Cryptocurrency lawyer and Coin Center head of research Peter van Valkenburgh has led criticism of a controversial new US law currently before lawmakers in Texas.
‘Not How Digital Currencies Work’
The bill, HB 4371, affects Texas only, seeking to ban usage of anonymous cryptocurrencies between unidentified parties.
Little is understood about the new legislation, which the cryptocurrency industry immediately attacked as being too vaguely-worded to have a specific impact. “Several looming constitutional concerns aside, this is very oddly drafted. ‘True identities verified before a person has access to another person’s digital wallet’… that’s not even how digital currencies work,” Valkenburgh commented on Twitter during a debate about the issue, continuing:
Putting an undefined identity requirement on individual recipients of payments is maybe ok constitutionally (but makes little sense). Person wants to pay you, you ask: are you you? Person: yes. Boom payment can happen.
Putting an undefined identity…