Criminalizing Bitcoin Users? US Congress Is About To Modernize AML Laws

Criminalizing Bitcoin Users? US Congress Is About To Modernize AML Laws

The U.S. Senate Judiciary is set to have a full panel sitting today in the regard of modernizing anti-money laundering laws including digital currencies.

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The U.S. Senate Judiciary is set to have a full panel sitting today in the regard of modernizing AML (anti-money laundering) laws including digital currencies. The meeting is scheduled to start at 10 a.m., in Washington DC, the Dirksen Senate office building 226. The bill 1241, which is all about modernizing AML laws geared towards combating terrorist financing and money laundering will be among the things to be discussed. The panel meeting will be chaired by a senior U.S senator from Lowa Chuck Grassley who is the current chairperson of the 115th judiciary committee congress.

Section 13 is one that raises major concerns since it focuses on digital currencies. Something that is interesting is that when the meeting was listed on the webpage of the senate judiciary, bitcoiners who were keen noticed that the event was only added to hearing page of the Senate at 6 p.m. yesterday.

In the light of anticipated hearing, a lot of people are calling the digital currencies removal from bill S1241. According to a report given by Abolish the bit license advocacy group, adding the term digital currencies is a way that is intended to criminalize intangible commodity lovers.

By putting the word digital currency in the text, this would simply raise suspicion about the legitimacy of any transaction. Contrary to all the instruments that are listed, you find that digital currency has no explanation on its legitimate use. It adds something that opens the door for outcomes from the market and for those people trading with digital currencies like bitcoin.

Note that there will only two panels with a total of seven witnesses who will be invited for the full hearing. Those invited include Kenneth Blanco, Jennifer Fowler, Kathryn Haun Rodriguez and many others. CNN will be airing a live coverage of these events as they proceed with their full coverage coming soon.

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