{"id":5295,"date":"2017-06-15T09:52:10","date_gmt":"2017-06-15T16:52:10","guid":{"rendered":"https:\/\/www.privateinternetaccess.com\/blog\/?p=5295"},"modified":"2017-06-15T09:52:10","modified_gmt":"2017-06-15T16:52:10","slug":"4-senators-want-create-way-track-digital-currencies-us-border","status":"publish","type":"post","link":"https:\/\/www.privateinternetaccess.com\/blog\/4-senators-want-create-way-track-digital-currencies-us-border\/","title":{"rendered":"These are the 4 Senators that want to create a way to track your digital currencies at the US border"},"content":{"rendered":"

A new bill, S.1241<\/a> \u2013 Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017<\/em>, 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\u2019s \u201cborder 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.\u201d 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.<\/p>\n

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 \u201cdetect\u201d 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.<\/p>\n

Senators seeking to force Bitcoin declaration at borders are out of touch with technology<\/h2>\n

With an average age of 73, the 4 Senators that cosponsored this bill are:<\/p>\n

Sen. Grassley, Chuck [R-IA]
\nSen. Feinstein, Dianne [D-CA]
\nSen. Cornyn, John [R-TX]
\nSen. Whitehouse, Sheldon [D-RI]<\/p>\n

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:<\/p>\n

\u201cIf passed in its present form, S. 1241 ironically will take the one kind of offense which Congress has historically not<\/em> allowed to form the predicate for money laundering \u2013 i.e., \u201cgarden variety\u201d tax fraud not involving illegal proceeds \u2013 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.\u201d<\/em><\/p><\/blockquote>\n

This new law proposed by Senators Grassley, Feinstein, Cornyn, and Whitehouse should not pass \u2013 call your state\u2019s Senators to make sure that they vote against this heinous bill.<\/p>\n

Like this article? Get notified by email when there is a new article or signup to receive the latest news in the fight for Privacy via the Online Privacy News RSS Feed.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A new bill, S.1241 \u2013 Combating 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\u2019s \u201cborder protection strategy to interdict and detect prepaid access devices, digital … Continue reading “These are the 4 Senators that want to create a way to track your digital currencies at the US border”<\/span><\/a><\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_stopmodifiedupdate":false,"_modified_date":"","footnotes":""},"categories":[15,1,130],"tags":[543,539],"class_list":["post-5295","post","type-post","status-publish","format-standard","hentry","category-cryptocurrency","category-news","category-governments","tag-border-crossing","tag-senators"],"yoast_head":"\nThese are the 4 Senators that want to create a way to track your digital currencies at the US border<\/title>\n<meta name=\"description\" content=\"A new bill, S.1241 - Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017, would make it a money laundering offense to cross\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.privateinternetaccess.com\/blog\/4-senators-want-create-way-track-digital-currencies-us-border\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"These are the 4 Senators that want to create a way to track your digital currencies at the US border\" \/>\n<meta property=\"og:description\" content=\"A new bill, S.1241 - 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