US to make Bitcoin use a FELONY unless report sender's social security number - page 2.

Poker Player

legendary

Activity: 1372

Merit: 2017

I am not surprised by this. They want to control Bitcoin in the same way they control banking transactions, whether they can is another thing.

Quote from: pinggoki on September 17, 2021, 02:08:44 PM

This is a very weak move from congress that could easily be bypassed by the thing they are trying to prohibit with this law: Money Laundering. Since this bill only applies to transactions that exceed the $10,000 threshold per OP's post. This means people could just launder the transfer even more making this law even harder to impose.

Don't be surprised if they lower it to $600, as they want to do with bank transactions:

The IRS would know more about our bank accounts with new legislation.

Quote

Legislation proposes reporting inflows and outflows of cash over $600 for both individuals and businesses to the IRS.

What's strange to me is that these two pieces of news came out at the same time and have the $10k threshold for Bitcoin.

so98nn

hero member

Activity: 2114

Merit: 603

Quote from: mk4 on September 17, 2021, 12:32:02 PM

Funnily enough, these fossils in the government actually think they're helping the United States. If anything, they're pushing demand and innovation towards other countries. We really need people in the board who actually knows this stuff, rather than these guys that I wouldn't even be surprised if some of them couldn't operate a modern computer properly.

That is indeed true. I don't know how the tech giant and modernised country like USA is not accepting the bitcoin with full fledge and what can I say wholeheartedly? They should be the one putting an example of modern country around the world but they are just going in the old deep shit and making the world laugh at them. Government of US can make miracles if they invent proper use of blockchain and bitcoin. They are the richest of all yet do not want their peeps to use the bitcoin and bring more money into the country.

Considering that biggest employers of tech giants are in the USA, they should start the informal payment system via bitcoin wallets and let peep use it so that they can bring more investors to the crypto space and develop their country to higher dimensions. But all they wanna do is keep it away from the rich of "americans".

Gyfts

legendary

Activity: 2856

Merit: 1519

Privacy concern of course, but this is probably aimed at trying to target money launderers or tax evaders. Now that USD is failing miserably with high inflation rates, they want to target those that are relying on Bitcoin to protect their wealth, or day to day users as a currency. US politicians couldn't spell bitcoin so expect them to vote on whatever would stagnate crypto growth so they can milk it for every ounce of revenue possible.

pooya87

legendary

Activity: 3472

Merit: 10611

That would be excellent news if it came true. In fact a much better news would be if US outright banned bitcoin and prevented everyone from going near it.
That simply means more of this scarce currency for the rest of the world, specially those fast developing countries that are growing their economy. More importantly this would be keeping bitcoin out of the pockets of corrupt American corporations and billionaires that have been trying to accumulate it, and possibly corrupt the ecosystem in the near future.

In a decade from now when the balance of power (in all aspects including economical) is shifted, America will be left behind.

DapanasFruit

member

Activity: 1218

Merit: 49

Binance #Smart World Global Token

Unfortunately, I could not really sense that there is a united and solid voice of crypto holders, enthusiasts and supporters in the USA. I am suggesting that there should be more coherence in fighting and standing to this attempt to make the USA another police state and now controlling Bitcoin as if taxing is not enough. I am hoping this bill will not be approved as is. This is already an intrusion into people's freedom and privacy.

Mcphail

newbie

Activity: 24

Merit: 6

My first thought was how to determine if the recipient was a citizen. Is it naïve of me to think that bitcoin’s anonymity plays an important role in being asked to police it, that I think it’s easy to get away with it

electronicash

legendary

Activity: 3234

Merit: 1055

crypto companies will move out of US if they continue to grip.
social security number sent to some is danger. these men didnt think of what this could do. surely this will not be approved. the government is having a hard time coming up with solutions because obviously they don't control BTC.

dothebeats

legendary

Activity: 3542

Merit: 1352

They are trying so hard to bar people from entering the cryptospace, and leaving their dear fiat in the dust. Such a bill would only force people to find ways and avoid the repercussions as hard as they could rather than do this crazy stuff that the lawmakers are trying to impose. The more they restrict people into doing something, the more the people try hard and get what they want. The US should be the ones leading the charge towards innovation and crypto development but no, they just want to lag behind other countries and focus on other mundane things that will just make things hard for their people.

pinggoki

sr. member

Activity: 1666

Merit: 426

This is a very weak move from congress that could easily be bypassed by the thing they are trying to prohibit with this law: Money Laundering. Since this bill only applies to transactions that exceed the $10,000 threshold per OP's post. This means people could just launder the transfer even more making this law even harder to impose. Sometimes the efforts won't count especially if a lot of money will be used to mobilize this if it ever getsthe chance to be passed as a full-fledged law.

Quote from: mk4 on September 17, 2021, 12:32:02 PM

Funnily enough, these fossils in the government actually think they're helping the United States. If anything, they're pushing demand and innovation towards other countries. We really need people in the board who actually knows this stuff, rather than these guys that I wouldn't even be surprised if some of them couldn't operate a modern computer properly.

What transpired during their court discussion last 2018 with Mark Zuckerberg is enough evidence that the guys some of us had allowed to be on the Senate don't know jackshit about anything regarding the internet. Even the simple process of logging into an account seemed so complex that they can't wrap their measly brains around. How can we trust these people to impose such a bold move and effectively execute it?

mk4

legendary

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📟 t3rminal.xyz

Funnily enough, these fossils in the government actually think they're helping the United States. If anything, they're pushing demand and innovation towards other countries. We really need people in the board who actually knows this stuff, rather than these guys that I wouldn't even be surprised if some of them couldn't operate a modern computer properly.

BrianH

sr. member

Activity: 280

Merit: 253

The House of Representatives is voting on the 27th to require that the recipient of Bitcoin (and other cryptocurrencies) report the social security number, sender’s name, birth date, address and profession for total amounts >$10,000 from one entity (i.e. Binance, CoinBase, PayPal, etc.). Failure to do this would be a FELONY! This is a de facto ban of cryptocurrencies in the United States, unless they are processed through big tech.

https://www.nasdaq.com/articles/the-proposal-to-regulate-digital-asset-transactions-should-be-struck-2021-09-15

Quote from: Nasdaq

An overlooked provision in the Senate-approved infrastructure bill1 would dramatically expand the government’s surveillance of Americans’ economic activity and diminish America’s role in developing an important new technology.
...
The section 6050I proposal would impose onerous surveillance and reporting duties on all Americans, with fines or prison for those who fail (or perhaps are unable) to comply.
...
In this hypothetical system of complete financial surveillance, “any person” means what it says (and includes businesses or other entities). “Receive” means, take possession for any reason. “Report it” means, first, to verify the payer’s name, birth date, address, profession, and Social Security or tax ID number. Then, to promptly send that information — along with the amount received and the reason for the transaction — to the government on a form signed under penalty of perjury.

Contact your US House representative and tell them to vote against this "infrastructure bill".

Here are the rest of the horrible provisions in this bill that also ban crypto mining and software development.

This bill keeps getting worse and worse for the crypto industry, because no one is making any noise...

Read detailed explanation in this reddit post (thanks dkbit98):
https://www.reddit.com/r/CryptoCurrency/comments/pqm1ba/new_us_crypto_regulation_far_more_invasive_than/

Topic: US to make Bitcoin use a FELONY unless report sender's social security number - page 2. (Read 394 times)