US Senate Moves to Criminalize Non-Disclosure of Cryptocurrency Ownership.
Proposed law would cover exchanges, digital currency holders, essentially forcing users to reveal digital currency holdings to US government.
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Criminalize Non-Disclosure of Cryptocurrency
The US Senate Judiciary Committee is currently tackling S. 1241 that intends to criminalize the intentional concealment of ownership or control of a financial account, non-disclosure of cryptocurrency. The bill likewise would change the meaning of ‘financial account' and ‘financial institution' to consist of digital currencies and digital exchanges, respectively. In accordance with ranking committee member Senator Dianne Feinstein, the proposed expense is had to improve existing AML laws, and the non-disclosure of cryptocurrency.
Changing meanings
The law would modify the definition of ‘financial institution' in Section 53412( a) of title 31, United States Code, to include:
“An issuer, redeemer, or cashier of prepaid gain access to devices, digital currency, or any digital exchanger of digital currency.”
If passed, the bill would likely have far-reaching impacts for users of digital currencies both in the US and abroad to see the monitoring of non-disclosure of cryptocurrency.
Market opinions
Numerous industry commentators have issued their viewpoints on the proposed law of Criminalize Non-Disclosure of Cryptocurrency. Tone Vays declared that he expects a fight between the Bitcoin team, including the holders and users, and the United States federal government for the non-disclosure of cryptocurrency.
“It's bad … I believe it's going to end in an extremely confrontational way in between Bitcoin– even Bitcoin holders and users– and the United States Government.” This is in regards to the non-disclosure of cryptocurrency.
In his statement during the hearing, John A. Cassara declared that the issue of virtual currencies is fascinating:
“Senator, I'm simply pleased I had my career when I did because I don't know what I ‘d do trying to follow the money when it concerns digital currencies, it's incredibly, very challenging … I think if you look at the metrics, the metrics recommend today that digital currencies are a small portion of the threat that we deal with. That's not to say it's going to be the case in 5-10 years from now. We're right at a crossroads, and it's going to be really, extremely intriguing to see exactly what moves forward.”
Earlier reports also indicate that the White House is actively keeping track of cryptocurrencies which could just imply more efforts to manage the world's very first successful decentralized monetary system. With the growing involvement of Wall Street and the ever intensifying media attention, it is not unexpected that governments are stepping up their attempts to regulate digital currency and the non-disclosure of cryptocurrency.
Hope you enjoyed our article on Criminalize Non-Disclosure of Cryptocurrency.
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The big old monster is trying to hold on to the old system with everything it’s got. It will lose! Crypto will give freedom to all humans, but the governments are scared af because they would lose control and manipulation power!
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