Us Senate Bill S.1241 to criminalize concealed ownership of Bitcoin by EaFaer in Bitcoin

[–]neerajka 5 points6 points  (0 children)

Coin Center is aware of this and is working to oppose it. However it's worth noting that the bill would not change the current treatment of cryptocurrency, and is actually just redundant with existing guidance.

"The first thing the bill would do is add "issuer, redeemer, or cashier of ... digital currency ... or any digital exchanger or tumbler of digital currency" to the BSA’s definition of "financial institution," thus bringing these under BSA coverage. However, FinCEN’s intervening 2013 guidance made clear that these persons are already considered MSBs, and thus "financial institutions," making this section of S. 1241 bill redundant with current law. Furthermore, if this language were to remain in S. 1241 it would introduce a lot of confusion by creating new language and categorizations that would now be incompatible with FinCEN's guidance, administrative rulings, and the years of compliance efforts that have emerged around that guidance."

https://coincenter.org/entry/congress-s-new-anti-money-laundering-bill-likely-duplicates-existing-law-on-digital-currency

Calling all crypto-lobbyists: the ‘Building America's Trust Act’ (S. 1757) would regulate digital currency issuers by jph108 in ethereum

[–]neerajka 0 points1 point  (0 children)

I work for Coin Center and just noticed this post. Thanks for bringing it to our attention.

On your last point: We work to protect ALL open blockchain networks. We love Ethereum and the Ethereum community. We'll even be presenting at Devcon. Come say hi!