You Won't Believe This Stupid New Law Against Cash And Bitcoin

[Anegg]

Recently a new bill was introduced on the floor of the US Senate entitled, pleasantly,

“Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017.”

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.

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.

So, Amazon.com, which issues and redeems prepaid gift cards, will be required under this bill to file reports to the government.

For that matter, TGI Fridays and Chuckee Cheese will also become unpaid government spies since they both issue and redeem prepaid vouchers.

Truly these Senators have figured out how to strike at the heart of ISIS.

http://www.zerohedge.com/news/2017-06-14/you-wont-believe-stupid-new-law-against-cash-and-bitcoin

US banks and governments showing once again they oppress innovation and progress and work hard to keep people from succeeding at their dreams or ambitions.

Will russia pass a similar bill I wonder? What of japan, canada or australia? I think they will be pressured to pass similar bills in the days to come.

This may only affect the united states as only americans are heavily armed and globalists seem to focus more on the USA for that reason.

Why gift cards though, pretty sure they can easily be traced back to the person who bought them. EU and America will probably have way more restrictions since their terosism is bigger than other countries like Australia, really sucks though  it is just goverments panicking too hard.

[profitgenerator212]

Why gift cards though, pretty sure they can easily be traced back to the person who bought them. EU and America will probably have way more restrictions since their terosism is bigger than other countries like Australia, really sucks though  it is just goverments panicking too hard.

But not if they are bought and sold like on forums like these.

Besides they just want to seize everyone's property. They will come even after your toothbrush!

[Ayiranorea]

Why gift cards though, pretty sure they can easily be traced back to the person who bought them. EU and America will probably have way more restrictions since their terosism is bigger than other countries like Australia, really sucks though  it is just goverments panicking too hard.

But not if they are bought and sold like on forums like these.

Besides they just want to seize everyone's property. They will come even after your toothbrush!

Yeah,this is something out of moral. They haven't made any changes or effort on it, but suddenly demanding it to be there's is childish. Work has to be done by others and they need to enjoy the profit, what's this and what a mentality.

[OROBTC]

...

Civil Asset Forfeiture and the proposed laws re BTC are both travesties to those of us who value liberty and just want to be left alone to go about our business.

The authoritarian tendencies of the US government are indeed growing, we all need to pay attention and be prepared.

*   *   *

Above comment re EU being further along a totalitarian system indeed seem true.  Fewer people use CA$H there, they like using their debit cards.

I just wish it were easier to get debit cards with BTC (for Americans).

[dothebeats]

AML regulations are good to keep money launderers at bay, however it becames extremely bad when the dim wits are creating such laws for their own gains. Also, the new bill would give permission to these people to seize everyone's assets if they don't comply. Idk why are they doing such things. Is it because America is again, near an economic collapse of some sort?

[freebutcaged]

What do you expect from them? they are bullies and like to have everything their way, Bitcoin was from the start an opposing instrument

To neutralize whatever part governments were playing, all they needed as a red flag was a $100B market share. mixers in this case are

Like the stealth drones in the technological sense.

[szpalata]

What do you expect from them? they are bullies and like to have everything their way, Bitcoin was from the start an opposing instrument

To neutralize whatever part governments were playing, all they needed as a red flag was a $100B market share. mixers in this case are

Like the stealth drones in the technological sense.

I don't understand why they keep opposing Bitcoin with the least chance they get, it goes to tell me what a solid cryptocurrency Bitcoin is and that is the only reason why they keep opposing it with "stupid" laws they're enacting.

[Juggy777]

Recently a new bill was introduced on the floor of the US Senate entitled, pleasantly,

“Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017.”

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.

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.

So, Amazon.com, which issues and redeems prepaid gift cards, will be required under this bill to file reports to the government.

For that matter, TGI Fridays and Chuckee Cheese will also become unpaid government spies since they both issue and redeem prepaid vouchers.

Truly these Senators have figured out how to strike at the heart of ISIS.

http://www.zerohedge.com/news/2017-06-14/you-wont-believe-stupid-new-law-against-cash-and-bitcoin

US banks and governments showing once again they oppress innovation and progress and work hard to keep people from succeeding at their dreams or ambitions.

Will russia pass a similar bill I wonder? What of japan, canada or australia? I think they will be pressured to pass similar bills in the days to come.

This may only affect the united states as only americans are heavily armed and globalists seem to focus more on the USA for that reason.

This doesn't make any sense and it will be a stupidest idea if this bill is allowed to be passed, I don't think any senator or the government will even dare to pass this kind of bill. If let's say this bill does gets passed it shall create chaos across entire country. I think people will take it to streets if this bill is allowed to pass, I believe it shall be shot down.

[CryptoBry]

This is the first and certainly won't be the last that a government may pass a law that can directly affect Bitcoin and the people who are using/holding them. Though of course, it is nearly impossible to ascertain if one is into cryptocurrency or not since there are already many ways that we can hide our transactions online.

But then in fairness to the government sometimes the intention is really not that bad because they also have the duty to restrict future terrorist movement and other crimes, maybe they just need to be balanced and we can actually help these lawmakers by explaining to them the views from us.