U.S. Treasury Campaigning for Amplified Powers to Chase Crypto Overseas

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Quote from: bbc.reporter on December 11, 2023, 08:17:36 PM

Quote from: zasad@ on November 30, 2023, 06:40:28 AM

Quote from: larry_vw_1955 on November 30, 2023, 01:42:29 AM

https://www.coindesk.com/policy/2023/11/29/us-treasury-campaigning-for-amplified-powers-to-chase-crypto-overseas/amp/

The U.S. Department of the Treasury is pressing lawmakers for a new set of powers that would give the government unprecedented enforcement and sanctions authority over the crypto sector, including the ability to roam well beyond American borders and get involved with transactions that don't involve its citizenry.

Anyone remember what happened to John Mcafee ? Well he was a US citizen! Now they want to do that to a foreigner too. Believe it OR NOT. Shocked

Populist article. This is not even a bill, but a request. Every government agency wants more power, but in America there are many special services that deal with financial intelligence. The more powers, the larger the budget. Countering terrorism is not the job of the US Treasury.

Also how would America gain amplified powers on a jurdisdiction that they would never have power over just to chase cryptocoin founders? I reckon what if John McAfee hid in Russia very much similar to Edward Snowden? What power do they really have?

This grandma Yellen of the department of treasury is conspiring with the other corrupt politicians of the Biden administration again to get more power and control. I will not be very shocked if there was another agenda behind this. This request might not only be to chase crypto overseas.

I didn't understand the comparison between Edward Snowden and the founder of the crypto project. Edward Snowden, this is a slap in the face to the American intelligence services from the Russian ones. Edward lives in Russia in a protected area and will never be sent to the USA. Russian citizens are not extradited to other countries - this is the country's policy. They will be tried in a Russian court and according to Russian laws. And for other people who are not citizens of Russia, it is very difficult to make predictions.

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Quote from: zasad@ on November 30, 2023, 06:40:28 AM

Quote from: larry_vw_1955 on November 30, 2023, 01:42:29 AM

https://www.coindesk.com/policy/2023/11/29/us-treasury-campaigning-for-amplified-powers-to-chase-crypto-overseas/amp/

The U.S. Department of the Treasury is pressing lawmakers for a new set of powers that would give the government unprecedented enforcement and sanctions authority over the crypto sector, including the ability to roam well beyond American borders and get involved with transactions that don't involve its citizenry.

Anyone remember what happened to John Mcafee ? Well he was a US citizen! Now they want to do that to a foreigner too. Believe it OR NOT. Shocked

Populist article. This is not even a bill, but a request. Every government agency wants more power, but in America there are many special services that deal with financial intelligence. The more powers, the larger the budget. Countering terrorism is not the job of the US Treasury.

Also how would America gain amplified powers on a jurdisdiction that they would never have power over just to chase cryptocoin founders? I reckon what if John McAfee hid in Russia very much similar to Edward Snowden? What power do they really have?

This grandma Yellen of the department of treasury is conspiring with the other corrupt politicians of the Biden administration again to get more power and control. I will not be very shocked if there was another agenda behind this. This request might not only be to chase crypto overseas.

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Quote from: larry_vw_1955 on November 30, 2023, 01:42:29 AM

https://www.coindesk.com/policy/2023/11/29/us-treasury-campaigning-for-amplified-powers-to-chase-crypto-overseas/amp/

The U.S. Department of the Treasury is pressing lawmakers for a new set of powers that would give the government unprecedented enforcement and sanctions authority over the crypto sector, including the ability to roam well beyond American borders and get involved with transactions that don't involve its citizenry.

The success of such initiatives are always doubtful. Some allies main agree to search requests, but not every other countries. US had tried to control cryptocurrency, but when they are unable to control it, they have started chasing their own citizens and exchanges operating from their soil.

Quote

Anyone remember what happened to John Mcafee ? Well he was a US citizen! Now they want to do that to a foreigner too. Believe it OR NOT. Shocked

John McAfee has been Murdered. As simple as that! He was one of the most active crypto promoter of his time. But US government made him a criminal just for promoting ICOs and some failed tokens.

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Quote from: larry_vw_1955 on December 07, 2023, 07:49:40 PM

I'm not sure the US dollar is still looked at as the top currency in the world though. Hopefully not. After they keep printing buttloads of it all the time. it's worthless. why would anyone want to save something that they are printing more of all the time?

