Topic: New US law proposal will make all crypto illegal - page 2. (Read 6650 times)
I guess if United make new laws that would make all illegal crypto then the American Government was looking for a reason to grab your purse, then it's because you've done something quite which one to get there. This rule is not created so that the police can go up and down the street and randomly asked someone for a glimpse of the crypto wallet. then when they find You they can always find something to put you in jail that's why they make 1000s of regulations, then it is reasonable only if the United State's much better put a be of good
Is there a crypto lobbyist? Andreas M. Antonopoulos help?
Wow. hope it won't happen.
so what? they will never ever know that I am using cryptocurrencies because I will never ever talk about the cryptos in front of any government people or those have the authority to make this stupid law. Damn. Crypto will always exist on this beautiful planet and no way it can be fucked up by the government
this information was useful
Depending on the wallets being used, add the term "sweep" to your software vocabulary for crypto wallets. It is under a different tab than "import" in some case and may say "sweep addresses" or keys of even wallets. This is just another term for basically the same thing, but it implies that the Bitcoin data is from a totally unrelated piece of software and is easier to please.
There is pressure from the government to avoid Bitcoin, but that is it, just normal, everyday, pissed off government stuff, not the Nazi attack that you guys to portray.
There is an expansion of the search and seizure there from the last mention, but, guess what, if the government is looking for a reason to seize your wallets, then that is because you have done something pretty damn wrong to get there. These regulations are not created so that the police can ride up and down the street and randomly ask for a person's crypto wallet for a quick look.
I guess your America is way better then my country, in my country they put you on the list for no reason sometimes at random or sometimes because you critisized the governement (in my country they consider that you did something wrong) and then when they search you they can alsways find something to put you in jail that is why they make 1000s of regulations. . Our ex president said once i can put any anomy away because i can always find what he did wrong!
But again your America is fair not like my country where everybody has "done something wrong"
Think of this like transferring your bank balance to a new bank altogether and getting to keep the account number. Really annoying.
https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5
https://youtu.be/izwKpotVQLw
http://www.zerohedge.com/news/2017-06-14/you-wont-believe-stupid-new-law-against-cash-and-bitcoin
https://youtu.be/izwKpotVQLw
http://www.zerohedge.com/news/2017-06-14/you-wont-believe-stupid-new-law-against-cash-and-bitcoin
This was due to happen.
The bill is probably going to be passed to be honest. Because the government is just a bunch of central bank supporters as we all know because although the Fed is supposed to be an independent bank, it is just controlled by the government.
There is an expansion of the search and seizure there from the last mention, but, guess what, if the government is looking for a reason to seize your wallets, then that is because you have done something pretty damn wrong to get there. These regulations are not created so that the police can ride up and down the street and randomly ask for a person's crypto wallet for a quick look.
I guess your America is way better then my country, in my country they put you on the list for no reason sometimes at random or sometimes because you critisized the governement (in my country they consider that you did something wrong) and then when they search you they can alsways find something to put you in jail that is why they make 1000s of regulations. . Our ex president said once i can put any anomy away because i can always find what he did wrong!
But again your America is fair not like my country where everybody has "done something wrong"
America is far from fair and you don't have to do anything wrong for them to seize your money. That's what civil forfeiture is, it illegally circumvents due process.
Yep. Especially anything relating to crypto. Look at BurtW, his home got raided because he traded p2p with bitcoin.
There is an expansion of the search and seizure there from the last mention, but, guess what, if the government is looking for a reason to seize your wallets, then that is because you have done something pretty damn wrong to get there. These regulations are not created so that the police can ride up and down the street and randomly ask for a person's crypto wallet for a quick look.
I guess your America is way better then my country, in my country they put you on the list for no reason sometimes at random or sometimes because you critisized the governement (in my country they consider that you did something wrong) and then when they search you they can alsways find something to put you in jail that is why they make 1000s of regulations. . Our ex president said once i can put any anomy away because i can always find what he did wrong!
