Bill S.1241: Amending the Definition of a Financial Institution

lukestokes (75) in cryptocurrency • 7 years ago

Just saw this shared in my social feed and wanted to bring it to your attention also:

Proposed U.S. Legislation May Criminalize Those Who Conceal Bitcoin
via news.bitcoin.com

Here's a quote of interest:

Instead of utilizing the definition of a ‘financial institution’ which includes business models like banks and credit unions, S.1241’s amendment in Section 5312(a) of title 31, United States Code states that the definition now includes, “an issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency.”

It also goes on to talk about the $1 TRILLION added to the U.S. budget with the tax bill passed last night.

Let me get this straight.

The government can put a trillion dollars of liabilities on people without their consent (including some who haven't even been born yet), but if we want to control our own store of value, that's somehow a crime???

This is becoming so ridiculous.

Will this be extended to suggest owning a private cryptocurrency could be illegal also? What a mess.

_{Declining payout since I'm just sharing a link.}

cryptocurrency law government anarchy

7 years ago by lukestokes (75)

$0.00

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!

Sort Order:

Trending

[-]

bryan-imhoff (66) · 7 years ago

Reading their definition of a prepaid access device & the modified definition of a financial institution, it seems like the language is so overly broad as to make almost every retailer in the country a “financial institution” given the widespread issuance of gift cards and sale of instruments such as prepaid visas & phone cards. It’s bizarre.

$8.44

3 votes

[-]

lukestokes (75) · 7 years ago

I was thinking the same thing. Are gift cards going to be criminalized next? So freaking stupid.

$0.02

2 votes

[-]

davebrewer (59) · 7 years ago

Someone is going to have to pay off the $10 trillion that Obama spent and the $10 trillion that every other president spent before Obama.

Trust the government to go after the "good guys" to chase nickels and dimes. Lot easier to get money from the sheeple, then it is to do the hard work of going after criminals.

$0.00

[-]

andybets (62) · 7 years ago

Such broad legislation lays the foundations for yet more selective enforcement, which tyrannical governments everywhere seem to love.

$7.85

2 votes

[-]

whyknot (43) · 7 years ago

Very unsettling. I think this is a reaction to the next wave of crypto cards (prepaid access devices) that are coming to the market (e.g. Ocash and the likes). Until now, crypto was hard to use, but soon, point of sales and online merchants will process crypto tokens without knowing it! So it's only logical for centralized powers to make it illegal in advance, while nobody is aware of the coming crypto tsunami. Add to that "digital currency issuers" and "any digital exchanger of digital currency" and you cover the whole crypto spectrum. However, it is also very clumsy in that in one year, almost everybody will be considered as an offender. This is not realist and can not be enforced in the long run. Maybe this is an attempt to delay crypto short term.

$3.95

1 vote

[-]

gyro (54) · 7 years ago

Its not an attempt to delay, its just a way to keep up control and keep people enslaved to their tax system that they created, its illegal in the first place.

$0.00

[-]

gyro (54) · 7 years ago (edited)

Thanks for posting this Luke, really makes me think, how hard it is becoming just to get by in life when everything you do is taxed.

They should go after all the banks and clean them up first before changing anything to do with what is or is not a financial institution.

The government can put a trillion dollars of liabilities on people without their consent (including some who haven't even been born yet), but if we want to control our own store of value, that's somehow a crime???

That is exactly right!

$3.95

1 vote

[-]

lucylin (67) · 7 years ago

They should go after all the banks

the banks are their employers

$0.00

[-]

gyro (54) · 7 years ago

Yeah true, hang the bankers and watch the prosperity of earth grow.

Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the country’s economic and financial collapse are reaping the benefits of their anger.

Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population.

The island’s steps to resurrect itself since 2008, when its banks defaulted on $85 billion, are proving effective. Iceland’s economy will this year outgrow the euro area and the developed world on average, the Organization for Economic Cooperation and Development estimates.

Iceland’s approach to dealing with the meltdown has put the needs of its population ahead of the markets at every turn. Once it became clear back in October 2008 that the island’s banks were beyond saving, the government stepped in, ring-fenced the domestic accounts, and left international creditors in the lurch. The central bank imposed capital controls to halt the ensuing sell-off of the krona and new state-controlled banks were created from the remnants of the lenders that failed.

Iceland’s special prosecutor has said it may indict as many as 90 people, while more than 200, including the former chief executives at the three biggest banks, face criminal charges. That compares with the U.S., where no top bank executives have faced criminal prosecution for their roles in the subprime mortgage meltdown. The Securities and Exchange Commission said last year it had sanctioned 39 senior officers for conduct related to the housing market meltdown.

http://www.bloomberg.com/news/2012-02-20/icelandic-anger-brings-record-debt-relief-in-best-crisis-recovery-story.html

$0.00

[-]

bravadoworks (36) · 7 years ago

I made a post about this same thing, Its ridiculous that we have to be worried about having a crypto wallet of any kind when ACTUAL criminals in wall street and government have American bank accounts full of dirty money. Also we would have to declare how much in crypto we have while moving through borders if we have more than $10,000 worth of coins... But actual crooks could breeze right through with a bank of america account...come on

$0.03

3 votes

[-]

krytonika (56) · 7 years ago

When was this amendment proposed - I don't see an active proposal on any FED sites I have access to..

Very concerning though if it's legit

$0.00

[-]

lukestokes (75) · 7 years ago

It's linked to in the article. Goes here: https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5. Is that what you mean?

$0.00

1 vote

[-]

davebrewer (59) · 7 years ago

We have to pay for the $10 trillion Obama spent with his friends over 8 years.

Harder to get that much back from the criminals, then it is to slowly siphon it off the sheeple. Government is going to love full digital currency with no cash, it will be so easy to dip their hands into sheeple wallets.

$0.00

[-]

gyro (54) · 7 years ago

Very true, thats the main reason I haven't gone fully into bitcoin, governments do what they want and sheeple wallets are a prime target, with vault 7 it shows they have hooks into every device. So how hard would it be for them to just take digital assets and say it was "a hacker from russia". Or just take tax out whenever they feel like it.

$0.00

[-]

josephlwiess (54) · 7 years ago

Again, I'm going to ask why the government doesn't take the NSA and turn it into a crytocurrency generator? They'd make more money and they wouldn't need to tax. (sigh)

$0.00

[-]

lukestokes (75) · 7 years ago

Because taxes aren't about money, they are about control.

$0.03

2 votes

[-]

gyro (54) · 7 years ago (edited)

Joseph, Do you really think the government, and any of those 3 letter agencies have interest in the common man or doing the right thing? Other than to use you as a slave or asset they can make money from.

Check out Anna Von Reitz, she has uncovered a lot and if people wake up and see through corporate lies we may get somewhere.

$0.00

[-]

josephlwiess (54) · 7 years ago

I know exactly what the government wants. Perpetual slaves that create taxes that they collect. if there was a way to charge us for absorbing sunlight and breathing air, they'd do it.

$0.00

1 vote

[-]

gyro (54) · 7 years ago (edited)

Yep thats exactly right and thats what they have Perpetual Slaves.

When you think about it we need to breath air so we can go to slavery camps,(work whatever you want to call it) so we can pay their taxes.

Not being smart or anything I get what your saying, good point, I hope that doesn't come across the wrong way?

$0.00

1 vote