A group of US lawmakers wants to see cryptocurrency holdings declared at the nation’s border – and advocates of the tech are pushing back.
Introduced last month, the Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017 – which is actually the third iteration of a bill that debuted in 2011 – would bring a range of digital currency services under federal scrutiny, including those that provide transaction mixing services.
Yet, the provision that has attracted the particular ire of cryptocurrency advocates – especially those who prefer a regulation-light environment – is one that would make such holdings subject to disclosure requirements at US customs checkpoints. This means if a person trying to enter the country has more than $10,000 worth of bitcoin in their possession, under the proposed legal change, they would need to inform the relevant authorities.
The proposal in question was the US Bill S.1241, introduced by Sen. Chuck Grassley and backed by a bi-partisan group of senators including Sen. John Cornyn, Sen. Diane Feinstein and Sen. Sheldon Whitehouse.