Summary:<\/p>\n
The crypto exchange of Coinbase, through its Chief Legal Officer, Paul Grewal, has urged the public<\/a> to oppose the proposal<\/a> by the EU parliament, forcing crypto service providers to collect personal details during all transactions including those from non-custodial crypto wallets (those that provide users with private keys).<\/p>\n The EU’s ECON committee is reportedly planning to vote on the proposal this Thursday, March 31st.<\/p>\n Mr. Grewal pointed out that the EU parliament is probably working with bad facts that could result in the passing of bad laws. He also added that the EU proposal could unleash a surveillance regime that will stifle innovations and undermine self-hosted wallets. He said:<\/p>\n Bad facts make bad law.<\/p>\n We see this in jurisdictions all over the world, especially when it comes to digital assets.<\/p>\n Unfortunately, we are about to see this again \u2014 this time in the European Union \u2014 in the form of a revision to the Transfer of Funds Regulation.<\/p>\n If adopted, this revision would unleash an entire surveillance regime on exchanges like Coinbase, stifle innovation, and undermine the self-hosted wallets that individuals use to securely protect their digital assets. The vote will likely take place this week so time is running out.<\/p><\/blockquote>\n Coinbase’s CLO tabulated the following bad facts, about Bitcoin and crypto, that have continued to damage the reputation of the industry.<\/p>\n In addition, Mr. Grewal highlighted that crypto transactions were easier to track than cash transactions. This is based on the fact that crypto transactions are recorded on the respective blockchain ledger. These records are permanent (immutable) and can be traced by law enforcement using advanced analytics tools.<\/p>\nBad Facts Damaging the Crypto Industry<\/h2>\n
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Cash Transactions are Easier to Hide<\/h2>\n