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from the all-your-coin-are-belong-to-us dept.
In May, the bill S.1241 (archive) was introduced in the U.S. Senate by Chuck Grassley, a Republican Senator from Iowa. The bill, if enacted, would call upon the Department of Homeland Security to develop
a strategy to interdict and detect prepaid access devices, digital currencies, or other similar instruments, at border crossings and other ports of entry for the United States
According to a story at btcmanager.com (square brackets in original),
the bill would "criminalize [those] intentionally concealing ownership or control of a [digital currency or digital exchange] account.
The Senate held a meeting about the bill on November 28. Witnesses included Charles Davidson of the Kleptocracy Initiative of the Hudson Institute conservative think tank; Douglas Farah of IBI Consultants, which specializes in "issues of national security, transnational crime, terrorism, terror finance and non-state armed actors"; and Kathryn Haun Rodriguez of Coinbase, a cryptocurrency exchange. Ms. Haun, however, made no mention of cryptocurrency in her testimony (PDF).
(Score: 5, Insightful) by PartTimeZombie on Tuesday December 05 2017, @08:56PM
The kind of international criminals laundering large amounts of money tend to work for the very biggest banks, and I 'm sure this will in no way prevent business as usual for them.
They might catch a very few very stupid small time players, but not the big time guys.
To be fair, they really don't want to catch the big guys, because they're often the same people funding the US political class.