Sen. Charles Grassley Betrays His Conservative Constituency by Sponsoring SB. 1241, Latest 'Asset Forfeiture' Scheme to Rob Citizens of Their Cash, Freedom and Privacy
Sen. Charles Grassley Betrays His Conservative Constituency by Sponsoring SB. 1241, Latest ‘Asset Forfeiture’ Scheme to Rob Citizens of Their Cash, Freedom and Privacy
From Ken Adachi, Editor
http://educate-yourself.org/cn/Sen-Charles-Grassley-Betrays-His-Conservative-Constituency-by-Sponsoring-SB-1241-Latest-Asset-Forfeiture-Scheme-to-Rob-Citizens-of-Their-Cash-Freedom-and-Privacy-27jul17.shtml#top
July 27, 2017
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re: S.1241 – Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017115th Congress (2017-2018)
https://www.congress.gov/bill/115th-congress/senate-bill/1241/text
https://www.congress.gov/bill/115th-congress/senate-bill/1241/all-info
I talked on the phone today to a woman who’s being victimized as a Targeted Individual after filing for divorce from her husband, who came from a wealthy banking family. Among other injustices she has suffered, she told me that when her brother attempted to send her $8,000 in cash by FedEx to help her in May of 2016, it was stolen from her by Homeland Security.
Out of the blue, she receives a phone call from a man who identifies himself as Homeland Security in San Francisco. He asked if she was expecting a package and she said “yes,” her brother was going to send her a package. He then says he needs her permission to open the package. She apparently said OK, and soon afterwards, she receives a letter from Homeland Security that says that she has TEN days to prove that her brother owned the money and had obtained it legally, otherwise, her $8,000 would be seized by the State of California. And that’s EXACTLY what happened to her.
They took her money – just like that! No accusation, no hearing, no trial, no NOTHING. She was too stressed out at the time with far too many difficulties to try and play the role of Perry Mason and “prove” how her brother obtained his money.
A couple of months later, her brother supposedly goes on a hunting trip and decides to shoot himself in the chest and commit “suicide” so she has no way to prove how her brother obtained the money (he was a building contractor).
This is the nightmare that untold thousands of INNOCENT people have experienced in America – usually while carrying large sums of money in their car or truck, or at an airport. ‘Asset Forfeiture’ is simply a pretext for stealing money from citizens for the “crime” of carrying (or sending) a large amount of money.
SB. 1241, introduced and sponsored by Sen Charles Grassley of Iowa (along with neo-billionaire Diane Feinstein, Cornyn, and Whitehouse), takes asset forfeiture’ to a whole NEW level. If this bill passes, they can seize your money for merely failing to REPORT to the government that you transferred so many thousands dollars from this bank account to that bank account. It will also regulate and CONTROL BitCoin and other forms of digital currency removing what little privacy we still can enjoy in transacting our business without Big Brother monitoring EVERYTHING we do.
This bill infuriates me and it should infuriate YOU.
Grassley was re-elected in 2016 and will remain in office until Jan. 3, 2023, unless he’s recalled and removed from office – which sorely needs to happen if enough people in Iowa can recognize a certified Snake in the Grassley and give him the boot that he so richly deserves.
83 year old Grassley puts on the conservative Republican mask but he’s obviously in bed with the same globalist elite bankers who helped make Israel’s own Diane Feinstein go from middle class to billionaire after serving the globalist interests of Organized Jewry for so many years in the US House and Senate.
Mainstream Zionist-owned media is not saying a word about this bill since its introduction on May 25, 2017. I only found TWO articles so far on the internet talking about the negative impact that this bill will have upon ALL Americans.
Here’s the pdf of SB.1241: http://educate-yourself.org/cn/SB1241-Charles-Grassley-sponsor-25May2017.pdf
Read it, It’s only 37 pages long with large font type and big spaces between paragraphs. Notice the obligatory “money laundering” and “terrorists” nomenclature to make it appear that this outrage is something other than a bald faced attempt to rob Americans of their rapidly dwindling rights to privacy and self determination from government snooping and ‘asset forfeiture.’
“Smiley” Chuck, anxious to help Deep State
Elites Rob you of everyting you own
Ken Adachi
Copyright 2017 Educate-Yourself.org All Rights Reserved.
