Congress submits bill making it illegal to hold cash, Bitcoin, or other assets outside of a bank without informing them in writing

By The Daily Economist

Just as the War on Drugs was never actually about slowing down or stopping the import and use of illegal narcotics, so too was the spurious War on Terror not about stopping individuals or groups from inciting violence for political means.  In fact, we already know that U.S. agencies have funded, trained, and armed the very terror groups that are supposedly on the FBI’s Terror Watch List when they supported them in the taking over of Libya, and in the attemp to take over Syria.

So the question then has to be asked… what are the purposes behind the ideological wars against drugs and terror really all about?  Well, since the real victims going back to the 1970’s when the War on Drugs was instituted by President Richard Nixon have been the millions of Americans incarcerated for victimless crimes, and the billions of dollars seized without a trial in what is known as Civil Forfeiture, then it is fairly obvious who these wars were really focused against.

And since the advent of the Patriot Act, which hasn’t stopped a single terrorist or terror event following the terror attacks on 9/11, the ability of Americans to do as they please with their own money has been stymied in the government’s attempt to monitor and regulate every single transaction individuals choose to conduct.

However, with the rise of cryptocurrencies, and the new fears coming out that decentralized virtual money could actually start or magnify a financial crisis, Congress on May 25 has submitted a bill making it illegal, and placing individuals subject to asset confiscation and imprisonment, for anyone to have a medium size amount of cash, Bitcoin, etc… outside of a bank without telling the government how much you have, where you have it, and why you have it through the filling out of new Federal forms.

You won’t believe this stupid new law against Cash and Bitcoin

By Simon Black

This one is almost too ridiculous to believe.

Recently a new bill was introduced on the floor of the US Senate entitled, pleasantly,

“Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017.”

You can probably already guess its contents.

Cash is evil.

Bitcoin is evil.

Now they’ve gone so far to include prepaid mobile phones, retail gift vouchers, or even electronic coupons. Evil, evil, and evil.

These people are certifiably insane.

Among the bill’s sweeping provisions, the government aims to greatly extend its authority to seize your assets through “Civil Asset Forfeiture”.

Civil Asset Forfeiture rules allow the government to take whatever they want from you, without a trial or any due process.

This new bill adds a laundry list of offenses for which they can legally seize your assets… all of which pertain to money laundering and other financial crimes.

Here’s the thing, though: they’ve also vastly expanded on the definition of such ‘financial crimes’, including failure to fill out a form if you happen to be transporting more than $10,000 worth of ‘monetary instruments’.

Have too much cash? You’d better tell the government.

If not, they’re authorizing themselves in this bill to seize not just the money you didn’t report, but ALL of your assets and bank accounts.

They even go so far as to specifically name “safety deposit boxes” among the various assets that they can seize if you don’t fill out the form.

(Yet another reason to consider storing cash, gold, and silver in an overseassafety deposit box.)

This is unbelievable on so many levels.

It’s crazy to begin with that these people are so consumed by the fact that someone has $10,000 in cash.

But it’s even crazier that they’re threatening to take EVERYTHING that you own merely for not filling out a piece of paper, without any due process whatsoever.

Oh, and on top of civil asset forfeiture penalties, there are also criminal penalties.

Right now according to current law they can imprison you for up to FIVE YEARS for not filling out the form. Five years.

But apparently that doesn’t go far enough to protect us against evil men in caves.

So this bill aims to double the criminal penalty to TEN years in prison.

And if that weren’t enough, this bill also gives them with new authority to engage in surveillance and wiretapping (including phone, email, etc.) if they have even a hint of suspicion that you might be transporting excess ‘monetary instruments’.

Usually wiretapping authority is reserved for major crimes like kidnapping, human trafficking, felony fraud, etc.

Now we can add cash to that list.

It’s not just government spy agencies to worry about, either.

Banks in the US are already unpaid government spies, required by law to fill out suspicious activity reports on their customers.

Then Congress started expanding those requirements to include other businesses and industries that might come into contact with cash.

