As the specter of cryptocurrencies grows in regulatory circles across the globe, some policymakers are taking steps to go to war with anonymous cryptocurrency use. Their aim? To stem the tide of assets that can power commerce outside of the state’s purview.
The latest flex against anonymous and psuedonymous cryptocurrency use comes from Texas, where State Representative Phil Stephenson has introduced a draft bill that, if passed by the Texas legislature and signed into law by the state governor, would stringently mandate the deanonymization of Texan crypto users.
The unprecedented bill, H.B. No. 4371, is tentatively titled as “relating to digital currencies.” The legislation would enforce that all enterprises in the state validate the identity of customers paying via cryptocurrency.
Congratulations #Texas, you’re the first state to formally attack and attempt to ban anonymous use of #cryptocurrency in the US. https://t.co/KHaPgQiq5H
— Drew Hinkes (@propelforward) March 10, 2019
Alternatively, identities need not be…