New Bill in the US US Senate is Too Ridiculous to Believe
https://privacyblog.com/2017/06/14/new-bill-in-the-us-us-senate-is-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. The title sounds like a good thing but reading the contents of the bill will quickly change your mind. Sadly, it doesn’t seem to do much to combat terrorism and does very little to combat money laundering or counterfeiting. Instead, it gives the government broad new powers to spy on your finances and even includes the authority for the government to seize not just any money you didn’t report, but also ALL of your assets and bank accounts.
The crime? Owning too much cash.
Simon Black is a prolific blogger who often writes about government encroachment on personal liberties and privacy, amongst other topics. His latest blog entry describes an attempt to pass legislation that will penalize you failing to fill out a new form if you happen to be transporting more than $10,000 in cash or other ‘monetary instruments’ or if you purchase (unreported) cryptocurrency, prepaid credit cards, prepaid cell phones, prepaid retail gift cards, or prepaid coupons.
If found guilty of any of these “crimes,” you could be sentenced for up to TEN years in prison.
This bill also gives government agencies 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’. While the proposed bill is entitled Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017, there seems to be nothing in this bill is about keeping people safe.
If this proposed legislation is passed, Big Brother will be watching you more than ever before.
You can read You won’t believe this stupid new law against Cash and Bitcoin by Simon Black at: http://bit.ly/2rwzqAh.
The full text of the proposed legislation introduced by Sen. Grassley, Chuck [R-IA] in the Congress.gov web site at: https://www.congress.gov/bill/115th-congress/senate-bill/1241/text
US Gov’t Cash Grab: Senate Bill S.1241
https://gsiexchange.com/stashing-us-dollars-now-a-potentially-criminal-act/
If you transport $10,000 or more, or if you transport a blank check from a bank account holding $10,000 in funds, then you run the risk of being designated a potential criminal!
Ok, chances are that you’re not a criminal. Maybe you just want to keep your cash out of the corrupt banking system, or maybe you plan on writing a check for any amount, but happen to have an account with around 10K in it…and crossed a border. Government has tagged such actions as potential criminal behavior. So if you are caught doing any of those actions, regardless of whether or not you have done anything illegal, you are now considered, by default, a potential criminal and face asset forfeiture and up to 10 years imprisonment.
To be designated as a criminal without having committed a crime.
Who is government to say that a few simple actions–minus any illegal ones–now constitute an “illegal” action? Similar to the War of Drugs (that hardly made a dent) and the Patriot Act (that messed with more innocent citizens than it did actual terrorists), this is yet another imbecilic raid on American freedom that benefits government at the expense of Americans who want to exercise their monetary freedoms outside of the banking system.
In May 25, a new piece of legislation (Senate Bill S.1241) with the noble sounding title “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017” was introduced on the US Senate floor.
The content’s implicit message is more far reaching and far more menacing than its explicit message: cash and the handling of it is to be absolutely controlled and monitored under the threat of Civil Asset Forfeiture.
Civil Asset Forfeiture allows government to take anything they want from you…without trial…and without due process.
So if you refuse to participate in the banking system by stashing loads of cash, and if you so happen to transport $10,000 worth of monetary instruments, then you run the risk of having your assets forfeited unless you fill out a form to provide details on your financial holdings and transport activities. So much for the right to hold private monetary assets.
This bill goes even further, placing cryptocurrencies under forfeiture threat.
Unlike physical “cash” bitcoins and cryptocurrencies technically “travel” with you wherever you go. So if you hold $10,000 worth of digital money, whenever you cross the border into our out of the US, you have to fill out a form to declare your holdings or face penalization.
Although bitcoin and other cryptocurrencies are explicitly stated as instruments that can be forfeited, such a task may be difficult as there’s no direct technological solution that can achieve this. Nevertheless, holders of cryptocurrency are required to report their holdings when importing or exporting these instruments or risk severe penalties.
The expansion of law to include bitcoin and other cryptocurrencies reveals the imbecilic grasp that lawmakers have on the digital currency world!
