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Elon Musk Echoes Bitcoin Cash Supporters with Latest Tweet

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Wed, 14/07/2021 - 5:58
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Elon Musk Echoes Bitcoin Cash Supporters with Latest Tweet
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Elon Musk has taken aim at Bitcoin’s Lightning Network, echoing Bitcoin Cash supporters.

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In a recent tweet, the eccentric billionaire is asking whether BlueWallet’s Lightning implementation requires “a money transmitter or other licenses” in order to operate in the U.S.    

Musk has revived an old argument pushed by the proponents of big block fork Bitcoin Cash about Lightning nodes qualifying as Money Service Businesses under FinCEN's regulations. Hence, critics argue that such transactions could be ultimately deemed illegal. 

However, according to Peter Van Valkenburgh, director of research at non-profit advocacy organization CoinCenter, a Lightning message is not a payment order.

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Since a Lightning node cannot steal a users’ money, there is no need for licensing, CoinCenter argues.

In his video explainer, Bitcoin evangelist Andreas Antonopoulos describes the concerns about governments banning Lightning transactions as “fearmongering.”

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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