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tigerpawl
LSU Fan
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Member since Dec 2003
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Louisiana Banks get green light to store BTC and ETH

"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."

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This post was edited on 6/26 at 7:53 am


I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
36923 posts

Wow.

Regardless of how you feel about Bitcoin, the adaption curve is right on pace with the internet.



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146
GoldenBoy
Georgia Fan
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41440 posts

The legacy system holding bitcoin is both good and bad.


Shankopotomus
USA Fan
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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


tigerpawl
LSU Fan
Can't get there from here.
Member since Dec 2003
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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.


Shankopotomus
USA Fan
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Member since Feb 2009
20739 posts

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


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31
Ross
Auburn Fan
Member since Oct 2007
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 Online 

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.


Shankopotomus
USA Fan
Social Distanced
Member since Feb 2009
20739 posts

Yep. So long as not REQUIRED it should only be viewed as a step forward


Ross
Auburn Fan
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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.


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TigerTatorTots
LSU Fan
The Safeshore
Member since Jul 2009
79788 posts

quote:

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.

Ehh no one who has succesfully been able to acquire/hold non-KYC coins will be depositing anything for banks to hold.


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AMS
Member since Apr 2016
6196 posts

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.


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FnTigers
LSU Fan
Member since Sep 2021
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quote:

Ehh no one who has succesfully been able to acquire/hold non-KYC coins will be depositing anything for banks to hold.
Correk


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thelawnwranglers
LSU Fan
Member since Sep 2007
34213 posts
 Online 

Having banks hold it defeats the point no?


JayDeerTay84
LSU Fan
Texas
Member since May 2013
9227 posts

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 at 8:01 pm


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40
BottomlandBrew
LSU Fan
Member since Aug 2010
25129 posts

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.


KillTheGophers
Yale Fan
Member since Jan 2016
5599 posts

Feds will stop it with the quickness


AMS
Member since Apr 2016
6196 posts

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.


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AMS
Member since Apr 2016
6196 posts

quote:

Feds will stop it with the quickness




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jimmy the leg
LSU Fan
Member since Aug 2007
25007 posts

quote:

The legacy system controlling bitcoin is bad.


FIFY


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RobbBobb
Matt Flynn, BCS MVP
Member since Feb 2007
22648 posts

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?


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