Oct. 30, 2023
Regarding file number S7-04-23, Safeguarding Advisory Client Assets. IA-6240. Your knowledge of what cryptocurrency custody entails is pitifully inadequate. And it's quite likely that it always will be, as it's cutting edge technology, and you guys have problems even accurately posting comment emails to a webpage. I'm going to try and explain this to you in simple words that you might understand. When you don't manage to understand them anyway, it may indicate to you how little business you have regulating cryptocurrencies and digital assets. The words " eye metal security tongue bamboo ignore common foam rocket" Were used to derive a private key, and a public key at a position down aways on the most common derivation path used in Bitcoin. Around $1,000 of value at today's BTC price in unspent transaction outputs has been allocated to that address. It has been time locked for 3 years using the CheckLockTimeVerify opcode. At another point farther down the same derivation path, $500 of value in today's priced BTC value in unspent transaction outputs has also been allocated. Because you are too incompetent in this arena it's very likely you won't even figure out how to verify that the Bitcoin is where I just told you it is. Now I ask you what these phrases have in common with each other. Dominion and control. Custody. Taxable income. I'll give you the answer later. For the record, you'll notice that there were only 9 seed words. It's recommended to use 12 seed words instead, so now you have to ask yourself, if the UTXOs at that addresses go from unspent to spent, was it too few bits of entropy? Or did the custodian lose the keys, or did he embezzle the funds? That's what's great about following the laws your colleagues have made easily understandable for you! I'll give you another clue, to help you along in your blockchain learning experience. The $1,000 is at position 2023 in the bip44 derivation path. Now try finding the $500 you got. Do consider minding your own business and leaving the hard, cutting edge technology things to people qualified to handle it. I hope you've read new IRS and Fincen rules. They might be more relevant to you than you think. https://www.federalregister.gov/documents/2023/08/29/2023-17565/gross-proceeds-and-basis-reporting-by-brokers-and-determination-of-amount-realized-and-basis-for#open-commentYou https://www.federalregister.gov/documents/2023/10/23/2023-23449/proposal-of-special-measure-regarding-convertible-virtual-currency-mixing-as-a-class-of-transactions By the way, the answer to the question earlier by the way is, "You just received all 3." Funny one right? You know what, I'm a generous soul. Here's that address first address was 35p2Aa7ns5GCdJBjubtdC5JgEG6kXcCCsp. Take good care, Of my money. P.S. The comment period was too short.