Texas cryptocurrency bill threatens financial privacy

Confusing wording and technical impracticality aside, the bill would force citizens to spy on each other

A new bill that would require persons accepting payment in cryptocurrencies to check the payor’s identity before going through with the transaction, HB 4371, has been introduced in the Texas Legislature. The bill is problematic on several counts. In substance, it runs counter to our basic rights and our Constitution; in approach, it is unreasonably prejudicial against new technologies; and, in its drafting, it is difficult to parse and misunderstands fundamental aspects of the technology it seeks to regulate.

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