Posted on 01/28/2022 1:48:29 PM PST by lowbridge
Another must-pass bill, another rushed policy that severely damages the privacy and constitutional rights of cryptocurrency users.
We’ve just seen language in the America COMPETES Act of 2022 (see page 1482)—a bill ostensibly about economic competitiveness with China—that would strip all administrative procedures and safeguards from the imposition of so-called “special measures” prohibitions in the Bank Secrecy Act while simultaneously expanding authority for such prohibitions to cryptocurrency activities. In brief, it would hand the Treasury Secretary unchecked discretion to forbid financial institutions (including cryptocurrency exchanges) from offering their customers access to cryptocurrency networks. The Secretary may not use this discretion immediately, but it is not power the Department should have.
Allow us to unpack all this and explain why this bill, if it includes the new language, would help the US compete with China not on economic growth and innovation, but on denying citizens due process and human rights.
(Excerpt) Read more at coincenter.org ...
This type of crap is a big red flare that they know the dollar is about to crap out. The Fed will do anything to control their currency.
If nothing else…this tells you to buy gold now.
Effing fascists.
You will own nothing and you will be happy or else.
Everyone who’s a Bitcoin maximalist expects this fight sooner or later. The fake money system which has robbed us blind and dragged us into wars for generations will not just lay down and die quietly.
Fake money, fake news, changeling politicians...it’s all gotta go. If that means stacking bodies, that’s what it means.
Watch for a ban on gold and silver. It’s coming.
This is being pushed by a former Goldman Sachs flunky who’s now a Morlock congresscritter in the communist state of Connecticut.
So it’s a blank check of regulatory power, not a blank check of money?
You mean its coming again.
FDR already banned it in 1933 via the massively unconstitutional but held up by SCOTUS anyway Executive Order 6102.
Ping. Another piece of legislation disguised... damn these people.
Crypto can be stopped in a heartbeat, once governments decide to do so.
Filibuster it. There are no “must pass” bills.
The idea of owning gold is appealing but physically it’s a pain in the arse and the alternative, owning it on paper is risky when shenanigans are playing out everyday.
How dare people use something besides Government issues and monitored “money.” The IRS wants to know just about all transactions.
The next step is going to be banning people from buying things by trading or bartering. Just wait for the IRS demanding you declare it as income the cake your neighbor baked you for helping with their lawn. Yes we are headed that way.
I was thinking today how useful/valuable it would be to have a crypto currency that can be associated with some commodity. My internal gangster imagined the “kilo coin”! :O
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