There is no “issuer” of bitcoin or other cryptocurrencies. There is no “chairman” controlling any particular digital currency. Essentially, government is trying to impose a conventional monetary model onto a reality that it can not match. It’s as if the Senate were trying to tell a “software” or a technological process that it has to comply to money laundering regulations or else.
The sheer stupidity of this matter is that government cannot even recognize that their “morally-based” model of reality doesn’t match the “morally-indifferent” reality of digital processes. Is it possible that all of these bureaucratic minds have come up with an idea so shortsighted and unintelligent that it may even be considered brilliant in a comical sense?
Does this bill keep us safe, or is it yet another extension of government control under the guise of public safety? Will it bring existing forms of money under the strict regulation and control of a competent government that can, or is willing to, maintain the transactional freedom, privacy, and sound values to which people, as free individuals, have a right?
Or is government once again overstepping its bounds and infringing on the rights of everyday Americans?
Senate Anti-Terror Bill a Threat to Bitcoin
http://www.investopedia.com/news/senate-antiterror-bill-1241-threat-bitcoin-declare-cryptocurrency-money-laundering/
By David Floyd | June 26, 2017 — 3:26 PM EDT
Terrorists are beginning to appreciate how useful bitcoin can be for quick, cheap and near-anonymous money transfers across the world. The cryptocurrency has been used by the Islamic State and jihadists in the Gaza Strip, according to a recent report by the Center for New American Security (CNAS).
To fight this threat – along with drug trafficking, money laundering and other illicit uses of cryptocurrencies – Senator Chuck Grassley introduced the “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017″ in May. According to a statement, he hopes the bill will “update our money laundering laws for the 21st century.” The bill could allow for civil asset forfeitures of bitcoin and other cryptocurrencies, and require users to declare cryptocurrency assets exceeding $10,000 whenever they cross a U.S. border.
The Iowa Republican has been joined by California Democrat Dianne Feinstein, Texas Republican John Cornyn and Rhode Island Democrat Sheldon Whitehouse. Welcome as such bipartisan cooperation is, however, questions remain about whether Senate Bill 1241 is necessary or even productive.
The Wrong Approach?
According to the CNAS report, “there is no more than anecdotal evidence that terrorist groups have used virtual currencies to support themselves.” For the time being, established systems of money transfer such as hawala networks suffice. In order to curtail a potential threat, experts argue, the government risks stifling innovation that is actually underway.
Testifying before the House Financial Services Committee on June 8, Coin Center executive director Jerry Brito said that blockchain technology – the cryptographic innovation that underpins bitcoin and other cryptocurrencies – is “perhaps as important as the web,” while acknowledging that “like the web, illicit actors are attracted to it.” For Brito, however, the way to combat those actors is to reduce – not add to – the regulatory burden on cryptocurrency companies. Quoting the CNAS report, he told lawmakers:
“One particular challenge in this area is the requirement for a virtual currency firm to obtain licenses in all states in which it operates and maintain compliance consistent with both federal and applicable state standards where they are licensed to operate. With only a single federal registration for virtual currency firms, compliance costs would be more manageable for smaller firms, and regulators would be better able to oversee firms.”
Kathryn Haun, a lecturer at Stanford Law School, also told the committee that a federal compliance standard would help. She said that digital currency companies in the U.S. are some of the most cooperative financial services firms around, producing better Suspicious Activity Reports than big banks – despite having much less in the way of compliance resources. In her decade working as a federal prosecutor, the best turnaround she ever saw on a subpoena was from a digital currency company. Jonathan Levin, co-founder of Chainalysis, pointed out that cryptocurrency intermediaries already register with FinCEN, the Treasury Department’s Financial Crimes Enforcement Network.
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When digital currencies become a problem, the culprits almost always use unregistered, overseas exchanges, where Haun said “nearly 100% of ransomware and hacking campaigns take place.” She argued that law enforcement needs “more statutory authority to go after uncooperative entities overseas.” (See also, Bitcoin Price Drops After “WannaCry” Ransomware Taint.)
“FULL 1984″
Grassley’s bill would not do what those experts suggest. S. 1241 would include digital currencies under the legal definition of monetary instruments and the companies that deal with them under the definition of financial institutions, which could result in anti-money laundering reporting requirements for those transporting more than $10,000 in digital currency across the U.S. border.
