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@ k00b
2025-06-09 00:52:45
Custodial services are unambiguously treated as money transmitters and money service businesses by current law, and this law does not change any laws wrt custodians. Ecash mints are custodians. Federated mints might be an exception given that control isn’t unilateral but no one knows.
Unfortunately, any ecash mints, or bitcoin custodians, serving US customers without money transmitter licenses and registering as a money service business are operating illegally.
This why wallet of satoshi left - there was fear these laws would start being enforced.
This is why services like Primal KYC - to comply with these laws.
This is also why you hear the term “custodial anarchy” when people talk about ecash. The premise of the ecash regime is a mass protest of these laws (awesome).