You won’t believe this stupid new law against Cash and Bitcoin

You won’t believe this stupid new law against Cash and Bitcoin, by Simon Black.

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. …

Among the bill’s sweeping provisions, the government aims to greatly extend its authority to seize your assets through “Civil Asset Forfeiture”.

Forget to fill in the form? Lose all your cash and more:

Civil Asset Forfeiture rules allow the [US] 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. …

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’. …

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. …

Right now according to current law they can imprison you for up to FIVE YEARS for not filling out the form. … this bill aims to double the criminal penalty to TEN years in prison. …

Bitcoin:

Bitcoin is created automatically amounts that are pre-determined by its code. It’s software.

So the Senate is essentially trying to force the Bitcoin core software to comply with money laundering regulations. How pathetically clueless. …

The bill also attempts to drop a major bomb on Bitcoin by including it in the list of monetary instruments that must be reported when entering or leaving the US.

So theoretically if you leave the US with more than $10,000 in Bitcoin or Ether, you’d have to confess this fact to the authorities or otherwise face the aforementioned penalties, i.e. prison time, civil asset forfeiture, etc.

All your money are belong to us. (Classical reference, grammar supposed to be like that.)

hat-tip Chris