The problem, as Blockchain Alliance counsel Alan Cohn points out, is that it’s difficult to distinguish between owning and transporting digital currency. “In theory, a person always carries their digital currency—or the ability to transact their digital currency—with them, including as they cross a border,” he wrote recently, adding that this is also the case with mobile banking and credit cards. (See also, How to Buy Bitcoin.)
The bill may also open cryptocurrencies up to civil asset forefeiture, meaning that law enforcement could seize funds suspected of being tied to criminal activity.
Cryptocurrency enthusiasts are not, by and large, pleased. A Reddit post accusing Congress of “GOING FULL 1984 ON BITCOIN” and calling the bill’s sponsors “certifiably insane” garnered 5,427 points in 11 days, with 90% upvotes. Cohn, in a more measured assessment, wrote, “Congress should consider the impacts of singling out virtual currency users, the majority of whom are not using virtual currency for illicit purposes. A better and more risk-based approach should strike a balance between discouraging illicit use while still encouraging innovation.”
What’s a “Digital Currency”?
According to Brito, the Senate’s bill is being misinterpreted. It would not in fact require cryptocurrency users to declare assets at the border, Brito wrote recently; rather it would require Homeland Security and Customs and Border Protection to submit a report to Congress “detailing a strategy to interdict and detect prepaid access devices, digital currencies, or other similar instruments, at border crossings and other ports of entry for the United States.” Depending on the contents of that report, the ultimate result could be the same, but commissioning a report may fall short of “full 1984.” Brito does not address the potential for civil asset forfeitures.
That’s not to say he loves the bill. Rather, he sees it as a potential headache for those seeking a stable regulatory environment. The bill is not in fact new, but was introduced in “essentially identical form” in 2011. Two years after that, FinCEN’s regulations made clear what cryptocurrency businesses qualify as money service businesses. Much of the vocabulary around cryptocurrency regulation has also been established since 2011: “virtual currency,” “convertible virtual currency,” “centralized virtual currency” and “decentralized virtual currency” are well understood. “Digital currency,” the term S. 1241 uses, is not. If the bill were to become law, in other words, it might not change much – just confuse people.
Read more: Senate Anti-Terror Bill a Threat to Bitcoin | Investopedia http://www.investopedia.com/news/senate-antiterror-bill-1241-threat-bitcoin-declare-cryptocurrency-money-laundering/#ixzz4o8ktwF5h
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Senate bill 1241 Empowers feds to seize everything you own
http://teapartyorg.ning.com/forum/topics/attention-new-senate-bill-empowers-feds-to-seize-everything-you
- Posted by Kat on June 19, 2017 in Government Overreach
WASHINGTON – In the name of fighting terrorism financing, a new U.S. Senate bill threatens to force private corporations to monitor your financial activity and empowers government to seize all your assets if you fail to comply with the new law.
Even failure to fill out one form is license for the federal government to take everything you have.
Sponsored by Sens. Chuck Grassley, R-Iowa, Dianne Feinstein, D-Calif., John Cornyn, R-Texas, and Sheldon Whitehouse, D-R.I., Senate Bill 1241, “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017,” was introduced last month and represents what some financial experts say is a new assault on cash and digital currencies.
Proponents say it’s needed to fight criminal and terrorist money laundering efforts, yet the banking institutions that will be given orders to look for evidence are themselves the primary architects of the schemes that make this activity profitable on a massive scale.
“If the bill becomes law, Americans would be subject to a whole host of government intrusions. One little slip-up would open a Pandora’s box of governmental inquiry into your financial life,” says Peter Reagan, a financial-market strategist at Birch Gold Group. “For example, failing to complete a single reporting form would result in the government being granted abilities to freeze and seize not just a portion, but the entirety, of your assets. The bill even goes so far as to include the contents of safety-deposit boxes.”
As the bill stands today, precious-metals holdings are not covered under the required declarations. Most other ‘monetary instruments’ would be locked down tight.
“The war on cash and financial autonomy has been underway for some time,” says Reagan. “But this bill would solidify a serious loss of freedom we’ve been fearing for years.”
