Yesterday on the Bitcoin and many other cryptocurrency related subreddits, a bill that was introduced to the U.S Congress was trending. Essentially it would vastly expand the definition of a financial crime and change how Bitcoin is looked at by the federal government. In the “Combatting Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017”, one of the most alarming statements is how someone could be liable for up to ten years in prison if caught transporting more than $10,000 in monetary instruments. Essentially they would throw you in jail for having too much money and not telling the new 1984 style government about it. This alarmed the Bitcoin community specifically because of how the bill tries to regulate cryptocurrency. The government wants to put any business that “issues” cryptocurrency under a huge and expensive anti money laundering regulation. This statement proves that the boomers sitting in congress have no idea how Bitcoin works. No organization or person can create Bitcoin, it is controlled by a set algorithm that creates a specific number of Bitcoin in a specific period of time. Another bomb is also dropped on Bitcoin by people needing to “declare” their crypto assets when crossing international lines. This argument doesn’t make much sense, since Bitcoin is not a physical asset or tangible, all you really own is the private keys to your wallet.

We can’t sit and whine about these congressmen trying to legislate a piece of technology they know nothing about, so many people including myself have called or emailed our local congressmen and advised them to vote no to the bill if it gets past committee. I told my congressman that what the United States should be doing, is after the technology is studied by the government, it should be embraced and left alone to grow and prosper. States like New Hampshire and Nevada have already let this happen, as cryptocurrency taxes are banned in both states, or Montana which funded the creation of a Bitcoin Mine as long as more than 60 jobs were created as a result. I am going to leave information below on how you can call or email your local congressman to stop this bill from being passed.

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Dash Wallet: Xif5qGHvXjLYyVL7uKyEhr42S7ukEhxXMq

NEM Wallet: NBZMQO7ZPBYNBDUR7F75MAKA2S3DHDCIFG775N3D

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Litecoin Wallet: LR6yEuaNaPf8yaJwQfdCEGWee9DFTV7jJg

Ether Wallet: 0x25Feaf4c1533e99BF8795B123AA684d6afB44A54

Monero Wallet 4JUdGzvrMFDWrUUwY3toJATSeNwjn54LkCnKBPRzDuhzi5vSepHfUckJNxRL2gjkNrSqtCoRUrEDAgRwsQvVCjZbRvwJY4rizUrCjHSQsF

Number of Referrals to date 6/12/17(51)

Sources

https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5

How to contact your local congressman

http://www.house.gov/representatives/find/