Several members of the US Congress are drafting legislation that is intended to recognize certain digital currencies and 'protect' them against interference from the federal government. The question is - does the 'protection'
CoinTelegraph reports that the bill, which will provide protection to cryptocurrencies that comply with certain minimum requirements to prevent them from being used by those engaged in illegal business practices like drug traffickers and terrorists, is expected to be filed in September 2017, according to DailyCaller.
Based on a reliable source, at least one Republican senator and two Republican congressmen are working on the draft legislation.
The legislators, however, have requested that should not be identified due to the sensitivity of the issue and the complexity of the proposed solution.
A source close to the effort told TheDC,
“the center piece of the plan is to mainstream digital currency so it can be treated just like the American dollar.
First, there is a new entity that is considering issuing a brand new digital currency that is compliant with anti-money laundering laws unlike any other in circulation.”
Although cash has some of the same problems being used to pay for illegal activities, the perception that digital currencies are being used for illegal activities is seen as the primary roadblock to wholesale acceptance by the American public.
The source told TheDC the new model is going to follow federal laws that prevent money laundering. This is a break through and could lead to the use of digital currencies replacing the dollar for many transactions. The legislation is expected to be introduced in early September.
The source asked the members of Congress involved in drafting the bill not be identified yet, explaining, “this is a very complicated issue and staff are working through some issues that have in the past stopped alternative currencies from being launched.”
They continued that:
“...the law needs to be changed to protect digital currencies from federal government harassment to make sure that a complaint currency can be backed by value, the currency cannot be treated like a security or investment, and that transfers are protected against taxation.
The bottom line is that Congress needs to remove all the obstacles to a vibrant digital currency that has voluntarily taken the initiative to keep the bad guys from using it.”
What is perhaps most ironic here is that government lawmakers are attempting to codify rules to stop government lawmakers interfering with the free and open exchange of a decentralized currency... by setting rules that potentially interfere with the free exchange of said currency.
Source : http://www.zerohedge.com/news/2017-08-20/us-lawmakers-draft-bill-protecting-cryptocurrencies-government-interference
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Does this mean that people in government are realizing that they can't stop BTC and their only option is to accept it
Exactly! Its just too late... crypto is a beast and at this point, unstoppable by regulation i feel.
"First, there is a new entity that is considering issuing a brand new digital currency that is compliant with anti-money laundering laws unlike any other in circulation"
Sounds like the government is contemplating the rollout of a FedCoin.
"[The bill will] provide protection to cryptocurrencies that comply with certain minimum requirements..."
The certain minimum requirements clause is rather scary. It sure sets the scene for a central authority (the Fed) to enter the space and outlaw whichever cryptos they deem unfit because it does not "meet requirements".
Not so sure this is a bullish development, folks. Remain diligent and nimble!
This is because they see crypto currency as a direct threat to its central financial institution. It's America folks, hidden agenda and cover ups is the best asset
Something is not right. Wait and watch. Upvoted for the info.
This is friggin fantastic news! CRYPTO TO THE MOON!
Thanks for information
How true is this news, If it is true then it is a good news, we need a decentralised system free from government reach.
Do this gonna work?
We also see it as a positive feedback and first step of the blockchain to take over finances.
Even If The Government Interferes They Can't Really Do Much To A Decentralized Asset :)
Trying to find a list of sponsors of this bill.
this is a way for them to have more control over everything
This is dangerously daft, government regulaltion to make sure it's not regulalted!! Come on give me a break
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https://steemit.com/bitcoin/@idealsceneprod/how-to-get-free-stellar-lumens-end-august-27-2017-rush-rush-rush
So now can we get our BTC atm's up everywhere, that would be nice :)