But again your America is fair not like my country where everybody has "done something wrong"
America is far from fair and you don't have to do anything wrong for them to seize your money. That's what civil forfeiture is, it illegally circumvents due process.
There is an expansion of the search and seizure there from the last mention, but, guess what, if the government is looking for a reason to seize your wallets, then that is because you have done something pretty damn wrong to get there. These regulations are not created so that the police can ride up and down the street and randomly ask for a person's crypto wallet for a quick look.
I guess your America is way better then my country, in my country they put you on the list for no reason sometimes at random or sometimes because you critisized the governement (in my country they consider that you did something wrong) and then when they search you they can alsways find something to put you in jail that is why they make 1000s of regulations. . Our ex president said once i can put any anomy away because i can always find what he did wrong!
But again your America is fair not like my country where everybody has "done something wrong"
I am not an american citizen, does this policy have any effect on the limitations of Bitcoin ?.
As long as this policy has no impact on the use of Bitcoin in my country, it is not a big deal.
I think it's a wise move.
As long as this policy has no impact on the use of Bitcoin in my country, it is not a big deal.
I think it's a wise move.
Trying to ban cryptocurrencies is like trying to fight the war on drugs. It'll only expedite the creation and adoption of more anonymous crypto's
If they are planning to ban crypto currency even if you are planning to start anonymous currencies the fine and jail time for using that will deter more people from using it,they could book you for laundering money and you might end up in jail for a long time,so the fact is you really cannot challenge any government with these sort of things. 
I said years ago and a few times since on this matter that..
Govt's like the USA's will not try and "ban" crypto.
Why ?
The very first thing that jumped out at me thinking it over was..
The actual logistics of doing it.
Take for example if this forum wanted to regulate scam coins and stop them from being posted.
So now we need an army of people who will work 24/7 to go through code and back ground checks on people etc scanning coins and their teams.
That is simply not happening.
And trying to put BTC etc back in the bottle isn't going to work now.
So they will continue to do what they are doing now..
BUT !
Like i also said they will be waiting where ever there is a link to FIAT.
That bridge is crossed regularly as the entry point to get into crypto.
Not too many start like i did by showing up with 0 cents invested ..mining or faucets etc.
And they do not need as much effort or resources to regulate that angle of things.
Hell they are already doing it with AML/KYC client type stuff with crypto exchanges.
So no .. there will be no "ban"
But i do expect tighter & tighter regulations over time
Govt's like the USA's will not try and "ban" crypto.
Why ?
The very first thing that jumped out at me thinking it over was..
The actual logistics of doing it.
Take for example if this forum wanted to regulate scam coins and stop them from being posted.
So now we need an army of people who will work 24/7 to go through code and back ground checks on people etc scanning coins and their teams.
That is simply not happening.
And trying to put BTC etc back in the bottle isn't going to work now.
So they will continue to do what they are doing now..
BUT !
Like i also said they will be waiting where ever there is a link to FIAT.
That bridge is crossed regularly as the entry point to get into crypto.
Not too many start like i did by showing up with 0 cents invested ..mining or faucets etc.
And they do not need as much effort or resources to regulate that angle of things.
Hell they are already doing it with AML/KYC client type stuff with crypto exchanges.
So no .. there will be no "ban"
But i do expect tighter & tighter regulations over time
Okay, but what if you are crossing the border with your assets in an online wallet and not a physical device?
Since it's untraceable and can be accessed anywhere, this law applies to owning. It doesn't say what happens if you have it in a cold wallet inaccessible.It is about control where the funds have been gained and where they are stored.
They will apply the same "safe harbor" kind of rules as for personal data, but for cryptos: servers in the USA under USA regulation and needing to comply with banking transparency laws (ie: taxes on exchanges companies profits, and taxes when you btd2usd your gains).
The idea is to avoid capital evasion thst is not traceable (Towards china especially), and to make sure everybody will pay taxes on their capital gains.
It means that the government feels like the crypto world is going to yield massive revenues soon to early investors like us (only 3M ppl in the world deal with cryptos according to a report... jfgi)
Imho, not a bad thing for 3 reasons:
1- it will give a legal frame to the cryptos, helping it to spread more (maybe one day my Chase account will act as a BTC wallet too!!).
