Under the premise of stopping terrorism and money laundering, Senators have taken it upon themselves to curb cash, cryptocurrency, prepaid visa or gift cards, and prepaid phones. Among the bill’s sweeping provisions, the government aims to greatly extend its authority to seize your assets through “Civil Asset Forfeiture”. They even expand the definition of "Financial crimes", making it illegal to transport more than $10,000 worth of "monetary instruments" without filling out a form. Not only that, but if you are caught, all other assets unrelated to the "illegal transport" you own are subject to forfeiture as well. That basically means if you are caught driving with a hardware wallet with over $10k worth of cryptos, your house, car, bank account, etc can all be seized by the government. No trial, no due process, and your items are theirs, with the burden of proof on you to prove their "innocence". But you won't be able to afford a lawyer most likely because you have no money or collateral to hire one. On top of that, you can't even get a 'public pretender' to represent you because it's a civil matter, not criminal.
Please spread the word, we cannot allow them to quietly pass this.
https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5
Omg Omg Omg, thanks for sharing this, following you
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Thanks. I don't know how much crypto news I will post in the future, but I feel like this was too important not to share.
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@r0nd0n I am curious they still can catch the money launderers. At least the person who is holding the cash after all.
Silly question it might be.
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I'm not quite sure I understand your question.
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That is terrible news, they are just looking for excuses to take all your money, you are right that Congress should not be allowed to pass such bill
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they are powerful! what are we? ...
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We are too quiet when we should be screaming.
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Completely absurd, not surprising for a supposed "government" built on principles of criminality and greed. However I highly doubt they will be able to control cryptocurrency in the long run. It will be quite interesting to see what the old "powers that be" do in this cosmic cryptomonetary chess game though. Let's hope we the people always stay one step ahead.
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The Crypto Currency is becoming a threat to the USD dominance, now with a Cap of over 100BUSD, expect more restrictions to come, I won;t be surprised if in 5-10 years down the road, crypto currency will become illegal.. for whatever pretext.
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They should name this bill: Ensuring cryptocurrency capital flight from the US.
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They're scared, and that means we're doing something right.
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"Terrorism" hmm, it's simply that they fear they cannot tax your crypto, so they will take it (and everything else) off you. Powerful people protect their interests above all else...
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The fact that "protecting their interests" equals "fighting against cryptos" means we're onto something.
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On top of civil asset forfeiture penalties, there are also criminal penalties. Right now according to current law they can imprison you for up to FIVE years for not filling out the form, but apparently that doesn’t go far enough, so this bill aims to double the criminal penalty to TEN years in prison.
Further, their bill wants to pull any business which “issues” cryptocurrency under the anti-money laundering regulatory umbrella. Here’s where these people demonstrate that they have no idea what they’re talking about. No one “issues” Bitcoin. There’s no Bitcoin central bank. There’s no Chairman of Bitcoin who decides on a whim to increase the supply. Bitcoin is created automatically in amounts that are predetermined by its code. So the Senate is essentially trying to force the Bitcoin core software to comply with money laundering regulations.
The bill also attempts to drop a major bomb on Bitcoin by including it in the list of monetary instruments that must be reported when entering or leaving the US.
CALL your congress and House of Representatives and tell them not to pass this bill!
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This is coming back around 😖
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