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Louisiana Banks get green light to store BTC and ETH
Posted on 6/26/22 at 7:47 am
Posted on 6/26/22 at 7:47 am
"The crypto community is taking a victory lap after John Bel Edwards, the governor of Louisiana, signed a bill last week that will enable financial institutions in the state to custody digital assets like Bitcoin (BTC-USD) and Ethereum (ETH-USD) for customers, according to a release by The Crypto Times dated Thursday."
LINK
LINK
This post was edited on 6/26/22 at 7:53 am
5
Posted on 6/26/22 at 8:05 am to tigerpawl
Wow.
Regardless of how you feel about Bitcoin, the adaption curve is right on pace with the internet.
Regardless of how you feel about Bitcoin, the adaption curve is right on pace with the internet.
Posted on 6/26/22 at 11:20 am to tigerpawl
The legacy system holding bitcoin is both good and bad.
Posted on 6/26/22 at 12:31 pm to GoldenBoy
It’s good for those who want to use it in the real economy I would guess .. like laws requiring real estate deposits be in “good funds”
It legitimizes the asset class for those who need the legitimacy of the tradfi system
It legitimizes the asset class for those who need the legitimacy of the tradfi system
Posted on 6/26/22 at 12:36 pm to Shankopotomus
Honestly, I think it's a Trojan Horse to smoke out BTC/ETH holdings that are currently out of federal oversight and put them right in the line of fire of overbearing political control.
Posted on 6/26/22 at 12:44 pm to tigerpawl
That’s a good point as well
BUT
With them being legalized into IRA accounts and companies like Fidelity getting into it .. you’ll only be left behind as a state if you DONT update regulations to allow it IMO
BUT
With them being legalized into IRA accounts and companies like Fidelity getting into it .. you’ll only be left behind as a state if you DONT update regulations to allow it IMO
Posted on 6/26/22 at 12:46 pm to tigerpawl
It’s good for the adoption curve, but runs contrary to the entire initial idea of crypto to get away from the banks. The banks can’t mess with the protocol so as long as you are cool to move funds a cold wallet, I don’t see a problem. I’ll opt for self custody because banks have demonstrated the willingness to stop transactions at the whims of government.
Posted on 6/26/22 at 12:47 pm to Ross
Yep. So long as not REQUIRED it should only be viewed as a step forward
Posted on 6/26/22 at 12:49 pm to Shankopotomus
agree, and it may get exposure to the space to people who are skeptical of self-custody or the existing exchanges, so it may prove positive for price action. It just isn’t for me because it isn’t why I got into the space.
Posted on 6/26/22 at 2:32 pm to tigerpawl
quote:Ehh no one who has succesfully been able to acquire/hold non-KYC coins will be depositing anything for banks to hold.
Honestly, I think it's a Trojan Horse to smoke out BTC/ETH holdings that are currently out of federal oversight and put them right in the line of fire of overbearing political control.
Posted on 6/26/22 at 2:42 pm to TigerTatorTots
quote:
Ehh no one who has succesfully been able to acquire/hold non-KYC coins will be depositing anything for banks to hold.
this was my thought. thats the last thing people who intentionally built non-kyc holdings would do. but a good sign of demand or popularity for adoption is growing.
Posted on 6/26/22 at 2:56 pm to TigerTatorTots
quote:Correk
Ehh no one who has succesfully been able to acquire/hold non-KYC coins will be depositing anything for banks to hold.
Posted on 6/26/22 at 6:21 pm to tigerpawl
Having banks hold it defeats the point no?
Posted on 6/26/22 at 7:59 pm to thelawnwranglers
quote:
Having banks hold it defeats the point no?
Yes and no. If its recognized as collateral, it would be smart to use it as such and hold in a custodial collateral account. Borrow against it, etc. I would feel much safer borrowing against my BTC from an FDIC insured bank than ummmm Celsius
This post was edited on 6/26/22 at 8:01 pm
Posted on 6/26/22 at 8:27 pm to thelawnwranglers
quote:
Having banks hold it defeats the point no?
Satoshi's posts were pretty anti-bank. More so central banks, but he slammed regular banks, as well. The genesis block even makes reference to the day's headline of the British government bailing banks out. So, yeah, banks storing bitcoin defeats the purpose of bitcoin, imo. Other digital assets, like ETH, aren't as philosophically black and white as to banks storing them. That said, no way I'd let them have mine.
Posted on 6/26/22 at 9:26 pm to tigerpawl
Feds will stop it with the quickness
Posted on 6/26/22 at 9:59 pm to BottomlandBrew
quote:
So, yeah, banks storing bitcoin defeats the purpose of bitcoin, imo
not at all. the specific wallets its stored is not the purpose of bitcoin. its the network and coin itself. the purpose was to allow 'decentralized' participation and input. just bc a bank stores btc doesnt impact the algorithm, purpose, function etc.\
if banks decided to and pulled off 51% of mining operations you may have a point, but thats an entirely different thing than allowing people to store btc.
Posted on 6/26/22 at 10:01 pm to KillTheGophers
quote:
Feds will stop it with the quickness
Posted on 6/27/22 at 7:59 am to GoldenBoy
quote:
The legacy system controlling bitcoin is bad.
FIFY
Posted on 6/27/22 at 11:32 am to tigerpawl
I dont think you guys quite understand what a custodian does? In order for the bank to "protect and maintain" your crypto, you have to give up your passwords, and such
Its like a safety deposit box. The bank gets a key too. Sorta the complete opposite of decentralization, right? And if the fed authorizes a seizure of your assets, guess what?
Its like a safety deposit box. The bank gets a key too. Sorta the complete opposite of decentralization, right? And if the fed authorizes a seizure of your assets, guess what?
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