Using centralized exchanges is no longer just detrimental to your privacy and your security as it always has been - it's now detrimental to even owning bitcoin at all. If we don't fight against this you won't be allowed to own bitcoin at all. All you will be allowed to own is an IOU on the centralized spreadsheet of some centralized exchange, and we've seen plenty of times over the last few years that such a thing is completely worthless.

This proposal is disastrous for bitcoin on the whole, but even if you don't care about bitcoin at all and are only here to make fiat profits, this bill should worry you.

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Here's something else to keep an eye on, and I'll post updates here as relevant: https://nitter.cz/Bill_Fowler_/status/1716288705655083017#m

Once this proposal is formally published, there will be a 90 day window to submit comments as a first step to legally challenging this nonsense.