Because fighting “terrorism” is one of the purposes of the legislation, it allows any business with government ties to act as a de facto arm of the Department of Homeland Security to take your monetary assets, including Bitcoin and so-called “crypto-currencies.”
Claire Bernish, an independent investigative reporter, says the bill would impose “autocratic financial controls in an attempt to ensure none of your assets can escape one of the state’s most nefarious, despised powers: civil forfeiture.”
“Civil forfeiture grants the government robbery writ large: your cash, property, and assets can be stolen completely sans due process, your guilt – frequently pertaining to drug ‘crimes’ – matters not,” Bernish says. “A court verdict of not guilty doesn’t even guarantee the return of state-thefted property.”
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She says the bill also severely curtails the right to travel freely with more than $10,000 in cash. To do so, a citizen will need to file a report with the U.S. government. Other assets that would be at risk for violations of the law include bank accounts, prepaid cards, gift cars, prepaid phones and prepaid coupons.
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,’” reports Simon Black of SovereignMan.com. “Usually wiretapping authority is reserved for major crimes like kidnapping, human trafficking, felony fraud, etc. Now we can add cash to that list.”
http://www.wnd.com/2017/06/hide-your-cash-the-governments-after-it/
Implications of S. 1241, the Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017
http://www.steptoeblockchainblog.com/2017/06/implications-of-s-1241-the-combating-money-laundering-terrorist-financing-and-counterfeiting-act-of-2017/
Congress has become increasingly interested in the current state of knowledge about potential links between terrorist financing and money laundering. In the House of Representatives, the Financial Services Committee’s Subcommittee on Terrorism and Illicit Finance held a hearing on June 8, 2017, titled “Virtual Currency: Financial Innovation and National Security Implications.” In the Senate, Senator Grassley (R-IA), along with Senators Feinstein (D-CA), Cornyn (R-TX), and Whitehouse (D-RI), recently introduced Senate Bill 1241, titled “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017.” The bill, which generally aims to strengthen criminal money laundering statutes, is specifically aimed at fighting terrorism and terror finance.
Of particular relevance with respect to S. 1241 are the potential implications of the bill on blockchain and digital currencies. There are three relevant proposed changes:
- Inclusion of digital currency in the definition of financial institution and monetary instrument under 31 U.S.C. § 5312(a): This provision of the Bank Secrecy Act (“BSA”) would be amended to state that “(2) “financial institution” means – […] (K) an issuer, redeemer, or cashier of travelers’ checks, checks, money orders, prepaid access devices, digital currency, or similar instruments, or any digital exchanger or tumbler of digital currency” [changes in bold];
- GAO Report: The bill calls for the Comptroller General to submit a report to Congress on: (1) the impact the amendments would have on law enforcement, the prepaid access industry, and consumers; and (2) the implementation and enforcement of the Treasury Department’s Bank Secrecy Act (“BSA”) regulations (76 Fed. Reg. 45403); and
- Homeland Security and Customs and Border Protection (“CBP”) Report: The bill calls for the Secretary of Homeland Security and the CBP Commissioner to submit a report to Congress on: (1) a strategy to interdict and detect prepaid access devices, digital currencies, and similar instruments at border crossings; and (2) an assessment of the infrastructure needed for this strategy.
Under the BSA, a person or an agent or a bailee of the person who is transporting, will transport, or has transported “monetary instruments” of more than $10,000 at one time to, from, or through the US must file a Report of International Transportation of Currency or Monetary Instruments . Including digital currency in the definition of “monetary instrument” would subject those devices to these anti-money laundering reporting requirements under the BSA, as stated in the bill summary.
The expanded definition of monetary instruments raises numerous logistical and technical questions. Digital currency can be stored in digital wallets, or “hot wallets,” through companies like Coinbase, Xapo, or BitGo, or stored offline in a hardware wallet. In theory, a person always carries their digital currency—or the ability to transact their digital currency—with them, including as they cross a border. This provision effectively requires the declaration of more than $10,000 in digital currency holdings whenever a person or persons jointly filing a declaration cross the border.
The challenge, of course, is that many of today’s financial instruments work this way. If you have online banking access on your phone, or the ability to draw cash off of your credit cards, and this exceeds $10,000, then you are similarly carrying digitally-accessable currency across the border. Moreover, these digital capabilities enable a person to access the overwhelming currency of choice for criminals: Cash.
