Https://Www.Ic3.Gov/Media/Y2024/PSA240425 @samkazemian any thoughts on this? How would they even

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Frax Finance

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Https://Www.Ic3.Gov/Media/Y2024/PSA240425 @samkazemian any thoughts on this? How would they even

regulate this? Not allow exchanging tokens with usdc?

#cryptocurrency #english #frax

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26.04.2024

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Luke SkywalkeI2
My guess is, they will onchain sleuth to see where...

So, if there is an investigation and you, a law abiding citizen are in some pool. In that same pool another LP has a wallet that they are investigating. That means that you are using an unlicensed money transmitting service and your funds are intermingled with illegal funds - this is my understanding. Would love confirmation. They can’t touch the pool, it’s on a smart contract. They can touch the assets in the pool. Even if USDC is in the pool, it is from other LPs. So, the only thing they can do is not let centralized exchanges allow exchanges of your assets or off ramp?

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11 дней назад

Luke SkywalkeI2

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So, if there is an investigation and you, a law ab...

I don't think they are trying to go after on-chain entities. Only Custodians / on-off ramp providers. As for the scenario you mentioned, where, say, traced "illicit" money is found in an LP you're also in. I feel like all they are going to do is issue blacklisting for your address(es), which (aside from on/off ramps) will be up to the protocol to acknowledge. In short, they won't be able to do anything to truly decentralized onchain entities. USDC might be a different story. Nevertheless, I believe this really only concerns on/off ramps and custodians. They can't issue a cease and desist to the EVM for transmitting stablecoins without "a license" or "compliance standards/KYC". See Below >>>>>>>>>>>>>>>>>>>> Also referred to as money remitters or money transfer services, money transmitters transfer funds or provide payment services. Most states define anyone who receives money to transmit money to another location by any means, including wire, facsimile, electronic transfer or payment instrument, as a money transmitter >>>>>>>>>>>>>>>>>>>>>> Of course maybe I'm wrong, or perhaps I'm underestimating their power over web3

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11 дней назад

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Luke SkywalkeI2
I don't think they are trying to go after on-chain...

They can probably freeze any custodial tokens in a pool. Example, curve pool 50/50 (Frax/usdc). Can they technically make that usdc non transferrable? I assume yes?!?

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11 дней назад

Luke SkywalkeI2 · Accepted Answer

Luke SkywalkeI2

My guess is, they will onchain sleuth to see where it on ramps and off ramps and seize accounts and custodial assets during the course of any given investigation.

0

11 дней назад

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Https://Www.Ic3.Gov/Media/Y2024/PSA240425 @samkazemian any thoughts on this? How would they even

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