Frankly we have been so busy, we did not keep up with the news. But what Sen. Chuck Grassley is proposing is quite alarming. It almost seems like every time our industry gained some ground there is a big push back. Read on and decide for yourself.
We saw something like this coming and decided against launching a DNotes ICO because of our concern on possibility that SEC may consider the issuance of tokens as a sale of securities. We have also stayed away from anonymity and ‘zero knowledge” transaction”. But this is beyond our worst-case scenario. Personally, I highly doubt that it will pass into law in its current form. Sadly, it shows great ignorance on that part of our law makers. We are seeing the greatest technology revolution since the internet and yet some idiots are all-out squander it. This will not make America great again!
Proposed Legislation Would Combat Terrorist Financing, Money Laundering
By John Kelly, Thad McBride, Eli Richardson & Cheryl Palmeri on June 8, 2017
POSTED IN INTERNATIONAL TRADE, SANCTIONS (OFAC)
• Proposed legislation targets current gaps in U.S. financial crime law and enforcement
• Bi-partisan Senate legislation would likely expand compliance obligations for banks and others in financial services industry
• Proposed legislation is in line with U.S. and international efforts to fight terrorism and trafficking through economic sanctions and anti-money laundering (AML) rules
On May 25, 2017, Sen. Chuck Grassley (R-IA) introduced the “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017” (the “Act”). The full text of the bill is available here.
Read More:
http://www.bassberrygovcontrade.com/2017/06/proposed-legislation-would-combat-terrorist-financing-money-laundering/......................................
ZeroHedge made the negative implications to our industry a little to understand:
You Won't Believe This Stupid New Law Against Cash And BitcoinThis one is almost too ridiculous to believe.
Recently a new bill was introduced on the floor of the US Senate entitled, pleasantly,
You can probably already guess its contents.
Cash is evil.
Bitcoin is evil.
Now they’ve gone so far to include prepaid mobile phones, retail gift vouchers, or even electronic coupons. Evil, evil, and evil.
These people are certifiably insane.
Among the bill’s sweeping provisions, the government aims to greatly extend its authority to seize your assets through “Civil Asset Forfeiture”.
Civil Asset Forfeiture rules allow the government to take whatever they want from you, without a trial or any due process.
This new bill adds a laundry list of offenses for which they can legally seize your assets… all of which pertain to money laundering and other financial crimes.
Here’s the thing, though: they’ve also vastly expanded on the definition of such ‘financial crimes’, including failure to fill out a form if you happen to be transporting more than $10,000 worth of ‘monetary instruments’.
Have too much cash? You’d better tell the government.
If not, they’re authorizing themselves in this bill to seize not just the money you didn’t report, but ALL of your assets and bank accounts.
They even go so far as to specifically name “safety deposit boxes” among the various assets that they can seize if you don’t fill out the form.
(Yet another reason to consider storing cash, gold, and silver in an overseas safety deposit box.)
This is unbelievable on so many levels.
It’s crazy to begin with that these people are so consumed by the fact that someone has $10,000 in cash.
But it’s even crazier that they’re threatening to take EVERYTHING that you own merely for not filling out a piece of paper, without any due process whatsoever.
Oh, and 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. Five years.
But apparently that doesn’t go far enough to protect us against evil men in caves.
So this bill aims to double the criminal penalty to TEN years in prison.
And if that weren’t enough, this bill also gives them with new authority to engage in surveillance and wiretapping (including phone, email, etc.) if they have even a hint of suspicion that you might be transporting excess ‘monetary instruments’.
Usually wiretapping authority is reserved for major crimes like kidnapping, human trafficking, felony fraud, etc.
Now we can add cash to that list.
It’s not just government spy agencies to worry about, either.
Banks in the US are already unpaid government spies, required by law to fill out suspicious activity reports on their customers.
Then Congress started expanding those requirements to include other businesses and industries that might come into contact with cash.
Stock brokers. Casinos. Currency exchanges. Precious metals dealers. Pawnbrokers. The Post Office.
According to the law (section 5312 of US Code Title 31), those industries are also required to spy on their customers for the government.
But under this new bill, they want to forcibly recruit even more unpaid spies, including any business which issues or redeems ANYTHING that’s prepaid.
Prepaid credit cards. Prepaid phones. Prepaid retail gift cards. Prepaid coupons.
Read more:
http://www.zerohedge.com/news/2017-06-14/you-wont-believe-stupid-new-law-against-cash-and-bitcoin Yeah, I feel like I need to apologize for that. Grassley represents my state, and is definitely past his sell-by date. He's like far too many of our representatives these days: operating with an understanding of the world that is all but obsolete, and way over his head when it comes to grappling with issues involving new technologies and other innovations. I like the guy personally and think that he's a decent human being, but he's simply operating out of his league when it comes to these issues.
Not that he's alone, mind you. The capital is filled with people who are woefully unqualified to deal with this rapidly-changing world.
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.. It shows that Dnotes has a LOT to show for itself and has a phenomenal vision! Also has plenty of resources to check out this present day. 
.. lol.. someday