This challenge is less about virtual currency and more about how to adapt regulatory structures designed for an earlier era to today’s digitally-enabled economy. Singling out virtual currencies at the border doesn’t materially impact the risk of money laundering or terrorism financing. While criminals are using digital currencies like bitcoin, the majority of digital currency activity does not involve illicit activity (See Jonathan Levin of Chainalysis’s Written Testimony). In fact, according to a recent report from the Center for a New American Security (CNAS), “there is no more than anecdotal evidence that terrorist groups have used virtual currencies to support themselves.” The technology does have features that may be attractive to criminals, including enabling low cost, efficient, peer-to-peer transactions, but those features are exactly why the technology may bring huge benefits to myriad industries (e.g., Digital Identity, Smart Contracts, Pharmaceuticals).
At the recent hearing on virtual currencies convened by the House Terrorism and Illicit Finance Subcommittee, the witnesses repeatedly emphasized that criminals and terrorists are mostly using unregulated, overseas exchanges. Due to existing guidance and regulation within the US, US blockchain and digital currency companies are already registering with FinCEN and complying with anti-money laundering (AML) and know your customer (KYC) procedures. This deters criminals from using their services as should the permanence and transparency inherent in blockchain technology. Former Assistant United States Attorney Kathryn Haun suggested the best way to address illicit use of virtual currencies is “more statutory authority to go after the segments of their [unregulated and overseas] businesses that rely upon US companies for support.” In that way, Section 15 of S. 1241, which seeks to strengthen existing laws that allow law enforcement to obtain foreign bank records, is a more impactful step.
Congress should consider the impacts of singling out virtual currency users, the majority of whom are not using virtual currency for illicit purposes. A better and more risk-based approach should strike a balance between discouraging illicit use while still encouraging innovation.
Red Alert: Senators Grassley and Feinstein’s Plot to Take Everything You Own-This Is a Real Threat
http://www.thecommonsenseshow.com/2017/06/19/red-alert-senators-grassley-and-feinsteins-plot-to-take-everything-you-own-this-is-a-real-threat/
The Central Banks of Europe are ruining the bank depositor’s wealth in Europe with their insistence on finance based on debt expansion. Traditional currencies have given way to two practices (1) hording cash in anticipation of a fiat currency meltdown, and, (2) the mainstream public’s adoption of cryptocurrencies as a hedge against traditions fiat currency failure.
Consider the following from Zerohedge:
“Negative interest rates in Europe and fiat demonetization in developing countries are still driving demand for Bitcoin and alternative cryptocurrencies. Although Bitcoin was initially ridiculed as money for computer nerds and a conduit for illegal activity, investors are beginning to see the potential for this technology to be an integral part of wealth management from the perspective of portfolio diversification.”
The same thing is happening inside the United States with the insistence on the Federal Reserve raising interest rates when there is no justification to do so. Bitcoin and other cryptocurrencies are outpacing traditional currencies as a means of investment. However, the Federal Reserve has help on the way.
Released Clinton emails reveal that NATO killed Gadaffi because he was installing a gold back currency for Libya. Subsequently, the terrorism of the Central Banks knows no bounds. Consider the following from Global Research:
“Hillary’s emails truly are the gifts that keep on giving. While France led the proponents of the UN Security Council Resolution that would create a no-fly zone in Libya, it claimed that its primary concern was the protection of Libyan civilians (considering the current state of affairs alone, one must rethink the authenticity of this concern). As many “conspiracy theorists” will claim, one of the real reasons to go to Libya was Gaddafi’s planned gold dinar.”
Death is the fate for those who would defy the edicts of Central Bankers.
The United States Part In the Financial Scam Stealing From the World
Sen. Grassley and friends (eg Feinstein) has introduced a bill which will make it illegal to store cash and cryptocurrencies without reporting the event(s) to you local bank!
