Peter van Valkenburgh, a noted expert in the cryptocurrency field, has expressed concerns regarding the prospect of the United States emerging as the global hub for Bitcoin and cryptocurrencies. While he acknowledges that the U.S. could become the center for regulated crypto investment vehicles such as ETFs, he questions whether this development should come at the expense of individual freedom and peer-to-peer transaction rights. He urges a serious examination of the implications for personal autonomy in the evolving crypto landscape.
Van Valkenburgh specifically highlights recent legal actions in the U.S., including the conviction of Tornado Cash co-founder Roman Storm on charges related to unlicensed financial transmission, as well as the contractual involvement of Samurai Wallet developers in related cases. These developments, he argues, raise significant concerns regarding the privacy of cryptocurrency transactions and the protection of peer-to-peer rights, potentially jeopardizing Americans’ ability to use Bitcoin and other cryptocurrencies anonymously.
He emphasizes the importance of legislative measures such as the Clarity Act and the Blockchain Regulatory Certainty Act (BRCA), which aim to shield developers of non-custodial crypto technologies from legal repercussions. Notably, a White House report has recommended the approval of the BRCA, which van Valkenburgh regards as an effective tool to prevent prosecutions akin to the Tornado Cash case.
Referring to guidance issued by the Financial Crimes Enforcement Network (FinCEN) in 2019, van Valkenburgh asserts that non-custodial crypto technologies should not be classified as financial transmission technologies. On this basis, he contends that the financial transmission charges against Tornado Cash and Samurai Wallet were unwarranted. He draws an analogy between running a CoinJoin server and operating a platform like Craigslist—both facilitate direct transactions between individuals without the platform itself conducting the transactions.
Van Valkenburgh underscores that technologies enabling Americans to transact in Bitcoin and cryptocurrencies with privacy are emblematic of personal freedom. He views this as integral to realizing former President Trump’s vision of the U.S. as the “crypto capital” of the world. He warns that imposing comprehensive financial transaction surveillance could transform the U.S. into a state resembling China or North Korea, where individual freedoms are heavily restricted.
Source: bitcoinmagazine
