The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network TIP284: Bitcoin - Law & Legal Implications w/ Caitlin Long (Bitcoin Podcast)
Feb 23, 2020
In this engaging discussion, Caitlin Long, a Bitcoin legal expert and Wyoming Blockchain Task Force appointee, delves into the evolving legal landscape surrounding digital currencies. She highlights how states like Wyoming are crafting laws to attract Bitcoin companies while navigating the complexities of legal tender definitions. Long explores the potential for the U.S. government to regulate or even ban crypto exchanges, revealing the balance between state rights and federal law. Moreover, she emphasizes the importance of transparency in the industry, particularly regarding proof of reserves.
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Exchange Shutdown Impact
- US exchange shutdowns would primarily shift activity offshore, as most global volume already occurs outside the US.
- This limits the impact of such restrictions.
Licensing Advice for Exchanges
- Exchanges should consider obtaining bank licenses, especially in Wyoming, to expand services and legitimacy.
- Banks can handle securities without needing a broker-dealer license.
Preventing Crypto Confiscation
- Kyle Bass and others prevented gold confiscation in Texas by asserting it as legal tender and property.
- Wyoming proposed similar protections for private crypto keys, but it did not pass this year.