ALERT: U.S. Bill to Limit Bitcoin & Involve Homeland Security!

alert extreme crypto regulation in new anti-money laundering bill in the united states this is going to change and define US law for everyone in or coming in to the United States and this new bill is going to require the US Department of Homeland Security's custom and Border Protection Agency to detail a strategy to detect digital currencies at border crossings and entry points this this is major news let's discuss hey everybody I'm Gary Palmer junior you're you and together we're minting coins so we already published one video for today and I was in the beginning of researching some new information and I saw this new article come out that talking about draft a copy of a draft bill of regulation that's being introduced through the United States Senate and to be introduced at for the Senate to the house and to be signed by the president and made law surrounding new laws around crypto currencies you know we know new laws are happening new laws are being talked about and potentially crafted and molded all the time we know that crypto currency is going to undergo regulation and many of us know that at some point there's going to be some extreme backlash toward Bitcoin and crypto currencies as they start to chip deeper into the market cap of the of the dollar itself and so right now it you know for a lot of people this is funding games and a lot of people are just having fun and enjoying the ride especially since this is the wild wild west and a lot of places you know it's not really well defined if Bitcoin and blockchain technology is completely illegal or kind of illegal or just a double tax situation granted we have places like Venezuela where the Bitcoin is a hundred percent illegal that's not the case in the United States but as we're about to see in this new legislation that's circulating the net today there could be some major changes on the horizon with how crypto currencies including Bitcoin are regulated in the United States and how people coming into the United States or out of the United States are going to be looked at are going to be looked over specifically for Bitcoin specifically for crypto currency we already have the systems in place for looking for you no weapons or explosives or things like that which we which we don't want on airplanes and now what we're finding in this news is that there's already the process of detailing a strategy how to find cryptocurrencies on people and and what to do about it so without me getting on a tangent or too deep into this rant let's turn to the market let's review and let's discuss okay so turning to the market we see the coins at 2276 still shy under the 2,300 mark again but were up over the past 24 hours the big news of the day in cryptocurrency is really the etherium etherium has been opened up two additional exchanges in China China really open themselves up to the cryptocurrency market and all of that new Fiat supply new Chinese one are now flooding inside aetherium increasing those values over point zero one Bitcoin but let's not diverge let's get let's get right into the news so in this article we have from coin desk calm senators call for digital currency oversight an anti money laundering bill so anti-money laundering anti terrorist anti you know insert any horrible crime there that that's you know how they how they disguise what they're doing because we know Bitcoin and cryptocurrencies are used for some illegal activities at the same time so is Twitter so our cars so our boats so is the US dollar but none of those we make illegal so let's get to this article so we have a pair of US senators who have filed a new anti-money laundering bill aimed at beefing up oversight of digital currency activities so this bill is one of the guides of con at combating money laundering terrorist financing and counterfeiting act of 2017 and it was filed just last week by Senator Chuck Grassley of Iowa and Senator Dianne Feinstein of California so among the changes according to the the draft text of this bill that we have access to and there's gonna be lots of changes to this bill from the the people in the Senate can be changes in this bill from people in the house because we have the United States government through the Senate creates a the law and they vote and approve it then the House of Representatives vote on the law and these two bills and these two different parts of the government need to match and agree and then once both chambers the Senate's in the house agree on the bill and that bill gets approved that bill then goes to the President of the United States for the president's assignment and then barring you know there's like a major issue someone could challenge something that that law says and then that would be taken to the courts and that's how the courts fit in so the point is that this is the bill that we're talking about in the draft the draft text that's in the Senate many many changes can happen to this in either a positive or not positive direction and so according to these draft are the changes in this draft text we're going to be changing definitions or adding to the definitions for financial institutions which the bills paths would include any digital currency exchanger or tumblr so that's pretty open so if you are any sort of business that exchanges that does any sort of exchanging of any sort of digital currency then you're probably a digital currency exchanger and if you are taking a digital currency and say it's a single digital currency so it's