Senate Bill 1241 - A Bill That Allows The US Government to Confiscate Your Bitcoin, Ethereum and other Cryptocurrencies

Four Senators in the USA [1: names provided below] are trying to pass a bill that would allow the US government to confiscate people's Bitcoins and Cryptocurrencies. The title is Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017

The title sounds good but as citizens, we must be aware the certain lawmakers can hide behind these buzzwords of "money laundering" and "terrorists financing" when the true agenda is to enable a vested group to intimidate people from using Bitcoin and other cryptocurrencies until they figure out a way to profit from it. If lawmakers want to ban Bitcoin and Cryptocurrencies, then let's discuss that. But do not put in laws that give you the right to intimidate people and make it look like there's something wrong with these new technologies because these new technologies can improve the way we live especially if supported and developed by governments. 

What is concerning about this Bill is this out allows the government to confiscate your Bitcoins, Ethereums, Zcash and whatever cryptocurrency you have without charging you with a crime. They would just say it's a Civil Action Forfeiture. It's really like them stealing your money without giving you due process. 

Usually, laws try to restrict funds when they have reasonable grounds to believe that you have money coming from proceeds of crime. But if this Bill is passed, they can still take away your money (cryptocurrency) even if your funds are "clean", even if they are not proceeds of crime. 

We have to be wary about bills being proposed as laws like this because it can put you in jail even if you are an honest citizen. The law must be clear about its intent and how it intends to follow through. It is not your fault if you have crossed a grey area that the law is deliberately being non-transparent about. But by the time you realize this, it is too late, you have no legal recourse. If you are American and you find out that it is as bad as I understand it, you can still stop it before you or anybody you know trips on this trap. Here is a link to the Bill:



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

In what way does this article relate to you? Do you agree or disagree? Why? Why not?

Log-in or Register to add your comment.