U.S. Senate Working On Bill S.1241; A Proposed Law That Will Criminalize the Suppression of Digital Currencies Ownership

bill S.1241

Currently, the United States Senate Judiciary Committee is dealing with working out the kinks of the proposed bill S.1241. The aim of the bill? To criminalize the deliberate suppression of control or ownership of a financial account.

Additionally, bill S.1241 will modify the definition of both ‘financial institution’ and ‘financial account’ to include cryptocurrencies and their exchanges. According to Senator Dianne Feinstein, bill S.1241 is essential in order to update existing AML laws.

The Definitions

As mentioned, the proposed bill will alter the definition of ‘financial institution.’ The definition will be changed in Section 53412(a) of title 31 to include:

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“An issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency.”

If things go as planned and bill S.1241 is passed, it will likely have effects for anyone using cryptocurrencies in the United States and out of the country.

What Do People Think?

There are a number of industry experts who have raised their opinions on bill S.1241. In fact, Tone Vays has said that he forecasts there to be a faceoff between the holders and users of Bitcoin and the United States government.

“It’s bad…I think it’s gonna end in a very confrontational way between Bitcoin—even Bitcoin holders and users—and the US Government.”

Further, there have been a couple reports that have surfaced which suggest that the White House is monitoring digital currencies. While some might not be too worried about those reports, others believe this is yet another attempt at maintaining control over the decentralized system.

Featured Image: depositphotos/sepavone

 

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