just Bitcoin or just one type of currency just – or or whatever and then someone sends a transaction to you and then when tumblr does is that the tumblr takes that transaction and sort of mixes it up so that when the receiving party receives that transaction on the public block team is going to be really difficult for someone to figure out where that transaction came from and so that's a tumblr service that helps to off you skate the direct transactions that we see into black chain by mixing them up with a lot of other transactions so you don't necessarily know which transaction that was coming to was the necessarily ultimate destination because all these jumps in the middle that's a tumblr service so any digital currency exchanger or any digital currency tumbler would be now defined as a financial institution and I'm sure and that's that's a keyword that's a buzzword that's a legal definition word so if you're defined as a financial institution under US law then you're going to be required to play by the rules and regulations of the other laws which govern financial institutions of which if this bill is passed in this form every exchange would be every tumbler would be additionally this bill clarifies that any issuer Redeemer or cash cashier of a digital currency is also covered so if you're issuing the digital currency like you know Jesus is US law so in in New York State we have the bit license and with a bit license you have to be you have to have a bit license in order to issue cryptocurrency so in this case this will cover the all of the United States so if you're anyone issuing digital currency or redeeming it or say you're some programs we've recorded on where the grocery store and there's a grant that this was in other parts of the world but the grocery store could redeem the cryptocurrency in order for that per to purchase the groceries since the person went it in the case of which reported be able to you know have easy technological access to public keys and so in that scenario you would take your Bitcoin go to the grocery store the grocery store would redeem sorta like a voucher I think sort of like a food stamp culture system but totally not food stamps the grocery store would be deemed the the Bitcoin value so that person could purchase food even that Bitcoin was redeemed for you know dollars so that person could redeem food if in that case that grocery store is a cashier or a redeemer then that grocery store and that clerk would then be defined as a financial institution that company occur which is hard to be defined as a financial institution subject to these rules so why would a grocery store want to be a financial institution they they wouldn't want to be they would just want to be a grocery store and so to get away from the financial regulation the regulations of being a financial institution the grocery store would be more likely to say we just don't accept that coin or or we don't we don't redeem it for cash cash it out so well not explicitly state spelled out in this bill and stated in this bill the bill moves Bitcoin and other digital currencies close to being defined as monetary instruments under US anti-money laundering status as a target fund stored in digital format so again monetary instrument is a legal term so you know when things go to the law or when things go to the court then definitions of a monetary instruments are already defined with the regulations around that are so if if they're pushing digital currencies to be defined as monetary instruments that so then they're setting up precedent and they're setting up foundation by adding on defiant and adding on and changing and creating the definitions of how cryptocurrency fits into existing law to try to govern or regulate this which again is only going to affect people on No so we can affect legitimate you know good or honest or law-abiding people right it's you know people who are using this for criminal activity those are going to be the folks who are just profiting and and benefiting from the blockchain technology while people who you know abide by the law and you and I who abide by the law we would be left out from no longer being able to participate at least at least in an open and and fair way for the people didn't do so beyond the regulatory adjustment to still seeks information oh my and so this is just this is just the craziest part of the bill so far this is all sort of expected rights I can either define cryptocurrency they need to put it under some sort of regulation everyone I think is expecting that you know even the crypto anarchists they know that the government's aren't crypto anarchists the government's are going to make regulation so we all know that was going to happen but the fringes of our community I'm going to take fringes I mean fringe thinkers like really going down the full train of thought are looking at history they're looking at places like Venezuela where they're not letting people enter that country with with Bitcoin or Bitcoin technology and they don't want Bitcoin there and so they're they're preventing it from coming in with into the country and and so let's take a read at this beyond the regulatory adjustment the bill seeks information from the US Department of Homeland Security's Customs and Border Protection Agency as a CBP about its policies on digital currency so this is going to require the Department of Homeland Security to define what its own policies are in cryptocurrency just say Leon this is the Department of Homeland Security so the major agency that