S.1241 – Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017115th Congress (2017-2018)
Sponsor: Sen. Grassley, Chuck [R-IA] (Introduced 05/25/2017) Committees: Senate – Judiciary Latest Action: 05/25/2017 Read twice and referred to the Committee on the Judiciary. (All Actions) Tracker:
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Mr. Grassley (for himself, Mrs. Feinstein, Mr. Cornyn, and Mr. Whitehouse) introduced the following bill; which was read twice and referred to the Committee on the Judiciary……”
In the act, Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017. a citizen cannot possess cash or cryptocurrencies without reporting, in writing, to their local bank. Also included in the list of prohibited list is includes prepaid mobile phones, electronic currencies and even retail gift vouchers. Failure to comply does not only result in a stiff fine and 10 years in prison, it also involves the confiscation of all of your personal assets under Civilian Asset Forfeiture. In other words, if you store cash of engage in the business of cryptocurrencies, you are being labeled as a terrorist. Here is a breakdown of this heinous bill.
Why Would the Government Engage in Such An Action?
As the public is running from fiat currencies because of the inevitability of their failure and subsequent loss of personal wealth, the government seeks make the Federal Reserve reign supreme and trap you inside their corrupt and failed system.
There is, however, another more sinister motive. When the system is deliberately collapsed as is now happening, the elite want no financial survivors. I have written on several occasions that your 401K, retirements and pensions will be gone. The only source of wealth left is stored cash, cryptocurrencies and gold. The elite will soon be going after your gold just as Franklin Roosevelt did during the 1930’s when it became illegal to possess gold. Does this make sense, now, as to why the elite are buying up as much gold as possible?
Make no mistake about it, there will be no financial survivors from the middle class after the collapse. The Central Banks will own all real estate, precious metals and other hard assets.
Grassley and Feinstein know that the economy will one day crash. Subsequently, they want no survivors. These rogue Senators are preparing to take everything you own!
What is the solution to this economic tyranny?
- Contact your Representative and your Senator and threaten their re-election. They do not want the light of day on this. Have you seen this in the MSM? Of course not! So, let’s put this bill under our floodlights.
- The next is nonviolent civil disobedience. Store your wealth covertly and intelligently, but do not submit to this tyranny.
- Let everyone you know in Iowa about their Senator (Grassley’s) betrayal of the middle class and let the voters take care of business. There is no doubt that this plot is designed to destroy the middle class. We are at war!
Bill Will Force US Citizens To Register Cash Or Face Jail Time
http://yournewswire.com/bill-us-citizens-register-cash-jail/
A new senate bill is attempting to force US citizens to register their cash with the government, or face up to 10 years in prison.
The new bill is a blatant attempt to track people’s wealth, whether it be physical assets or digital currency – and will severely punish those who try to trade with other people outside of the system.
Anongroup.org reports: According to a Free Thought Project article by Claire Bernish:
“A new bill seeks to track your money and assets incessantly, will enjoin any business with government ties to act as a de facto arm of DHS, and would steal all of your assets — including Bitcoin and other cryptocurrencies — should you fail to report funds when traveling with over $10,000.
Under the guise of combating money laundering, Senate Bill 1241, “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017,” ramps up regulation of digital currency and other autocratic financial controls in an attempt to ensure none of your assets can escape one of the State’s most nefarious, despised powers: civil asset forfeiture.
All of this under the farcically broad umbrella of fighting terrorism.
Civil forfeiture grants the government robbery writ large: your cash, property, and assets can be stolen completely sans due process, your guilt — frequently pertaining to drug ‘crimes’ — matters not.
A court verdict of not guilty doesn’t even guarantee the return of State-thefted property.”
The US government already practices an unpredictable, thuggish and increasingly reckless form of theft known as asset forfeiture. In the past several years, the police’s practice of legal theft gained seemingly more bureaucratic immunity.
According to an article from the Cannabist titled “Since 2007, the DEA has taken $3.2 billion in cash from people without charging them with a crime”:
“The Drug Enforcement Administration takes billions of dollars in cash from people who are never charged with criminal activity, according to a report issued Wednesday by the Justice Department’s Inspector General.
Since 2007, the report found, the DEA has seized more than $4 billion in cash from people suspected of involvement with the drug trade. But 81 percent of those seizures, totaling $3.2 billion, were conducted administratively, meaning no civil or criminal charges were brought against the owners of the cash and no judicial review of the seizures ever occurred.