Stock brokers. Casinos. Currency exchanges. Precious metals dealers. Pawnbrokers. The Post Office.

According to the law (section 5312 of US Code Title 31), those industries are also required to spy on their customers for the government.

But under this new bill, they want to forcibly recruit even more unpaid spies, including any business which issues or redeems ANYTHING that’s prepaid.

Prepaid credit cards. Prepaid phones. Prepaid retail gift cards. Prepaid coupons.

So, Amazon.com, which issues and redeems prepaid gift cards, will be required under this bill to file reports to the government.

For that matter, TGI Fridays and Chuckee Cheese will also become unpaid government spies since they both issue and redeem prepaid vouchers.

Truly these Senators have figured out how to strike at the heart of ISIS.

Further, their bill wants to pull any business which “issues” cryptocurrency under the anti-money laundering regulatory umbrella.

Here’s where these people demonstrate that they have no idea what they’re talking about.

No one “issues” Bitcoin. There’s no Bitcoin central bank. There’s no Chairman of Bitcoin who decides on a whim to increase the supply.

Bitcoin is created automatically amounts that are pre-determined by its code. It’s software.

So the Senate is essentially trying to force the Bitcoin core software to comply with money laundering regulations.

How pathetically clueless.

The bill also attempts to drop a major bomb on Bitcoin by including it in the list of monetary instruments that must be reported when entering or leaving the US.

So theoretically if you leave the US with more than $10,000 in Bitcoin or Ether, you’d have to confess this fact to the authorities or otherwise face the aforementioned penalties, i.e. prison time, civil asset forfeiture, etc.

HOORAY FREEDOM!

As you can see, this bill criminalizes or delegitimizes the most mundane and harmless financial activities, all under the guise of keeping us safe.

Of course nothing in this bill is about keeping people safe.

ISIS couldn’t care less about forms and penalties.

This bill is nothing more than another weapon in their ongoing War on Cash… and now cryptocurrency too.

Source: Sovereign Man

This article (Congress submits bill making it illegal to hold cash, Bitcoin, or other assets outside of a bank without informing them in writing) was originally published on The Daily Economist and syndicated by The Event Chronicle

The Event Chronicle Note: The newer bills with the strips in them can be scanned and detected at airports, detected in the US mail, on the highway, and even within your own home. If you travel with large amount of cash, or keep an emergency supply at home, place the cash within mylar bags to remain undetected. 😉

19 Comments

  1. Fck this one sided financial system, created to screw everyone but those on top. They have no way of controling cryptocurrencies and they will change the world. They are just trying to scare individuals to fall in for their BS

  2. It is easier to control the masses of people through taking away their Assets. They do not have to take away our liberty just our ability to be sovereign.

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  4. David Britten on

    On this side of the Atlantic, America appears to specialise on passing insane laws, and has done ever since achieving independence.

  5. Can you please point out the section of the bill that relates specifically to “cash”?

    • It’s in there. And it’s in the opinion piece. Read it again and I am sure you will see it.

  6. Matthew Hackney on

    HAHA.
    No one will ever disclose how much PRIVATE FUNDS they have to a bank, and no one has to,
    if you think they do, you deserve everything that happens to you.

    All of you need to go read the Bills of Exchange Act.

    ANYTHING can be money.

    A N Y T H I N G

  7. They steal your hard earned money by taxing everything their imaginations can conceive of and now if you still have any money left after being robbed they make laws all on their own giving themselves legal authority to take the rest of it and anything that you have bought with it after working your ass of to earn it. None of these bills are ever drafted to reflect any will of the people that they pretend to represent nor do the people have any input or say in the matter whether they agree with them or not. I can’t remember any bills being passed that were a reflection of the will of the people and not against the people in recent history. We have been completely removed from the process but end up paying for every bit of it in the end whether we like it or not. Still think this is the land of the free? We are allowing ourselves to be governed by criminals of the highest order plain and simple. Who’s best interest do you think the criminally insane have in mind by passing these insanely unjustified laws that allows them to take from you whatever they want to without having to give any reason or suffer any consequences? For our safety? Give me a f**king break!