This is a very paradoxical situation, because everyone in the world is accustomed to the dollar, but the world is limited and it is impossible to print more dollars due to the large debt financial burden.
No one will agree to accept Bitcoin as the world’s cryptocurrency, and there are no convenient analogues

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Quote from: yhiaali3 on December 07, 2023, 02:11:08 AM

How can they isolate themselves from the US banking system? This is very difficult at the moment. I mentioned previously that there have been many attempts to remove dollarization, but they have all failed, so it is difficult for stablecoins to isolate themselves from the US banking system if dollarization is not removed.

yeah maybe they can't isolate themself from the US banking system because they have to pay out US dollars when people want to redeem their stablecoins. And where are they going to get the US dollars to do that with? From the USA! Such a sad situation.

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They can do this within narrow areas of the world, but if they want to reach globalization, they cannot isolate themselves from the American banking system.

I'm not sure the US dollar is still looked at as the top currency in the world though. Hopefully not. After they keep printing buttloads of it all the time. it's worthless. why would anyone want to save something that they are printing more of all the time?

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Quote from: yhiaali3 on December 07, 2023, 02:11:08 AM

Quote from: zasad@ on December 06, 2023, 10:07:17 AM

This is the right and responsibility of the world hegemon.

Unfortunately, this is the reality and we cannot do anything about it at the present time, but things do not remain as they are. One day the tables will inevitably turn.

I don't think the situation will change, because the new hegemon will do the same. But so far, besides China, there are no other countries to take its place.
But in an era of change, a lot of terrible events will happen, because the United States will not want to give up its power without a fight.

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Quote from: zasad@ on December 06, 2023, 10:07:17 AM

This is the right and responsibility of the world hegemon.

Unfortunately, this is the reality and we cannot do anything about it at the present time, but things do not remain as they are. One day the tables will inevitably turn.

Quote from: larry_vw_1955 on December 06, 2023, 07:19:07 PM

so does a stablecoin based on the us dollar have to maintain a bank account in us dollars in the USA? it seems like there should be some way to insulate themself from the us banking system while at the same time being pegged to the dollar. because if they could insulate themself from the usa banking system then there's no way the USA could have any control over them.

How can they isolate themselves from the US banking system? This is very difficult at the moment. I mentioned previously that there have been many attempts to remove dollarization, but they have all failed, so it is difficult for stablecoins to isolate themselves from the US banking system if dollarization is not removed.

They can do this within narrow areas of the world, but if they want to reach globalization, they cannot isolate themselves from the American banking system.

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Quote from: yhiaali3 on December 06, 2023, 05:25:59 AM

The worst thing about stable currencies is their connection to the dollar.

the more i think about it, i agree!

Quote

Through the dollar, the United States dominates the world economy and therefore has the legal right to pursue stablecoins that are linked to the dollar,

so does a stablecoin based on the us dollar have to maintain a bank account in us dollars in the USA? it seems like there should be some way to insulate themself from the us banking system while at the same time being pegged to the dollar. because if they could insulate themself from the usa banking system then there's no way the USA could have any control over them.

Quote

and now, under the pretext of fighting terrorism, they are able to pursue any platform or Service or man outside the borders of the United States and anywhere in the world.

you're right. they'll use whatever keyword of catchphrase they can to try and make it seem very serious even though it's clear that the US government does not care about terrorism, human trafficking, drug dealing. having an open southern and northern border for people to flow across and invade the country pretty much proves that...

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Quote from: yhiaali3 on December 06, 2023, 05:25:59 AM

Quote from: larry_vw_1955 on November 30, 2023, 07:21:44 PM

"Legislation could explicitly authorize OFAC to exercise extraterritorial jurisdiction over transactions in stablecoins pegged to the USD (or other dollar-denominated transactions) as they generally would over USD transactions," the proposal suggested, giving a reach into transactions that the document notes "involve no U.S. touchpoints."

Adeyemo doubled down on that idea in his Wednesday remarks, saying that non-U.S. stablecoin issuers shouldn't be able to use the U.S. dollar without "procedures to prevent terrorists from abusing their platform."
[/i]

i'm sure those procedures would involve hunting down and throwing foreigners in jail if they were abusing tether. the USA wants to do that. Shocked

The worst thing about stable currencies is their connection to the dollar. There were many ideas to remove dollarization. This was very difficult at the present time, and all attempts failed and it seems that they will fail for a long time.