That total does not include the dollar value of other seized assets, like cars, homes, electronics and clothing.
These seizures are all legal under the controversial practice of civil asset forfeiture, which allows authorities to take cash, contraband and property from people suspected of crime. But the practice does not require authorities to obtain a criminal conviction, and it allows departments to keep seized cash and property for themselves unless individuals successfully challenge the forfeiture in court.”
These days, it’s difficult to not get depressed about the ever encroaching trajectory of government control over our lives. Through empowering ourselves and exiting the system via lack of dependence on it we can help reverse this.
U.S. Bill Requiring Travelers to Declare Digital Currencies Resurfaces
http://www.nasdaq.com/article/us-bill-requiring-travelers-to-declare-digital-currencies-resurfaces-cm807042
The United States Senate has introduced a bill that would require all travelers entering the U.S. to declare digital currency holdings in excess of $10,000. Despite concerns raised by the invasive nature of the bill, the likelihood of it being passed is extremely low simply due to the incredibly challenging infrastructure that would be required.
In fact, the new bill is actually a reintroduction of an older bill that was originally introduced in 2011 . The 2011 bill never made it out of sub-committee deliberation.
Speaking about the recent legislation development, David Siegel, founder of Twenty Thirty AG and Bitcoin enthusiast, tells Bitcoin Magazine , “It’s disappointing. It’s a step back toward 1934.”
The bill would require the Secretary of Homeland Secretary and the U.S. Customs and Border Protection Commissioner to submit a joint report to Congress withinthat meets the following two conditions over 18 months after the date of enactment of this Act:
“(1) detailing a strategy to interdict and detect prepaid access devices, digital currencies, or other similar instruments, at border crossings and other ports of entry for the United States; and;
(2) that includes an assessment of infrastructure needed to carry out the strategy …”
The amount of technology that would have to be developed in order to enforce this law is incredible. How could they detect these crypto assets? The infrastructure investment that would be needed would be quite prodigious.
“My position on regulation is that there should be strong evidence supporting its effectiveness,” says Siegel. “I don’t see declaring moving money as a transparency issue, so I would say it’s a strong step in the wrong direction. I think regulation should be scaled way back to the point where we can show it’s actually better than no regulation.”
The bill, S.1241, would add “prepaid access devices” under the definition of U.S. monetary instruments in section 5312, title 31, of the U.S. Code. Specifically, a “‘prepaid access device’ means an electronic device or vehicle, such as a card, plate, code, number, electronic serial number, mobile identification number, personal identification number, or other instrument, that provides a portal to funds or the value of funds that have been paid in advance and can be retrievable and transferable at some point in the future.”
These prepaid access devices, in theory, could extend to include electronic ledgers, cryptocurrency wallets and even private keys. These are all portals where individuals can gain access to their private funds. Thus, individuals with more than $10,000 worth of crypto assets tied up on the blockchain would have to declare their crypto net worth to the U.S. Government by filling out a Report of International Transportation of Currency or Monetary Instruments, often called the FinCEN105. This could have a serious impact on digital currency holders traveling to the United States. Punishment for not reporting could include up to five years of jail time and forfeiture of those funds in the form of criminal and civilian penalties.
Formally known as the “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017,” the bill was introduced on May 25, 2017, by Senator Chuck Grassley (R-IA) and is co-sponsored by Senators Dianne Feinstein (D-CA), John Cornyn (R-TX) and Sheldon Whitehouse (D-RI). It has been referred to the Committee on the Judiciary for further deliberation, but has a tremendous number of obstacles that must be overcome before reaching the President’s desk for final approval.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Related
http://thefreethoughtproject.com/sb-bill-federal-assets-cash-seized/
Prepare for SB1241′s Pit Bull Assault on BitCoin Freedom
https://news.bitcoin.com/prepare-for-sb1241s-pit-bull-assault-on-bitcoin-freedom/
http://www.wnd.com/2017/06/hide-your-cash-the-governments-after-it/
Controversial New Civil Asset Forfeiture Bill (June 15th, 2017)
http://blog.gainesvillecoins.com/2017/06/15/controversial-new-civil-asset-forfeiture-bill/
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