2- if the gvt thinks about such law, it means they believe the btc will re-explode soon.
3- all the panicking f-tards will sell and the price of BTC will drop... giving another reason to buy more at good price before it raises again.
Ouch, where is the 'freedom' in US? 
Even so, I don't get how they will track down the Bitcoins of every user. I know its easily to track large companies, and does it mean they will block all exchange sites?
This is looking quite bad for Bitcoin, if its users decrease. If this is true, rich people would have risks of all assets being 'controlled' by the government, so yes, indeed this is encouraging people to store gold/cash overseas instead.
I don't think this will tackle the main issue of criminals using Bitcoin, and I don't know what will.
Even so, I don't get how they will track down the Bitcoins of every user. I know its easily to track large companies, and does it mean they will block all exchange sites?This is looking quite bad for Bitcoin, if its users decrease. If this is true, rich people would have risks of all assets being 'controlled' by the government, so yes, indeed this is encouraging people to store gold/cash overseas instead.
I don't think this will tackle the main issue of criminals using Bitcoin, and I don't know what will.
What makes you think this is about Bitcoin and not Ethereum or some other ICO / pre-mine?
Ouch, where is the 'freedom' in US? Even so, I don't get how they will track down the Bitcoins of every user. I know its easily to track large companies, and does it mean they will block all exchange sites?
This is looking quite bad for Bitcoin, if its users decrease. If this is true, rich people would have risks of all assets being 'controlled' by the government, so yes, indeed this is encouraging people to store gold/cash overseas instead.
I don't think this will tackle the main issue of criminals using Bitcoin, and I don't know what will.
Even so, I don't get how they will track down the Bitcoins of every user. I know its easily to track large companies, and does it mean they will block all exchange sites?This is looking quite bad for Bitcoin, if its users decrease. If this is true, rich people would have risks of all assets being 'controlled' by the government, so yes, indeed this is encouraging people to store gold/cash overseas instead.
I don't think this will tackle the main issue of criminals using Bitcoin, and I don't know what will.
My take is that the proposed law in the United States does not change much when it comes to the legality of crypto currencies. To understand why I would review the following guidance that was issued over 4 years ago. https://www.fincen.gov/sites/default/files/shared/FIN-2013-G001.pdf The critical question is which crypto currencies meet the definition of de-centralized virtual currency and which are centralized virtual currencies. The latter likely have serious legal and regulatory problems if they do not have an MSB registration.
Can someone explain to me how a premine or an ICO can work without a central depository and a single administrator?
Edit: Ripple was the subject of a civil enforcement action. https://www.fincen.gov/news/news-releases/fincen-fines-ripple-labs-inc-first-civil-enforcement-action-against-virtual but Bitcoin has not. What is the difference? See the guidance above for the answer.
Can someone explain to me how a premine or an ICO can work without a central depository and a single administrator?
Edit: Ripple was the subject of a civil enforcement action. https://www.fincen.gov/news/news-releases/fincen-fines-ripple-labs-inc-first-civil-enforcement-action-against-virtual but Bitcoin has not. What is the difference? See the guidance above for the answer.
The Bill proposes to add “prepaid access devices, digital currency,” to list in Section 5312(a) of title 31, United States Code.
And this list already contains "(K) an issuer, redeemer, or cashier of travelers’ checks, checks, money orders, or similar instruments".
https://www.law.cornell.edu/uscode/text/31/5312
Do you guys really believe that cashiers checks, money orders, etc will be banned?
And this list already contains "(K) an issuer, redeemer, or cashier of travelers’ checks, checks, money orders, or similar instruments".
https://www.law.cornell.edu/uscode/text/31/5312
Do you guys really believe that cashiers checks, money orders, etc will be banned?
Trying to ban cryptocurrencies is like trying to fight the war on drugs. It'll only expedite the creation and adoption of more anonymous crypto's
I agree with that. The bitcoin and other currencies will be used more if they are banned.
Jump to: