade Bitcoin and Crypto

https://bitcoinmagazine.com/business/x-twitter-obtains-license-to-store-transfer-and-trade-bitcoin-and-crypto

by gslin • 3 years ago

27 14 3 years ago

bitcoinmagazine.com

ryanklee• 3 years ago

This will be stupid and horrible, and probably bend the arc of Musk's fate closer towards prison and bankruptcy.

tibbydudeza• 3 years ago

SBF all over again - ketamine instead of Aderall.

random_kris• 3 years ago

ngmi

buggy6257• 3 years ago

“No… please… stop…”

Willy Wonka quote is appropriate here.

ChrisRR• 3 years ago

"Licence" to trade bitcoin. I thought bitcoin was supposed to be free of all those pesky regulations?

playday3• 3 years ago

Bitcoin as a protocol can’t be regulated, but anyone using Bitcoin can be regulated. Same with taxes. In practice this means any entity that operates a registered company has its crypto operations regulated, while entities that operate fully on chain may not be regulatable (depending on structure and operational security decisions).

rewmie2• 3 years ago

I don't know what point you tried to make. Claiming that a protocol can't be regulated is completely irrelevant as the selling point of crypto as a currency is that it's operations are immune to regulation.

bdcravens• 3 years ago

Bitcoin is. The intersection of Bitcoin and fiat isn't.

playday3• 3 years ago

For those not familiar with us laws regarding money transmission licenses, they aren’t that hard to get in most states but the problem is that you have to get a license for every state you operate in- for an online business that’s 50 licenses. And there are capital requirements for each individual license, effective locking out web startups below a certain amount of capital. It’s part of why financial innovation in the us started with blockchains (which as protocols cannot comply) rather than tradfi like PayPal.

joshstrange• 3 years ago

Yep, I looked into this ~5 years or so ago for a side project and the money transmission licenses made the idea dead on arrival without outside funding which I really didn't want to do. Bootstrapping MTLs is pretty much unobtainable for most people. (This project had nothing to do with crypto at all, it was tool to help manage and pay off debt).

X (Twitter) Obtains License to Store, Transfer, and Trade Bitcoin and Crypto

Related Stories