is monitoring information from all other agencies and has major control over every border and entry port over the United States and specifically this bill is going to call for a report from the Homeland Security's CBP department to Customs and Border Protection Agency it's going to require it to detail a strategy to detect a to detect prepaid access devices what's a prepaid access device is like a prepaid phone or perhaps cards all it's been perhaps.perhaps treasures and ledger nanos and things of that nature maybe cell phones which you know you can go to Walmart purchase a disposable smartphone crazy how technology has evolved and become so affordable and then that disposable cell phone you can put a Jack's wallet on that and so I suppose that would be prepaid access device so they're calling for report a detailing the strategy to detect prepaid access devices and be their strategy to detect digital currencies at border crossings and ports of entry this report would be we would we do 18 months after the passage of this bill and is required to include details about not just the strategy but how this strategy would actually be implemented how this strategy would be executed so then so then they would be able to execute it within 18 months that this report would be do after this bill is passed so if this passed this bill is passed today then presumably there would be at least eight months before there'd be a major lockdown because if they wanted to have a major lockdown before that then according to the data in this report we could presume that the Department of Homeland Security is not ready to detect prepaid access devices or we could presume they're not ready to detect digital currency at border crossings but if this bill was to require them to plan a strategy their policies and the execution of the strategy then I'm sure they would have their act together and they would know exactly what to do and how to do it with the money the resources the people the power the finance is available I'm sure that they would have contingency plans for how to execute the strategy of which they're likely going to come up with so the bills release comes shortly after a member of the US House of Representatives called for a study into virtual currency use for terrorism financing so again we have talked about this in previous videos where the FBI director was testifying and just talking to the government about how Bitcoin and cryptocurrencies and also technology like the tor browser of which was created by the United States military and I believe DARPA how this technology's allowing criminals and terrorists money launderers to it you know enable these crimes and now this legislation is speeding through apparently the Senate and other parts of the government we hear about a lot of disjointed connection and information coming from different levels of government from state governments versus the federal government from the Senate or the House of Representatives versus what we hear coming from the court system and even we hear different opinions from different levels of the court system so there's a huge disconnect discontinuity between the regulation and the policies of the different aspects of the very large united states government but when things hit the Senate you know we have 50 senators in the United States and things really happen in the Senate with that small group of people and when they pass those laws and the and the House of Representatives get together and that bill goes the United States and that bill gets signed by the president that is then a law which affects everyone within the United States it affects all Americans it affects citizens it affects non-citizens it affects not Americans if you know this is the law of the United States and then it's going to be enforced in order to you know meet their objectives I just think this is crazy I just really wanted to get this information out to you just let you know that this is happening and why is this happening right is it because is it because they want to limit the amount of Bitcoin that is coming into America or is it because they want to limit the amount of Bitcoin that is leaving America it's really really interesting to see how this would go but same time it you know without having to go down that brain thought of where it's going to go on the surface this doesn't look good it looks very big brother ask it looks very controlling this looks very similar to what a lot of people are talking about and I just wanted you to know I'm not really sure what else to say beyond that maybe you can share your thoughts below let me know if you think hit that like button if you know you think this information is interesting hit that like button if you would like more of this information you know come you know for you so when this information comes out you know I I just want to get it out there I want to I want to be here for you I want to share this information I'm just loving this space I'm just loving the excitement and how much is going on I don't know what's going to happen I don't know where this show is going and I'll talk about the big show I'm not talking about the minting coins show but regardless I'm glad that we're together I'm glad that you're with me for the ride so with that thanks for showing up thanks for being here again comment below pound that like button and say hello have a conversation I want to I want to I want to know who you are and see what you think but with that until then I'm glad that we're minting coins thank you you

