Senate Bill S.1241 is a real threat to U.S. crypto -Here's what you can do-

sindikat

full member

Activity: 364

Merit: 106

I recommend the Americans to be very careful with such laws. The American government is interested in the death of bitcoin. I am sure that under legalization, the government will collect user information and will take steps for their prosecution. It seems to me that for Americans it is more profitable to open a company in offshore areas and send profits from bitcoin there. It will be legally and safely.

illinest

sr. member

Activity: 454

Merit: 251

Quote from: Awnar on December 04, 2017, 03:35:30 AM

As someone not from the US, i really dont know if this is good or not. For legal terms maybe to announce where you get wealth but also making you vulnerable to some hacks if possible in which i doubt. Because the goodside for me is that you can now declare it as a legal asset. I would want to see more of this in a few months if it successful or not. To know if its ok for my country also to pass a low regarding that bill.

The wording of the bill is alarming; it's definitely bad. By some interpretations, cryptocurrency investors would have to divulge holdings, and a host of individuals and services would be redefined as "financial institutions" overnight.

Regulation is inevitable. But this is decidedly bad regulation.

Quote from: RodeoX on December 02, 2017, 04:57:54 PM

You can also contact the Bitcoin foundation. Let them know that this is a priority for you and/or donate some coin.
https://bitcoinfoundation.org/contact/

I think that concerns and support would be better directed at Coincenter. They are much more active and effective. For example, they filed briefs in the IRS-Coinbase case, and they've been working on fighting this bill since June. Notably, in Jerry Brito‏'s next tweet in the thread, he says:

Quote

Should be noted this same bill was previously introduced in 2015. Also, not much gets through Congress today.

So I'm not too worried yet.

Qartersa

hero member

Activity: 868

Merit: 535

Quote from: RodeoX on December 02, 2017, 04:57:54 PM

Proposed legislation would force crypto users to reveal their balances and addresses to the IRS. An unconscionable intrusion, in my opinion. I pay my taxes on bitcoin because gains on bitcoin are like everything else. But I am not going to divulge an inventory of my private holdings. That is going way beyond normal and setting a very dangerous precedent. I personally am committing to resistance on this issue. I would rather take my bitcoin to another country and pay my taxes there than comply with this overreach. If the government persists in this push it would be a good idea for others who want to resist to begin sharing tools and knowledge about how to hide bitcoin or move it offshore.

We are breaking no laws and hurting no one. We have nothing to hide, but that does not give the government the right to search us. Lucky for us we live in a democracy (well, it's looking shabby right now.). But together we do have a chance to have ourselves heard. Please contact your senator and the two sponsors of the proposal. Their contact info is below. It actually can have an effect.

Chuck Grassley
https://www.grassley.senate.gov/contact
https://twitter.com/ChuckGrassley

Dianne Feinstein
https://www.feinstein.senate.gov/public/index.cfm/contact
https://twitter.com/SenFeinstein

You can also contact the Bitcoin foundation. Let them know that this is a priority for you and/or donate some coin.
https://bitcoinfoundation.org/contact/

Here is the current proposal. It is worrisome.
https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5

I see. You know very well our laws vary from one jurisdiction to another. Hence, we should be careful in handling all legal matters for these are our obligations as citizens of our respective States. There may be times governments can exercise an overreach to the point of freezing or taking your properties by virtue of its police power. It may sound unconscionable but their reason is that the interest of greater good is paramount as compared to individual interests.

Awnar

full member

Activity: 230

Merit: 250

As someone not from the US, i really dont know if this is good or not. For legal terms maybe to announce where you get wealth but also making you vulnerable to some hacks if possible in which i doubt. Because the goodside for me is that you can now declare it as a legal asset. I would want to see more of this in a few months if it successful or not. To know if its ok for my country also to pass a low regarding that bill.

baradfo

full member

Activity: 232

Merit: 105

I remember when this came out in May/June timeframe. Currently this is proposed and the Senate has yet to take this seriously. Also, this deals with the transfer of currency (cryptocurrencies) across international borders. How Homeland Security plans to enact this has yet to be published as well. Truthfully, I don't think that they can bring this to fruition unless they start monitoring everybody in the U.S. to see if they have any type of crypto account/wallet/etc. to run against, which will violate so many amendments and laws in the first place. At that point, when this is taken seriously by most of congress and the federal government will I take this proposal seriously. I've had my eye on most of the legislation that our government is proposing and so far much ado about nothing with them.

Don Pedro Dinero

legendary

Activity: 1358

Merit: 1565

The first decentralized crypto betting platform

I’m not surprised anybody has commented on this post so far. This forum is flooded with posts on how fast bitcoin will reach $1000000000000000 and when someone posts news like this one people tend look the other way.

I’m not a U.S. citizen but the problem is that if that bill is passed, many other countries will follow.

I’ve also come across this: https://www.cnbc.com/2017/11/20/fcc-chairman-ajit-pai-reveal-plans-to-dismantle-net-neutrality.html

Which could affect exchanges as well.

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Proposed legislation would force crypto users to reveal their balances and addresses to the IRS. An unconscionable intrusion, in my opinion. I pay my taxes on bitcoin because gains on bitcoin are like everything else. But I am not going to divulge an inventory of my private holdings. That is going way beyond normal and setting a very dangerous precedent. I personally am committing to resistance on this issue. I would rather take my bitcoin to another country and pay my taxes there than comply with this overreach. If the government persists in this push it would be a good idea for others who want to resist to begin sharing tools and knowledge about how to hide bitcoin or move it offshore.

We are breaking no laws and hurting no one. We have nothing to hide, but that does not give the government the right to search us. Lucky for us we live in a democracy (well, it's looking shabby right now.). But together we do have a chance to have ourselves heard. Please contact your senator and the two sponsors of the proposal. Their contact info is below. It actually can have an effect.

Chuck Grassley
https://www.grassley.senate.gov/contact
https://twitter.com/ChuckGrassley

Dianne Feinstein
https://www.feinstein.senate.gov/public/index.cfm/contact
https://twitter.com/SenFeinstein

You can also contact the Bitcoin foundation. Let them know that this is a priority for you and/or donate some coin.
https://bitcoinfoundation.org/contact/

Here is the current proposal. It is worrisome.
https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5

Topic: Senate Bill S.1241 is a real threat to U.S. crypto -Here's what you can do- (Read 436 times)