The U.S. Congress is becoming a battlefield for bitcoin

2017 became bitcoin a great year. Bitcoin not only had increased ten-fold in price, but stronger and spread among ordinary people. However, legislators are not asleep. In addition to the planned reforms
Of the U.S. tax code, indirectly affecting bitcoin in the U.S. Congress introduced a bill, which presumably could impose a burden on the industry of cryptocurrency unnecessary, confusing and redundant regulatory obligations.

American enthusiasts of the cryptocurrency seriously concerned that Congress may approve a bill, is able to suppress the free development of cryptocurrency technology. In particular, proponents of bitcoin have focused on opposition to the adoption zakonoproekta.1241, which was introduced in Congress called «the Law in 2017 to combat money laundering, terrorist financing and counterfeiting».

Bitcoin Foundation opposes the bill because it could trigger confusion in the cryptocurrency environment. Fund notes:

«For those of you not familiar with this Law, explains: it defines anyone who produces, buys or cashes bitcoin as a financial institution. This will require entities to comply with Bank secrecy Act, 31 U. S. C. §5312, as well as the implementation of the same formal reporting procedures of traditional financial institutions, including reporting suspicious transactions.»

In 2011, bill S. 1241 was already submitted but not passed. Subsequently in 2013, the Network to combat financial crimes (FinCEN) issued guidance
entitled «Application of FinCEN regulations to persons administering, exchanging or using virtual currencies».

Coin Center says:

«If the bill is passed, it will cause uncertainty because it is likely to replace the leadership of FinCEN, and will make meaningless all the work, which was conducted jointly by industry and the Ministry of Finance to create a reasonable system of compliance with AML in the cryptocurrency environment. It will happen, as many key terms in the bill are not definitions».

Opposition is growing

In addition to the Coin Center and the Bitcoin Foundation, Chamber of digital Commerce is also preparing to defend the cryptocurrency industry before the U.S. Congress. Its representatives have already written to Congress concerning S. 1241, stating:

«The proposed amendment is not necessary because FinCEN has already integrated the cryptocurrency exchange in the scope of the BSA [Bank secrecy Act]».

Moreover, many social networks encourage cryptocurrency enthusiasts to contact the senators from their state to help remove the bill from consideration. As more enthusiasts learn about the industry’s potential impact on S. 1241 environment, support for termination of consideration or change of the bill is likely to become more tangible.

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