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-2021-09-15An 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.
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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.
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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/