2 US Senators - Chuck Grassley of Iowa and Diane Feinstein of California have filed a new "anti-money" laundering bill aimed at creating more barriers for the free flow of digital currency.
Just so you know who you're up against, Diane Feinstein said this:
“All vets are mentally ill in some way and government should prevent them from owning firearms.”
-- Dianne Feinstein
And Chuck Grassley is on the Senate Finance Committee - see any conflict of interest there?
Anyway, according to the proposed bill - Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017- definitions for financial institutions change to include "any digital currency exchanger or tumbler" - for cryptocurrency users - that means the likes of Kraken, Coinbase, etc.
The bill is a way to move closer and closer to declaring Bitcoin and other digital currencies as a "monetary instrument" under US anti-money laundering statutes because it has "funds stored in a digital format"
The bill is seeking information from the US Department of Homeland Security's Customs and Border Protection (CBP) agency about its policies on digital currencies. Do custom agents need to interview travelers and make them declare "digital" assets?
Here's the question the bill is REALLY trying to get to:
#1 - How can we regulate a deregulated ecurrency market place? (How can we control it?)
Laws are all about power and control. Currently, the market is choosing a decentralized market of exchange and that threatens the fabric of statism... Bitcoin is a threat to lawmakers and government.
The proposed bill by Feinstein and Grassley wants to determine ways to control how Bitcoin - how do you think the market will react?