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    Home Unlabelled Bitcoin New bill just introduced in the House, and which will very likely pass in some form, is a provision that would be disastrous

    Bitcoin New bill just introduced in the House, and which will very likely pass in some form, is a provision that would be disastrous

    January 26, 2022

    Bitcoin New bill just introduced in the House, and which will very likely pass in some form, is a provision that would be disastrous

    New bill just introduced in the House, and which will very likely pass in some form, is a provision that would be disastrous

    Posted: 26 Jan 2022 10:26 AM PST

    New bill just introduced in the House, and which will very likely pass in some form, is a provision that would be disastrous

    Jerry Brito:

    Included in the America COMPETES Act just introduced in the House, and which will very likely pass in some form, is a provision that would be disastrous not just for bitcoin but for privacy and due process generally.

    https://preview.redd.it/yd6ndzcdr2e81.png?width=680&format=png&auto=webp&s=9f30615c6ce3bb070f5d57d6b9c1e70591efdde1

    The so-called "special measures" provision would essentially give the Treasury Secretary unchecked and unilateral power to ban exchanges and other financial institutions from engaging in cryptocurrency transactions. How would it do this?

    https://preview.redd.it/oe75dflgr2e81.png?width=900&format=png&auto=webp&s=fc361154d9da4c892574720e50f0dc4368375cc0

    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.

    "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.

    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.

    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.

    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

    ​

    https://preview.redd.it/xhvownvlr2e81.jpg?width=583&format=pjpg&auto=webp&s=a2e0bc4cc2f6777391e35e447099fc21d8a8c1b7

    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.

    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.

    This provision was first introduced as an amendment to the national Defense Authorization Act last year

    https://preview.redd.it/n8eg358pr2e81.png?width=680&format=png&auto=webp&s=08418895f5e69fd1104c27b73c7a0e003b87a01d

    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.

    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.

    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.

    submitted by /u/orangebees
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    Jordan Peterson

    Posted: 26 Jan 2022 10:08 AM PST

    A new bill that gives Janet Yellen the authority to ban Bitcoin?

    Posted: 26 Jan 2022 10:13 AM PST

    I need help explaining Bitcoin and Crypto to several high level execs at a bank

    Posted: 26 Jan 2022 11:42 AM PST

    Crypto is coming on the radar at the bank that I work at. The head of my department has asked me to explain to several senior executives how bitcoin and cryptos work and why they are important. I need to quickly put together a presentation to explain how they work and why we should care about them. I have pretty good understanding of Bitcoin/crypto but I want to be 100% sure that everything I have is accurate and would like to leverage any diagrams and other materials that have been put together by others. I am hoping to make it as simple as possible so it can be easily communicated to senior execs that are very busy while also having enough depth for them to have a solid understanding.

    Does anyone have any recommendations on links to resources that I can leverage to put this presentation together?

    submitted by /u/nonamesleft314159
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    All fiat eventually becomes worthless

    Posted: 26 Jan 2022 11:59 AM PST

    WGMI, which is coming soon, will be an actively managed ETF available through Nasdaq that invests in public companies in the bitcoin mining industry.

    Posted: 26 Jan 2022 12:25 PM PST

    True story about banks. Made me cry out for Bitcoin so softly...

    Posted: 26 Jan 2022 11:57 AM PST

    Closed on a house yesterday, I'm the seller. Got a few houses (small landlord here), and have both bought and sold real estate over the years, so this wasn't my first rodeo. But it was my first time to sell a house and have this much frustration getting my funds for available use. So I signed all the paperwork at the Title Company, and they gave me my check, and I didn't really look at the check all that hard, and it turns out it was not a cashier's check but a normal, regular 3rd party check. So I took the check to my bank (Wells Fargo), and the cashier tells me it will take 2 days for it to be made available. Two days!

    The buyer gets to go into my house the moment I signed the final paperwork and gave him the keys. But...I have to wait 2 full stinkin days to get to use my funds??? The cashier said "Well, the first $400 will actually be available now, but the remainder customarily takes 2 days. That's our policy." Wow, well, nice of them to let me use $400 right off the bat, huh? I explained to her that it's a closing check from a title company, she said no matter, all checks are handled this way. I asked her what my options are to get the funds available immediately, she said go get cash itself, or a cashier's check.

    So I went to the bank the check was drawn on (Hancock Bank), and asked to cash it. They said they don't have that much cash on hand (it was $120k, the check), I'd have to drive to their main branch which was a 40 minute drive. I said ok, and drove it. The cashier there called the issuer of the check, the Title Company owner, but it kept going to his voicemail. She said she couldn't cash it until she confirmed with him. So I called his office, apparently he had gone to lunch and his secretary couldn't get a hold of him. I waited at the bank about 40 minutes and never got a hold of him, so I gave up and headed back toward my bank. I decided to stop at his office and give it one more chance of finding him to ask for a cashier's check, but his office was closed and locked now! Apparently he was not coming back from lunch and the secretary had left and locked things up (yeah, the most unprofessional thing I've seen in a long time). So now it was getting later into the afternoon and I went back to my bank and just deposited the stupid check. I couldn't get a hold of the guy, and didn't want to push it off to the next day and it end up being 3 days before I could even use my funds.

    I went home. Before long the guy calls me back finally, I tell him the whole story, he's apologizing up and down, I said don't worry about it but can we fix it. He said yeah, meet me at Wells Fargo in half an hour (right before they closed). We met there, he brought a cashier's check this time and said he put a stop payment on the original check (which was pending in my account). So, the lady at Wells Fargo explained that the stop payment would cause the first check to bounce eventually, and the funds would come back out along with a fee of $12. I said ok, whatever, sure I'll pay 12 bucks, just let's get me my funds available. So I deposited the cashier's check, and then found out it would take until midnight that night!!!

    So all that work and driving and waiting and a $12 fee, to get my funds literally 18 hours earlier. I can't express my level of frustration at the whole thing. Past closings have always been paid by wire transfer, which while it wouldn't hit my account until like 2-3 hours after I'd signed the paperwork and turned the keys over, at least I got use of the funds that same day. This was a MISERABLE EXPERIENCE!!!! I will never allow a Title Company to give me anything but an IMMEDIATE wire transfer, going forward. Ever. Or Bitcoin.

    The entire time I kept thinking "Bitcoin solves this....Bitcoin solves ALL of this....OMG Bitcoin...."

    submitted by /u/RonPaulWasR1ght
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    My Antminer S9i, up and running :D

    Posted: 26 Jan 2022 12:08 PM PST

    My Antminer S9i, up and running :D

    Just wanted to thank everyone here for the help.

    https://preview.redd.it/z9q0gvty93e81.jpg?width=2845&format=pjpg&auto=webp&s=675e160fb284b4920e964afc3278d346cc3aef14

    It's very rewarding to help secure the network and to process transactions.

    Special thanks:
    • KaboomRacks for the excellent device and great service.
    • https://wildrosemining.ca for the PDU (with plugs for more miners :). I'm running this on my dryer outlet.
    • Slushpool for supporting the network all these years

    submitted by /u/KindlyBlacksmith4003
    [link] [comments]

    It’s incredible how wrong this viral tweet is. The main bit is the assumption that he got his years salary paid in advance and put it all in bitcoin without paying any tax, and has to sell the bitcoin now to pay tax. Incredibly idiotic assumption, yet the media are loving it.

    Posted: 26 Jan 2022 01:31 PM PST

    Website to track Michael Saylor (MicroStrategy) Bitcoin purchases & fiat value (almost $5B)

    Posted: 26 Jan 2022 12:00 PM PST
    Read more
    at

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