Reading Time: 2 minutes
- Wallet of Satoshi has withdrawn from the US due to evolving regulations
- Concerned about potential regulatory issues, the Wallet of Satoshi team removed the app from Google and Apple stores
- The decision may be influenced by the impending crypto aspect of the Infrastructure Bill, effective in January, potentially categorizing Wallet of Satoshi as a broker
Bitcoin Lightning wallet Wallet of Satoshi announced recently that it has quit America, citing the changing regulatory landscape. Despite Bitcoin not being classed as a security, the Wallet of Satoshi team is concerned enough about potentially being caught up in a breach of regulations to pull the app from Google and Apple app stores. The decision may also have something to do with the forthcoming crypto element of the Infrastructure Bill that will come into effect in January and would define Wallet of Satoshi as a broker.
Wallet of Satoshi Pulls up US Shutters
Wallet of Satoshi made the announcement on its X feed on Friday, noting that “the decision doesn’t come lightly”:
To our valued Wallet of Satoshi community in the United States of America,
We’ve dedicated ourselves to providing the best Bitcoin experience with Wallet of Satoshi, being at the forefront of Lightning usability and adoption. However, we’ve made the difficult decision to remove…
— Wallet of Satoshi (@walletofsatoshi) November 24, 2023
The move is an unfortunate one for the Wallet of Satoshi team, coming in what was shaping up to be a record-breaking month; the wallet is on pace to process over 1.1 million Lightning payments this month.
Infrastructure Bill Impact Felt
In January, a new definition of ‘broker’ will come into effect in the US; the term is expanded to encompass “any person who, for compensation, facilitates transfers of digital assets on behalf of another.” This broadened language will encompass US cryptocurrency asset exchanges and digital wallet providers, as well as developers of decentralized finance software, miners, nodes, transaction validators, currency miners, validators, and developers.
This means that it is almost a certainty that Wallet of Satoshi would have been considered a broker, possibly explaining his move.
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
Apple AirPods (3rd Generation) Wireless Ear Buds, Bluetooth Headphones, Personalized Spatial Audio, Sweat and Water Resistant, Lightning Charging Case Included, Up to 30 Hours of Battery Life
$148.29 (as of June 25, 2024 21:05 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Munchkin® Sit & Soak™ Baby Bath Tub with 4pk Float and Play Bubbles Bath Toy
$8.79 (as of June 24, 2024 21:06 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
2024-5 Coin Birth Year Set in American Flag Holder Collection Seller Uncirculated
$16.99 (as of June 25, 2024 21:05 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
USB C Car Charger, 3-Port 67W Dual USB-C & USB-A Car Power Adapter PD/QC Fast Charging Cigarette Lighter for iPhone 15/14/13/12/11/Pro Max, iPad, Samsung Galaxy S24/S23/S22/S21, Google Pixel, Android
$9.99 (as of June 25, 2024 21:05 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
