Are their any War-game scenario plans for a widespread censorship campaign that would likely lead to Zcash being delisted from centralized exchanges? Today, Senator Warren released a proposed bill and included troubling language towards privacy coins. As follows from the proposed bill: “(d) TREASURY REGULATIONS.—Not later than 120
24 days after the date of enactment of this Act, the Secretary
SIL22D55 70R S.L.C.
1 of the Treasury shall promulgate a rule that prohibits fi2 nancial institutions from—
3 (1) handling, using, or transacting business
4 with digital asset mixers, privacy coins, and other
5 anonymity-enhancing technologies, as specified by
6 the Secretary; and
7 (2) handling, using, or transacting business
8 with digital assets that have been anonymized by the
9 technologies described in paragraph (1).”
I like how ECC foreshadowed this issue. I propose an idea on a UX and UI development tip, that I believe will strengthen the air-tightness of the censorship and helps deliver liquidity.
An In-house ECC developed Zcash P2P Exchange: Peer-to-peer (P2P) exchanges allow buyers and sellers to connect directly, without the need for a central authority/clearing house to facilitate these transactions. This means that even if a particular P2P exchange platform is censored, users can still trade directly with one another. In the world class UX & UI that ECC is developing, I believe P2P trading is a great step in helping those buying and selling outside of exchanges.
I’d love to understand if this is possible, if not, what are the major things holding this back? My background is Data Science, with very little cryptography knowledge. Any ECC engineers willing to input?
I used the ZEC shielded pool and over the past 4 months I have had two centralized exchanges asking me for financially sensitive information from my footprint in the legacy system as a result. On one exchange, I completed full AML/KYC in 2016. On the other, I completed full AML/KYC in 2019.
I feel intimidated and threatened. Is anyone else having a similar experience?
We are engaged on a number of fronts in the EU and US. While our regulatory and policy engagement is important and impactful, having options to acquire and transact without being forced to use centralized intermediaries is a good objective and should be prioritized by the ZEC community imho.
Josh, nice hearing from you. Here is what I’m getting:
What is your occupation/employment?
What is the [Source of Funds] for Zcash deposits into your account?
We noticed a large number of deposits conducted in your account in this quarter. Could you please provide details as to the reason for the frequency and values of these transactions?
We are reviewing your account to keep up with regulatory requirements. Can you please attach the last three months of bank statements directly to this email? We require these in order to maintain know your client (KYC) standards. Thank you for your cooperaiton! [sic]
this is coming from a well known CEX. I’m not sure if there is action you could take or advice you could give me.