21 thoughts on “ALERT: U.S. Bill to Limit Bitcoin & Involve Homeland Security!”

  1. WE NEED TO OVERTHROUGH THE GOVERNMENT ! Like yellow vest ! Their theme song is “we’re not gonna take it “

  2. The entire US economy is being undermined with cryptocurrency. Federal Reserve notes and cryptocurrency ultimately can't exist side by side!!!

    A lot of these funds are circumventing the economy they should be stimulating. Furthermore, to people in the comments section who would defend cryptocurrency only because they are vested in the market; WHO DO YOU THINK CREATED THE INTERNET IN THE FIRST PLACE?! OTHER COUNTRIES LIKE CHINA REALIZE EXACTLY WHAT WILL HAPLEN TO THEIR WAY OF LIFE. Furthermore, the government is not going to indefinitely allow crypto investors to circumvent the IRS with their capital gains. This is not going to end well.

  3. So they going to ask people to surrender they iPad iPhones wallets and key chain wallet. They so dumb good luck

  4. The stock markets will crash soon. The hackers will start to attack the stock market the financier are so dumb. They think they can stop cryptors lmao

  5. Also, don't use Bitcoin as an umbrella term for cryptocurrencies. It's very confusing when you group proper cryptocurrencies with that popular and broken shitcoin.

  6. I got tired of Googling crypto prices, opening 10 tabs from 10 exchanges or installing apps that take up 100 MB on my iPhone and do the same thing so I came up with a solution to our common problem, hopefully you'll find the solution useful

  7. Of course Feinstein is a part of it… she's the definition of a political terrorist. She doesn't even understand the policies she proposes, she just signs off on it after she's paid.

  8. Big brother , will not give up any of there power over people .Keeping us stupid and enslaved. Bitcoin can't be stoped.

  9. This is not the government this is the IRS that wants to put in regulations not just to catch money laundering but to start taxing the shit out of people. People think they can't do it but all your information and transactions are on exchanges. Those exchanges will have to release all your info over to the government. They already started with coinbase. This is that fincen sar crap.

  10. Crypto currencies are a warning sign in my humble opinion. However well intentioned the federal reserve and it's people may be…all the kind words in the world will not put food on the table. People are living paycheck to paycheck…inflation at this point will cause real human damage to many. I miss the days when America fought against poverty…instead of punishing the poor! God bless.

  11. This isn't a big deal. It was already illegal to cross the border with more than 10k in undeclared cash. How are they going to enforce this law anyway? Catch you with a hardware wallet? Easy. Just use a brain wallet. Store it on a hardware wallet and back it up with a string of words. Once you're in another country, go online, type in your words, and boom, wallet restored. Easy.

  12. During World War II, the German Spies invented technology to store information on a period of a sentence in a German Mexican News Paper.
    Today digital currency can go across all borders in the form of flash memory, micro, mini cards. Disguised as earphones, heart pacers, dental works, jewelry, watches, dog tags, all prosthetics…I like the way you do the Legal Language set ups to the laws. Trump should be let known of this, as a Legislation meant to keep the masses from aquairing wealth. It is meant to keep it at the very top. More wealthy Americans, means more jobs, more middle class. America should buy into the digital crypto currencies. Free markets are free. China is into etherium, India is considering it, Russia's Putin is looking into it. The awakening comes at different times. The OLD Banksters' System is dead, the crypto currencies are the new world order of progression in money systems. It goes from a debtor system to a payor system.

  13. It's a proposed bill and there is already very strong push back against it… Not clear yet if it will be passed so too soon to freak out!

  14. The main reason the government cares about BItcoin is taxes. In theory every sale of a bitcoin, even if you use your shift card to buy a coffee at the starbucks is considered under the tax code as income. Under the tax law you need to report the sale as income and report how much you paid for that Bitcoin when purchased. Other reasons include that Bitcoin provides a measure of freedom. Nothing threatens a government more than a free man.

  15. The government is so stupid. Ok, let's say a person has $20k USD worth of BTC on a wallet app on their phone. That person is going into USA. They simply write down recovery phrase, and delete the app before flying in. Once in, they re-download the app, and put it recovery phrase. Now, they have their BTC. So now Homeland Security can waste 10 minutes looking through your phone for Bitcoin apps at the airport.

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