Anyone heard of H.R. 2847? What are your opinions and how will it affect crypto?

[cookiemonster7]

July 1st is supposedly when this Bill gets put in place and all banks will have to disclose full information surrounding account holders with holdings in USD, is this stuff for real? And how will it affect Bitcoin and other Cryptocurrencies?

[Charlie Prime]

Never heard of it.

Please research it on https://www.govtrack.us and post the results of your research.

[Chef Ramsay]

What it does is force foreign accounts, hedge funds, stock brokers, banks etc to report to the IRS all account activity of US citizens and vice versa. I doubt Russia will participate so you're safe on BTC-e.

[cookiemonster7]

Very difficult to find any information regarding this bill through govtrack.us, I am particularly interested in the likely window period of compliance in which anyone who is an American Citizen with accounts in USD overseas will dump their dollars and purchase other currency in attempts to maintain their privacy leading to less usage of the dollar and some level of inflation, Time will tell if this is the beginning of the shift in the reserve currency, I'm extremely curious if the change in reserve currency could lead to the postulated 10,000-100,000 USD prices for bitcoin, and more curious as to whether others share that speculation.