Can someone from the official team explain to the community why KYC was announced AFTER added their wallet to the Super Staking Rewards program? If this is a glorified airdrop which by all means it appears to be, why was KYC invoked? Wallet openers with Algo in their wallets currently receive rewards, right? If it is the commitment to time (2 years) what statute/guideline/regulation is being referenced? Last I heard, Algo wasn’t designated as being a security.
Algorand Foundation’s response: Thank you for raising these questions. When the Foundation announced the staking program, we stated that the Foundation requires KYC qualification as a condition of participation and reserves the right not to distribute awards to participants residing in “Excluded Jurisdictions”. Please refer to the weblink on https://algorand.foundation/stakingrewards. We understand that regulations on tokens remain unsettled in many jurisdictions including the United States. We also have a legal obligation to ensure that participants that are in compliance with anti-money laundering laws and are not from countries that are under economic sanctions (e.g., North Korea). Thank you for your understanding.
This is hardly an explanation. Where in planet Earth is crypto regulation settled legislation? Please name one where all laws and statutes have been settled law. Easy answer, there are None.
As far as Money laundering, I’m asking about the U.S. so that doesn’t apply does it, unless you are the party laundering money,
In short, it’s a cheap excuse because you cannot point to one single legislative fact that would exclude U.S, participation. There are no applicable laws on the books and one cannot be a crime to a law enacted after the fact.