The arrest of Samourai Wallet founders sets dangerous precedents for Bitcoin privacy.

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The arrest of Samourai Wallet founders sets dangerous precedents for Bitcoin privacy.

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One of the most repeated comments around this news in social media is that it sets a bad precedent for the future of the industry development. Privacy is a concern, but the meaning of a money transmitter entity is also at stake, and how this case plays out could affect other wallet operators in the future. And Shapiro agreed. "I don't think that's good for the future of privacy, whether or not it's an intentional attack on privacy. Hard to say. But you know, intentionally or unintentionally, I think it was very bad for Americans' privacy in general," he said.
The definition of a non-custodial wallet as a money service business and the consequent indictment of the wallet’s maintainers can set dangerous precedents for the wider Bitcoin space and may go as far as affecting the freedom of the internet, essentially endangering all individuals, organizations and technologies involved in the transfer of financial transactions without exercising control over funds.

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Implications of the arrest of Samourai wallet founders