Leister

Custody is your keys.

You hold the keys.

This connects, in my opinion, to the IRS in one key way.

We already have the requirement of reporting cryptocurrency behaviors to the IRS.

Right now, it applies largely to the central exchanges.

Let's take a world where in this case, they say all cryptocurrency assets, all of them.

that fit any of these categories to basically any and all of them have to be reported.

Custody has to be reported that violates again, privacy.

The whole point is why should you have to know how many assets I'm sitting on at any given time?

Why do you care?

They care because if you're connecting it ultimately to Fiat, they want to have oversight over the connection back to a Fiat world.

They want to have control over how much Fiat you can take from the system.

That's how I interpret it.

Whether that's true or not, that's how I interpret that in what I see.

So, two points left.

One, and this is my beef too.

When I describe the idea that everything that's blockchain essentially is a digital commodity and it starts that way, CFTC, and then goes to an ICO, becomes an investment contract, and then after it's done there, it goes back to be a commodity and it's traded on a secondary market.

Sounds good, right?

But

As written, that does not stop somebody who's at a basic level of intelligence saying, okay, I'm going to create the token.