How Gun Rights May Seed a Regulatory Path for Private Cryptocurrency in the United States
An Unlikely Precedent
Though it may sound odd in the same conversation as ‘internet money’, there is a precedent for government recognition of privacy coins in gun ownership rights. This may seem like a reach, but bear with me. In the United States, the 2nd Amendment states that “a well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.” It can be readily theorized that such a stance can be taken in relation to the prospective regulation of privacy-enabled crypto currencies. Though gun ownership is an incredibly divisive topic in political theater, in the abstract, it is a rather simple and agreeable equation; private citizens have the right to sufficiently arm themselves to engage in self-defense, and protect their personal property. In the modern digital era, privacy coins present citizens with an updated vehicle to defend personal data, and protect private property. If you are still wondering why I am employing gun ownership esotera to frame how we may find an unlikely advocate in the most surprising of places, here’s why.
Privacy coins are by no means ‘digital guns’, but they do enable private citizens to protect their monetary transaction data in a similarly defensive fashion. Say for instance there is a private citizen living in a country with an oppressive governmental regime, and that citizen pays to use a VPN in order to privately and freely navigate the internet. By using the VPN, the citizen can obfuscate his activity on the web, but by paying for the VPN through traditional payment options, the oppressive regime can identify that he is using the service, and flag him for additional scrutiny, or worse.
Make no mistake, the utility of privacy coins isn’t limited to the use of VPN’s among oppressive regimes. We’ve already seen what data heists from Equifax, Target, and many others can do to undermine client trust, or how the wanton disregard for, or even the willing contribution of user data by Facebook, Google, and other digital behemoths can turn users into unwitting sources of leverage to further their own agendas at the users expense. With existing proof of concept for foreign election interference through targeted social media campaigns, we may not be able to point to the battlefield on a map, but the threat to national sovereignty is every bit as real, and all the more perilous. Transaction privacy enables consumers to protect their digital footprint in a way that more citizens will demand as institutions fail us in an ever more frequent, and more public spectacles.
Preparing for the Storm
This trend will only gain velocity as markets are increasingly wary of looming trade wars, unprecedented levels of national debt, and an overdue economic correction that has many questioning the security of traditional stores of value. Hedging exposure to such uncertainty is paramount for many households, especially when so many were rocked from the recession of 2008. Though it will take time, and substantial political headway for most of the market to wake to the utility of privacy coins, some projects and investors are progressing in anticipation. In an upcoming publication, I detail how BEAM is working within existing legal framework to ensure private citizens and traditional companies alike will be able to use the privacy coin while maintaining compliance with local government policy. Though I’m far less interested in guns than I am in decentralized currency, I believe that in the modern digital age, privacy coins are as vital to ensuring the liberty of consumers today as the right to own a musket was to a young country just emerging into its own independence.
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