Through the dollar, the United States dominates the world economy and therefore has the legal right to pursue stablecoins that are linked to the dollar, and now, under the pretext of fighting terrorism, they are able to pursue any platform or Service or man outside the borders of the United States and anywhere in the world.

This is the right and responsibility of the world hegemon.
Suppose if China becomes the new world hegemon, although according to many analysts, the real economy of China has already overtaken the real economy of America, then China will allow some companies to issue digital surrogates of their currency?
The conditions will be the same so that these companies invest most of their turnover in the Chinese economy.

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Quote from: larry_vw_1955 on November 30, 2023, 07:21:44 PM

"Legislation could explicitly authorize OFAC to exercise extraterritorial jurisdiction over transactions in stablecoins pegged to the USD (or other dollar-denominated transactions) as they generally would over USD transactions," the proposal suggested, giving a reach into transactions that the document notes "involve no U.S. touchpoints."

Adeyemo doubled down on that idea in his Wednesday remarks, saying that non-U.S. stablecoin issuers shouldn't be able to use the U.S. dollar without "procedures to prevent terrorists from abusing their platform."
[/i]

i'm sure those procedures would involve hunting down and throwing foreigners in jail if they were abusing tether. the USA wants to do that. Shocked

The worst thing about stable currencies is their connection to the dollar. There were many ideas to remove dollarization. This was very difficult at the present time, and all attempts failed and it seems that they will fail for a long time.

Through the dollar, the United States dominates the world economy and therefore has the legal right to pursue stablecoins that are linked to the dollar, and now, under the pretext of fighting terrorism, they are able to pursue any platform or Service or man outside the borders of the United States and anywhere in the world.

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Quote from: Zoomic on November 30, 2023, 11:29:03 AM

Does the US lawmakers have the power to grant US department of the Treasury the power to act beyond the jurisdiction of America?
This won't be feasible because every country has their own rules as regards the activities of cryptocurrency in their country. These laws differ so much that some countries legalized cryptocurrency, some don't, some tax cryptocurrency while some doesn't. So the level of variation is high as such no country will be comfortable to give up their stand to US who is seeking a way to centralised the world.

They can make things hard for USA businesses:

Adeyemo said it "will not only cut off a firm from the U.S. financial system, but will also expose any firm that continues to do business with the sanctioned entity to being cut off from the U.S. financial system."

And they can make people involved in crypto here in the USA lives miserable from a compliance standpoint I guess but they've always been trying to do that:

Lawmakers should also beef up the department's powers under the Bank Secrecy Act (BSA), allowing for the "targeting of cryptocurrency entities and services that facilitate funding for terrorists," the proposal said. It calls for a new category of financial institutions under the BSA that would include "cryptocurrency exchanges, Virtual Asset Service Providers (VASPs), virtual asset wallet providers, certain blockchain validator nodes and decentralized finance services," requiring them to meet certain anti-money-laundering demands.

anyone running a bitcoin node? make sure you gear up for any new AML rules coming down the pike as you wouldn't want to be mistaken for supporting terrorists...

where the rubber really meets the road is with stablecoins, tether in particular:

The government is also apparently looking for power over Tether, the issuer of the biggest stablecoin, USDT, and its ilk.

"Legislation could explicitly authorize OFAC to exercise extraterritorial jurisdiction over transactions in stablecoins pegged to the USD (or other dollar-denominated transactions) as they generally would over USD transactions," the proposal suggested, giving a reach into transactions that the document notes "involve no U.S. touchpoints."

Adeyemo doubled down on that idea in his Wednesday remarks, saying that non-U.S. stablecoin issuers shouldn't be able to use the U.S. dollar without "procedures to prevent terrorists from abusing their platform."

i'm sure those procedures would involve hunting down and throwing foreigners in jail if they were abusing tether. the USA wants to do that. Shocked

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Quote from: stompix on November 30, 2023, 07:50:04 AM

You guys need to really read more about that guy well before he even mentioned Bitcoin, do you know that the moment police found out his neighbor has died he ran to the beach to dig a hole and put a cardbox on top of his head? That he poured a ton of cash into a serum from tropical plants that was supposed to kill any bacterial infection only for it to fail test and then market it as an instant libido increase juice for women? Grin

forget about that. that has nothing to do with him and the IRS which is what I was talking about.

