ATTENTION ATTENTION! Every bitcoin (crypto) trader, investor, enthusiast, hacker and anybody born in this century knows that regulators are attempting to rein in bitcoin. In fact, hearings are being held by the “appropriate” committees in Washington, DC to figure out what the heck bitcoin is and what they can do to “save our citizens” from this………”thing”. Well, according to one theory bitcoin can’t be regulated because of THE FIRST AMENDMENT of the US Constitution. WHAT? Yeah, the argument is bitcoin is a protected form of publishing thus protected by the first amendment (free speech). So, the thinking goes, lawmakers would have to repeal the first amendment of our constitution to regulate bitcoin which, of course, is impossible. The author’s opinion is fascinating and……..pretty cool. Just remember, there is nothing (NOTHING) more dangerous than a legislator being told they can’t legislate. A legislator scorned hath no end to their fury.
(Bill Taylor/Managing Editor)
“Hearings on Bitcoin and its derivatives are being held in the USA on a regular basis, and invariably the expert witnesses fail to properly describe the actual processes going on. If they used the correct language and excluded all analogies, the only possible conclusion would be that America cannot regulate Bitcoin under its current legal system. The Constitution guarantees the inalienable rights of American citizens, and therefore Bitcoin is a protected form of publishing. The only way Bitcoin can be made regulable is if the Constitution is changed; and that does not mean adding a new Amendment, it means removing the First Amendment entirely.
Inevitably the anti-Bitcoin protagonists will face a robust and ultimately successful legal challenge that will remove the possibility of any sort of “BitLicense” or interference from the CTFC, FinCEN or any other agency. It will also remove any possibility of interference at the State level. The consequence of adhering to the basic law of the United States will cause America to become the centre of all Bitcoin business for the entire world.
Let me explain why this is the case.
Some say that Bitcoin is money. Others say that it is not money. It doesn’t matter. What does matter are three things; that Bitcoin is, that the Bitcoin network does what it is meant to do completely reliably, and what the true nature of the Bitcoin network and the messages in it are.
Bitcoin is a distributed ledger system, maintained by a network of peers that monitors and regulates which entries are allocated to what Bitcoin addresses. This is done entirely by transmitting messages that are text, between the computers in the network (known as “nodes”), where cryptographic procedures are executed on these messages in text to verify their authenticity and the identity of the sender and recipient of the message and their position in the public ledger. The messages sent between nodes in the Bitcoin network are human readable, and printable. There is no point in any Bitcoin transaction that Bitcoin ceases to be text. It is all text, all the time…”