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posted by Fnord666 on Friday June 23 2017, @06:12PM   Printer-friendly
from the bitcoins-are-like-cash dept.

U.S. Congress wants to pass a bill that would put serious fines ($10K for bitcoins as opposed to $5K for cash, IIRC) and jail time (ten years, as opposed to five IIRC) if you cross the border without reporting your bitcoins (in addition to confiscating your bitcoins of course).

http://www.coindesk.com/forfeit-bitcoin-congressional-bill-draws-fire-border-check-rules/

A group of US lawmakers wants to see cryptocurrency holdings declared at the nation's border – and advocates of the tech are pushing back.

Introduced last month, the Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017 – which is actually the third iteration of a bill that debuted in 2011 – would bring a range of digital currency services under federal scrutiny, including those that provide transaction mixing services.

Yet, the provision that has attracted the particular ire of cryptocurrency advocates – especially those who prefer a regulation-light environment – is one that would make such holdings subject to disclosure requirements at US customs checkpoints. This means if a person trying to enter the country has more than $10,000 worth of bitcoin in their possession, under the proposed legal change, they would need to inform the relevant authorities.

Such requirements are already in place for payment methods like cash. But given the rising public profile of cryptocurrencies like bitcoin, coupled with the perception among policymakers that they could be used to fund terrorist activities, is driving legislative efforts like the bill currently under consideration.

[...] Thus far, the bill hasn't advanced significantly since being introduced last month, public records show. On 25th May, the measure was referred to the Senate Judiciary Committee for further consideration.

At press time, representatives for Senators Chuck Grassley and Diane Feinstein hadn't responded to CoinDesk requests for comment. The bill is also being sponsored by Senators John Cornyn and Sheldon Whitehouse, constituting a group of two Republicans and two Democrats.


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  • (Score: 2) by NewNic on Friday June 23 2017, @07:28PM (7 children)

    by NewNic (6420) on Friday June 23 2017, @07:28PM (#530194) Journal

    That's why the politicians are fucking morons with zero technical expertise, and they flat out ignore all the technical expertise screaming at them. It's as if they believe technology, math, science, and even reality will simply bend themselves to political will.

    I have never really worked out if the politicians are that stupid, or they are merely pandering to voters who are that stupid.

    --
    lib·er·tar·i·an·ism ˌlibərˈterēənizəm/ noun: Magical thinking that useful idiots mistake for serious political theory
    Starting Score:    1  point
    Karma-Bonus Modifier   +1  

    Total Score:   2  
  • (Score: 3, Touché) by ben_white on Friday June 23 2017, @07:52PM

    by ben_white (5531) on Friday June 23 2017, @07:52PM (#530203)

    Yes.

  • (Score: 4, Informative) by edIII on Friday June 23 2017, @08:38PM (2 children)

    by edIII (791) on Friday June 23 2017, @08:38PM (#530223)

    I dunno man. One of them brought in a snowball to refute Climate Change and Global Warming. They're fundamentally people that believe in control and power, and control and power never wants to believe that it can't have control and power. Reality simply doesn't matter.

    --
    Technically, lunchtime is at any moment. It's just a wave function.
    • (Score: 1, Informative) by Anonymous Coward on Saturday June 24 2017, @02:34AM

      by Anonymous Coward on Saturday June 24 2017, @02:34AM (#530398)

      Which of course, is why Al Gore told us that the melting polar ice caps will flood the coasts and ruin property values, just before buying his 3rd gigantic mansion, located on prime beachfront property.

    • (Score: 0) by Anonymous Coward on Sunday June 25 2017, @07:21PM

      by Anonymous Coward on Sunday June 25 2017, @07:21PM (#530934)

      One of them brought in a snowball to refute Climate Change and Global Warming

      Someone should have put that snowball on a pedestal, and wait for it to melt. Then ask the esteemed member of congress if he accepts the melting as proof of global warming, or explain why not. That will force him into making a scientifically valid argument.

  • (Score: 3, Insightful) by mhajicek on Friday June 23 2017, @09:34PM (1 child)

    by mhajicek (51) on Friday June 23 2017, @09:34PM (#530259)

    Sufficient stupidity and malice are indistinguishable.

    --
    The spacelike surfaces of time foliations can have a cusp at the surface of discontinuity. - P. Hajicek
    • (Score: 0) by Anonymous Coward on Saturday June 24 2017, @06:12AM

      by Anonymous Coward on Saturday June 24 2017, @06:12AM (#530485)

      "Sufficient stupidity and malice are indistinguishable."

      and then there's malicious stupidity, as they're not mutually exclusive, but that's also stupid maliciousness.

  • (Score: 2) by Fluffeh on Tuesday June 27 2017, @01:20AM

    by Fluffeh (954) Subscriber Badge on Tuesday June 27 2017, @01:20AM (#531692) Journal

    I have never really worked out if the politicians are that stupid, or they are merely pandering to voters who are that stupid.

    I present to you the following: Indiana Pi Bill [wikipedia.org] as a possible way to sway your thinking to one side of that argument..