Senate Bill Could Open Crypto to U.S. Sanctions, but Industry Trying to Head It

[zasad@]

https://www.coindesk.com/policy/2024/06/10/senate-bill-could-open-crypto-to-us-sanctions-but-industry-trying-to-head-it-off/

"The industry says a surprise section in a recent spending bill could slam crypto with sanctions threats, but a key Senate office is now meeting with digital assets sector insiders."

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The chances of the bill passing are small, but there will be such attempts all the time

[yhiaali3]

A Senate bill meant to fund U.S. intelligence operations included a section borrowed from an earlier bill aimed at preventing the use of cryptocurrency to support terrorism. That provision, as written, could require a massive shift in the crypto industry toward identifying users' identities to prevent sanctions that could strangle digital assets businesses. Were it to become law, it would mark the most important U.S. crypto policy yet adopted – and all without significant debate about its merits.
This section of the intelligence funding effort would speed and automate the process to sanction "foreign digital asset transaction facilitators" – including crypto exchanges – that are linked to users who support terrorism groups.

The charge of supporting terrorism is a very broad charge and any person or entity can be accused of it without even providing the required evidence, so passing this section of the recent spending bill that could impose threats of sanctions on cryptocurrencies will cause harm to the entire industry.

I am surprised that this comes after the passage of the Financial Innovation and Technology for the 21st Century (FIT21) Act last month, which saw the joining of a third of Democrats in the House of Representatives and which aims to regulate the industry without stifling it.

[avikz]

https://www.coindesk.com/policy/2024/06/10/senate-bill-could-open-crypto-to-us-sanctions-but-industry-trying-to-head-it-off/

"The industry says a surprise section in a recent spending bill could slam crypto with sanctions threats, but a key Senate office is now meeting with digital assets sector insiders."

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The chances of the bill passing are small, but there will be such attempts all the time

I would say it is a political bill. We have seen multiple such attempts earlier as well. But the problem here is the broad nature to define terrorism. It might effect the legitimate transactions as well. I too see the chance of getting this passed, is little. However, such attempts will always be there and the crypto industry will have to actively work to mitigate such bills from getting passed as a law. Enforcement agencies in US, are usually working with a negative mindset towards crypto, and such kind of proposals will give them more power to harass common citizens.

terrorism is real and a KYC system is built to fight against it. Government should ensure that the KYC process is being followed strictly and that should suffice the effort to mitigate the risk of terrorism financing, I believe. 

[olivianaylor]

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[pakhitheboss]

https://www.coindesk.com/policy/2024/06/10/senate-bill-could-open-crypto-to-us-sanctions-but-industry-trying-to-head-it-off/

"The industry says a surprise section in a recent spending bill could slam crypto with sanctions threats, but a key Senate office is now meeting with digital assets sector insiders."

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The chances of the bill passing are small, but there will be such attempts all the time

It is a bill, and it will take time to pass through Congress. It is not that simple to pass such a bill in a country where lobbying is legal, apart from lobbying giving support to Trump by the industry will resolve all such issues. The problem is if those who are against Bitcoin and cryptocurrencies have a powerful lobby, which I am assuming is that they have then it is better to support Trump. The elections are due to happen in November and by that time this bill will not get presented I reckon it will only happen after the election. Till then there is plenty of time to wait and see who wins the elections, I personally feel that Trump is going to make a comeback again.

[NotFuzzyWarm]

Can you tell me more about cryptocurrency?

Yes.
A. Go to the Beginners & Help section and READ THE POSTS THERE!
B. After reading a bit about it, ask your questions there...
C. Lose the bold and colored fonts. Bold equates to yelling & screaming, the colors are near impossible to read and using them is a fast way to have folks to just ignore you.

[bbc.reporter]

The chances of the bill passing are small, but there will be such attempts all the time

Small is does not describe how certainly very small the chance for this bill to be passed hehehe. It is presently an election year and the collection of people from the cryptospace who are beginning to support Trump is growing. The democrats might only begin to give full support on this bill if Joe Biden has already won the election hehehe. I predict Elizabeth Warren, grandma Yellen and uncle Gary will again begin their anticrypto campaign with full strength.

[Maus0728]

So there are still people out there that are so backwards in thinking that they're still doing this kind of thing with cryptocurrency? I guess the enemies of crypto and the people that will hate crypto for what it is will never cease to exist, hopefully we can see more people that would be defending cryptocurrency and see that it's a way to defend against the infringement of the freedom of the people. Also, how do they exactly sanction these cryptocurrency anyway? Pretty sure that there's going to be a lot of people that's going to find a way to make sure that they're still going to be able to use the cryptocurrencies that would get the sanctions which basically means that whatever they plan on doing, it's never going to be enough, let them carry on I guess with the worthless debates.

[bbc.reporter]

@Maus0728. We can be quite certain that this is not backwards in their thinking. The government officials in your country and the rest of the world are serving for the rulers of the country. They are not serving you the taxpayers. You paying the government to oppress you hehehehe.

On the real rulers, they command the people they put in government to create laws, rules and regulations to control everything including you. They do not care about you, you are something similar to a livestock and they are the farmers.

[NotFuzzyWarm]

...
On the real rulers, they command the people they put in government to create laws, rules and regulations to control everything including you. They do not care about you, you are something similar to a livestock and they are the farmers.

I assume you are talking about the 13 Inbred Families who serve their underground dwelling reptilian overlords that you conspiracy loonies love jabbering about?  

[bbc.reporter]

@NotFuzzyWarm. No, what you are describing is only a storyline created to make it appear that the skeptical people who ask questions are comical. However, I am talking about the billionaires with corporate interests and the corrupt politicians who allow themselves to be used by these billionaires heheheh. They own the biggest and the best land, they own the corporations, they are very much well connected to the best universities and the various religious institutions. They own everyone, we have owners. We work for them, everything we buy and own is bought from them, our owners.