  8. Dake Dickinson on

    This article is a bit vague. Who introduced this Bill? Was it a Democrat, a Republican, or was this a bipartisan effort? Where is the actual text of the Bill, to check on the claims made in the article?

    • https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idc55bd7b1171e49cd8514aeab2ffbad0c

      Mr. Chuck Grassley (R); Dianne Feinstein (D); Mr. John Cornyn (R); Mr. Sheldon Whitehouse (D)
      Bipartisan effort.

      The bill mainly is adding digital currency to the list of regulated currencies going into and out of the United States.

      However, many of the claims in this article are rather dubious.
      Mr. Black claims “Civil Asset Forfeiture rules allow the government to take whatever they want from you, without a trial or any due process.”

      In terms of this bill, section 8 paragraph (5)(A) states, “If a person is arrested or charged in connection with an offense described in subparagraph (C) [using money for counterfeit or other illegal purposes] involving the movement of funds into or out of the United States, the Attorney General may apply to any Federal judge or magistrate judge in the district in which the arrest is made or the charges are filed for an ex parte order restraining any account held by the person arrested or charged”

      The order must pass in front of a judge to seize the assets of the individual that is charged; therefore, some due process has taken place.

      He also states, “They even go so far as to specifically name “safety deposit boxes” among the various assets that they can seize if you don’t fill out the form.”

      The bill states, “the term ‘account’ includes any safe deposit box and any account (as defined in paragraphs (1) and (2) of section 5318A(e) of title 31) at any financial institution”

      The safe deposit boxes are just included in an individuals total assets and can be frozen like a normal bank account.

      In regard to the “form” you must fill out: it has always been U.S. law that travelers must declare and fill out a form if they are traveling with more than 10,000 USD. The bill wants to include digital currencies, prepaid cards, etc. in that total amount.

      He also describes the increase in prison time for not filling out the form. It is very unlikely you will be charged if you simply forgot to fill out the form; the purpose of the law is to prevent smuggling, counterfeiting, and the use of U.S. money for illegal purposes. The bill wants to increase the maximum sentence for illegal transfer of money with an amount greater than 10,000 USD from five years imprisonment to ten years.

      However, he is correct in stating the bill intends to place “issuers of prepaid access devices and digital currency” as financial institutions under U.S. Law. So cryptocurrency exchanges could be subject to more regulatory measures.

      Just a little in-depth analysis on some of the comments.

  9. And just who exactly wrote this Bill and who in the he’ll supports it? Name names or your no better than the lame stream demoncrap media.

  10. This is crazy, everyone has always known to keep something on hand in case of an emergency. Our system is so flawed it’s unbelievable!!! 😡
    I see no reason people should have to report money or jewelry or other items just because they feel the Government should know about it just in case they want to get their hands on it. Let’s not forget how they also supplied the Cartel with guns in Operation Fast and Furious I believe they called it, than they forgot to install the tracking chips in them and many were used in both the USA and Mexico to kill innocent people, oops their bad and it got swept under the carpet. If you look back in history people for years didn’t trust banks as they didn’t believe their money was safe, they had money buried in mason jars, in their mattresses and all kinds of places to keep it safe. This is about as much BS as all these crooked politicians can get, their problem is that all of a sudden lately people (Tax Payers) are questioning their payment they receive for doing an elected position and going after what they get after their term is up. I’m only hoping that this absolutely doesn’t pass, I believe if people walk around your home and start figuring out the value of items in your home you are going to find out that your going to need to file a form explaining all you have and why you have $10,000 or more in values in your home!!! 😡😡😡

    • But the fact that anyone would ever even propose such a bill should worry people anyway. It’s another fascist proposal from the extremist government now running the US.

  11. Congress is worried about the debt you inherited when you were born into the American system of monetary slavery known as the national debt. These bills attempt to remove the leverage you gain when you are outside the system of debt.

  12. .. ha ha.. hard to believe.. and they call Russia an oppressive state.. ha ha..