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U.S. Senate criminalizes the non-disclosure of the ownership of cryptocurrency

The U.S. Senate Judiciary Committee is currently reviewing the bill S.1241.

03.Dec.17 6:35 AM
By Daria Zaytseva


U.S. Senate criminalizes the non-disclosure of the ownership of cryptocurrency

The purpose of the bill is to criminalize the intentional concealment of property or control over a financial account. The bill would also amend the definition of "financial account" and "financial institution", including digital currencies and digital exchanges, respectively. According to the member of the rating committee, Senator Dianne Feinstein, the proposed bill is needed to modernize existing anti-money laundering laws.

The bill would amend the definition of "financial institution", in section 53412 (a) of title 31, United States Code to include: "An issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency."

If this is accepted, the bill would likely to have far-reaching consequences for users of digital currencies both in the U.S. and abroad.

Earlier reports also indicate that the White House is actively controling cryptocurrencies, which could mean more attempts to regulate the first successful decentralized monetary system in the world. With the growing involvement of Wall Street and the ever-increasing attention from the media, it is not surprising that governments are stepping up their attempts to regulate the digital currency.

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