Quote from: philipma1957 on November 30, 2023, 11:33:24 AM

Mcafee was a murderer and scum.

luckily bitcoin doesn't discriminate against people based on what other peoples' opinion of them is. i guess some people here wish it did though. so bitcoin could be an exclusive club not allowing "undesirables" and those people get to decide what an undesirable is.

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Quote from: larry_vw_1955 on November 30, 2023, 01:42:29 AM

https://www.coindesk.com/policy/2023/11/29/us-treasury-campaigning-for-amplified-powers-to-chase-crypto-overseas/amp/

The U.S. Department of the Treasury is pressing lawmakers for a new set of powers that would give the government unprecedented enforcement and sanctions authority over the crypto sector, including the ability to roam well beyond American borders and get involved with transactions that don't involve its citizenry.

Anyone remember what happened to John Mcafee ? Well he was a US citizen! Now they want to do that to a foreigner too. Believe it OR NOT. Shocked

Mcafee was a murderer and scum.

But the USA is increasing actions and attacking all crypto in a manner that pretty sucks.

Well Maybe Biden goes by by and a more friendly to crypto guy shows up. Nov 2024 is getting closer.

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Quote from: larry_vw_1955 on November 30, 2023, 01:42:29 AM

https://www.coindesk.com/policy/2023/11/29/us-treasury-campaigning-for-amplified-powers-to-chase-crypto-overseas/amp/

The U.S. Department of the Treasury is pressing lawmakers for a new set of powers that would give the government unprecedented enforcement and sanctions authority over the crypto sector, including the ability to roam well beyond American borders and get involved with transactions that don't involve its citizenry.

Anyone remember what happened to John Mcafee ? Well he was a US citizen! Now they want to do that to a foreigner too. Believe it OR NOT. Shocked

Does the US lawmakers have the power to grant US department of the Treasury the power to act beyond the jurisdiction of America?
This won't be feasible because every country has their own rules as regards the activities of cryptocurrency in their country. These laws differ so much that some countries legalized cryptocurrency, some don't, some tax cryptocurrency while some doesn't. So the level of variation is high as such no country will be comfortable to give up their stand to US who is seeking a way to centralised the world.

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Quote from: larry_vw_1955 on November 30, 2023, 01:42:29 AM

Anyone remember what happened to John Mcafee ? Well he was a US citizen! Now they want to do that to a foreigner too. Believe it OR NOT. Shocked

What did they do to him?
Caught and forced him to eat his own dick on that bet he has taken?

You guys need to really read more about that guy well before he even mentioned Bitcoin, do you know that the moment police found out his neighbor has died he ran to the beach to dig a hole and put a cardbox on top of his head? That he poured a ton of cash into a serum from tropical plants that was supposed to kill any bacterial infection only for it to fail test and then market it as an instant libido increase juice for women? Grin

He was a nutcase, the only thing the US has done wrong in his case was not throwing him chained up in a sanatorium!

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Quote from: larry_vw_1955 on November 30, 2023, 01:42:29 AM

https://www.coindesk.com/policy/2023/11/29/us-treasury-campaigning-for-amplified-powers-to-chase-crypto-overseas/amp/

The U.S. Department of the Treasury is pressing lawmakers for a new set of powers that would give the government unprecedented enforcement and sanctions authority over the crypto sector, including the ability to roam well beyond American borders and get involved with transactions that don't involve its citizenry.

Anyone remember what happened to John Mcafee ? Well he was a US citizen! Now they want to do that to a foreigner too. Believe it OR NOT. Shocked

Populist article. This is not even a bill, but a request. Every government agency wants more power, but in America there are many special services that deal with financial intelligence. The more powers, the larger the budget. Countering terrorism is not the job of the US Treasury.

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https://www.coindesk.com/policy/2023/11/29/us-treasury-campaigning-for-amplified-powers-to-chase-crypto-overseas/amp/

The U.S. Department of the Treasury is pressing lawmakers for a new set of powers that would give the government unprecedented enforcement and sanctions authority over the crypto sector, including the ability to roam well beyond American borders and get involved with transactions that don't involve its citizenry.

Anyone remember what happened to John Mcafee ? Well he was a US citizen! Now they want to do that to a foreigner too. Believe it OR NOT. Shocked

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