Texas is trying to make it illegal to not know the identity of the person you’re selling to when using crypto (link below).
Setting aside the obvious stupidity of such a maneuver (more like MANUREver), do we need a function in the Safex Marketplace making it very easy for sellers to obtain identity if the customer they’re selling to happen to live in a US state (or any state around the world) requiring identification? Or better yet, could the marketplace itself obtain their identity so the seller doesn’t have to lift a finger to make sure they’re in compliance with state laws?
This falls back to jurisdictional necessities: such as tax, customs duties, etc etc; so these elements must be dealt with above the foundational layer, since it is vast and not everyone has the same rules.
So if you were accessing from Texas or selling from Texas you need to use the Texas Version of an app that enables the needed elements. But we can not punish the rest of the world because of Texas
Yeah I wouldn’t expect that. I was suggesting it might make it easier to comply with requirements on the part of buyers and sellers if there were some kind of optional identification component at a lower level that could be leveraged by applications. As a buyer it would also be a more smooth experience to just click a button whenever id is required by the person selling to me rather than having to potentially upload id to each vendor individually.
In this case, it wouldn’t be necessary unless the seller was either operating from Texas or a state with similar legislation. If that’s the case, it will fall under the title market or seller to implement this for their transactions. There isn’t going to be much the government can do if you purchase from states or countries that don’t require this. What they could do, is nail the buyer for buying things and not reporting the income or gains “taxable event”. So as long as the buyer is claiming it, even living in Texas, they should be within the scope of the law.
What is going to happen, eventually. Is people will start getting audited for their personal income taxes and they will look for discrepancies in your lifestyle, and spending habits. As a US citizen, my ass will be paying my taxes on crypto with a smile. Then I wont have the headache or hassle, especially as I try to diversify and live off the gains.
The point of unenforceable laws is to provide the police/authorities the ability to charge someone they want to by finding something else they have done wrong by using anyone of those unenforceable laws that no one adheres to