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Elon Musk Revives An Old Controversy Put Forward By Bitcoin Cash Supporters


Anna Martynova

In a recent tweet, Elon MUSK asked if BlueWallet Lightning requires a money transfer company or any licenses in the United States to implement.

This is how Elon Musk revived an old controversy put forward by Bitcoin Cash proponents that Lightning nodes qualify as money service businesses under FinCEN rules. However, critics argue that such transactions may ultimately be deemed illegal.

The Lightning message is not a payment order, according to Peter Van Valkenburgh, director of research at non-profit advocacy organization CoinCenter. Since the Lightning node cannot steal user money, there is no need for licensing.

Image: BBC


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