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Oh crap AMERICA WTF New Evil Crypto Bill - Charles Hoskinson explains


HAL1000
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Charles Hoskinson is an American software developer and entrepreneur who is the founder of the Cardano blockchain platform and co-founder of the Ethereum blockchain platform.

3/ Bank Secrecy Act §5318A allows the Secretary to identify a "primary money laundering concern" and take "special measures" to (1) require financial institutions to report information on the concern, and/or (2) prohibit FIs from maintaining accounts related to the concern.

4/ "Special measures" authority is vast power that the Secretary of the Treasury has today, so in the current statute there are checks on that power.

5/ First, the law requires that Treasury engage in a public rulemaking before instituting a prohibition. Second, the secretary can impose a surveillance special measure through a simple order, but its duration is limited to 120 days and must be accompanied by a public rulemaking.

6/ While not full due process, these limitations at least alert the public and gives the public some opportunity to comment on a special measure's merit or constitutionality.

7/ The new provision would do three things: -Add "certain transmittal of funds" to the list of things that can be banned by the Secretary -Eliminate all public notice and comment requirements -Eliminate the 120-day limitation for measures imposed without regulation

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8/ If adopted into law, this provision would be disaster not just for crypto but for privacy and democratic public process related to *all* types of financial transactions.

9/ It empowers the Secretary to prohibit any (or indeed all) cryptocurrency transactions (or any other kind of transaction) without any process, rulemaking, or limitation on the duration of the prohibition.

10/ This provision was first introduced as an amendment to the national Defense Authorization Act last year by Rep. jahimes

https://amendments-rules.house.gov/amendments/D091421.082.xml210915100132965.pdf

11/ After alerting folks in the House and Senate of that amendment's unintended consequences, it was removed from the final bill that passed. Unfortunately it's back verbatim without any improvements.

12/ It still strips out *all* administrative process and duration limitations on the Secretary’s power to condition or prohibit transactions at financial institutions associated with primary money laundering concerns.

13/ It's time to call your member of Congress and ask that they take action to make sure that notice and comment and duration limitations are not removed from 31 U.S.C. § 5318A as the America COMPETES Act would do

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GG's public calendar shows he is at least a phone a friend colleague with Jim Hime's, enough said.

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This is all part n parcel of a certain clique in the USA trying to gain power and domination over the crypto space, by hook or by crook, legalities be dammed :(

Edited by HAL1000
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We seriously need to get together coalitions of people in the crypto space here to get active in each of the states which are represented by these politicians with the agenda of voting them out of office.  We need to start canvasing NOW!! We have to get past the bullshit and unite on this.  These people have made their money and they are ready to go scorched earth to keep their secrets or sequester the uprising.  If you have not hit Deaton's page and filled out the necessary forms PLEASE DO SO!! Share on social media, get the word out that there are those in our government either for the lack of understanding or their own personal agenda who refuse to do the work of the people and that is in subornation at its highest and they must be removed. Outside of what Deaton is doing there is too much talk going on it's time for action, let's put our money and time where our mouths are and get this done.  Midterms would be a great time to show that we are serious, and you can't just blow on us, shake us up and throw us in the corner.  Republican/Democrat it doesn't matter let's get their ass gone don't get off the course by partisan politics let the body of work be the judge on if they go or stay!!  The reason we're not taken seriously is we're so divided in this space, and as the saying goes united, we stand divided we fall!!

Edited by RikkiTikki_is_Back
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