These are the 4 Senators that want to create a way to track your digital currencies at the US border

Posted on Jun 15, 2017 by Caleb Chen

A new bill, S.1241Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017, would make it a money laundering offense to cross the American border with more than $10,000 in undeclared cryptocurrency. The stated goal of this legislation is to bolster America’s “border protection 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.” Basically, if passed, the new bill would have the US border patrol treat digital currencies like Bitcoin, Ethereum, and Zcash as a seizable asset, opening it up to the great American problem of civil asset forfeiture.

S. 1421 would have the Department of Homeland Security and the U.S. Customs and Border Protections agencies to work together and present Congress with a plan to detect digital currencies at border crossings and information on the infrastructure needed. Needless to say, everyone is curious as to what kind of infrastructure would need to be developed to “detect” the presence of digital currency at border crossings. Suffice to say, the presence of such language in the proposed law reveals the deep lack of understanding that our lawmakers have when it comes to the internet, privacy, and especially digital currencies.

Senators seeking to force Bitcoin declaration at borders are out of touch with technology

With an average age of 73, the 4 Senators that cosponsored this bill are:

Sen. Grassley, Chuck [R-IA]
Sen. Feinstein, Dianne [D-CA]
Sen. Cornyn, John [R-TX]
Sen. Whitehouse, Sheldon [D-RI]

It gets worst. S. 1421 also sets it up so that those caught for tax fraud can also be punished as money laundering, even if there is no Specified Unlawful Activity (SUA) tied to it. According to Ballard Spahr LLP:

“If passed in its present form, S. 1241 ironically will take the one kind of offense which Congress has historically not allowed to form the predicate for money laundering – i.e., “garden variety” tax fraud not involving illegal proceeds – and turn things on their head. That is, transactions promoting a tax crime, so long as they involve a cross-border transaction, will be the one and only kind of transaction that can constitute a money laundering offense when the proceeds represent otherwise entirely legal funds.”

This new law proposed by Senators Grassley, Feinstein, Cornyn, and Whitehouse should not pass – call your state’s Senators to make sure that they vote against this heinous bill.

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  1. Jack

    Horrible attack upon freedom, but it seems inevitable considering the direction we have been going.

    4 years ago
  2. jeffanthony

    Is ‘S. 1421’ in paragraph #2 a mistype?

    4 years ago
  3. Anime TeeShirts

    Lunacy does not equal protection. The amount of money taken from the citizens by the gov is outrageous to begin with and now they say that your money is not your own. Is anything we own our own these days? This insanity has got to stop. The gov should be limited and do what is required of them… which they aren’t doing very well at any given moment with the power and ‘authority’ they hold.

    Sick of all the govs in the world. They are mostly useless tools for industry and care little for actual living beings. The US is just a consumer/slave nation whereas most live to buy more shite on a daily basis. So much wrong with this planet.

    4 years ago
  4. ฿rian

    Statist Authoritarians

    4 years ago