[2017-12-01] Proposed U.S. Legislation May Criminalize Those Who Conceal Bitcoin

illinest

sr. member

Activity: 454

Merit: 251

Quote from: RodeoX on December 02, 2017, 05:08:22 PM

Not today, not tomorrow, never, no f#@

You may want to contact Chuck Grassley and Diane Feinstein They are trying to institute an illegal tracking of your private property under penalty of arrest. This is an absolute non starter for me and I would leave this country with my bitcoin before I would comply with this rule. This is something I hope we all can resist. I certainly will.

https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5

This is definitely alarming. A "redeemer" of "prepaid access devices or digital currency" is now a bank? A tumbler is now a bank? Do these people have no respect for proper use of the English language? Maybe we should start referring to "dogs" as "cats" too?

I recall hearing something about this bill months back and I thought it had died in committee. No such luck, I guess. Any idea how likely it is to pass? It seems like Congresspeople just push any legislation into law which their party leaders tell them to. Undecided

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Not today, not tomorrow, never, no f#@

You may want to contact Chuck Grassley and Diane Feinstein They are trying to institute an illegal tracking of your private property under penalty of arrest. This is an absolute non starter for me and I would leave this country with my bitcoin before I would comply with this rule. This is something I hope we all can resist. I certainly will.

https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5

Iloveelvis

member

Activity: 93

Merit: 10

Last week on November 28 a revision was made to the U.S. bill S.1241 called “Modernizing AML Laws to Combat Money Laundering and Terrorist Financing.” During the U.S. Senate committee hearing, the bill’s words and the representatives bolstering the proposed law amended a critical definition of what a ‘financial institution’ is within the suggested statutes.

This week without causing much attention, the U.S. Committee of the Judiciary members gathered to discuss digital currency implications towards AML/KYC regulatory guidelines. However, during the meeting, it is clear from the recorded video that the words “financial institution” will be amended to cover a much broader definition.

Instead of utilizing the definition of a ‘financial institution’ which includes business models like banks and credit unions, S.1241’s amendment in Section 5312(a) of title 31, United States Code states that the definition now includes, “an issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency.”

Read More Here >>> https://news.bitcoin.com/proposed-u-s-legislation-may-criminalize-those-who-conceal-bitcoin/

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