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Now, FinCEN Director Andrea Gacki confirmed that the Treasury is working on finalizing the so-called mixer rule, which uses the PATRIOT Act to prohibit private transactions in cryptocurrency. At the same time, Representative Nunn of Iowa let slip that the House appears to continue to work on the Special Measures to Fight Modern Threats Act, a PATRIOT Act digital asset legislation that's long been thought dead, which would solidify the Treasury's use of Section 311 to prohibit specific transactions.
The mixer rule is the one that proposed marking "single use addresses" as "a primary money laundering concern."
Gacki told Castens that FinCEN has been using authorities under the PATRIOT Act's Section 311 to go after specific groups in the digital assets sector. Gacki told the Representative that she was very proud of Section 311 and the powerful authority it grants the Government. Prohibiting specific transactions would be a way to modernize his authority, Gacki stated, to which Castens responded that "Mr. Himes has been active on the 311 authority – let's talk offline and see how we might tweak that and improve it."
Just to make sure I got this right, are they really gonna ban people in the US from having more than one Bitcoin address?
Notably, the mixer rule's suggestions on cryptocurrency swaps, transaction delays, "splitting," and the creation of single-use addresses, wallets, and accounts, would even put users under suspicion with the authorities, potentially ending in criminal liability – similar to how transaction structuring, sometimes also known as "smurfing," is deemed a federal crime in traditional finance, referring to the intentional breakup of transactions to fall below the $10,000 currency transaction reporting requirement. In traditional finance, smurfing carries a federal prison sentence of up to 5 years, even if the money transferred did not stem from illicit origins.
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304 sats \ 5 replies \ @DarthCoin 10h
Let them try LOL
Also bitcoiners...
And all this is just a piece of paper... but people are so gullible and never question that paper, they just obey it and maybe sometimes they get enraged, but nothing else, they just continue to vote for politicians.
Oh wait... is even worse... some created "Bitcoin Policy Institute" hoping to get some privileges from the same politcians... LOL total shitshow.
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that guy has a real long one
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gravity in place... imagine how long he stayed like that hoping that somebody (politicians) will save him.
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Hahaha 😆
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113 sats \ 1 reply \ @0xbitcoiner 10h
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no lies detected
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This rule was proposed some time ago, and there was a lot of pushback.
It's not clear what the final state will be, but it's definitely something to pay attention to.
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Thanks for clearing that up. Honestly, I’m not worried at all, but I respect anyone who is. I’m chill because I’m not in the US. Maybe Europe’s already cooking up something similar though. Either way, I figure it’s gonna be hard to prove anything. If anything, I’m the one banning the government when it comes to Bitcoin! Hahaha.
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222 sats \ 9 replies \ @DarthCoin 9h
If I will write on a piece of paper that you are not allowed to have more than 1 address, would you obey my "act" ?
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Hahaha! The law doesn’t say you can’t, it just says you might get hit with consequences if you do.
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0 sats \ 2 replies \ @Arceris 9h
"Punishable by a fine means legal for a price" lol
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21 sats \ 1 reply \ @0xbitcoiner 9h
Yeah! It’s like religion, you pay the priest and boom, your sins are forgiven.
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LOL 100% hahahaha
Everything in this world is based on consensual contract. If you accept the contract terms, then yes you pay the consequences. Now think about WHEN did you accepted that contract (aka the "law").
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Now think about WHEN did you accepted that contract (aka the "law").
Is that a question? If it is, I think it was when I accepted the citizenship.
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Did you accepted? I mean literally somebody came to you and presented you the full contract with all the stipulations in it ?
I don't think so... so you were duped into it. But people are also duped into a contract when they vote a politician / gov. That is their expressed consent that they allow the politicians to do whatever they want with their lives (aka slavery by consent). Once you vote you are not allowed anymore to complain, you will only pay the consequences.
this is crazy
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102 sats \ 0 replies \ @nichro 7h
I'm gonna need to dust off this meme and remix it for modern American audiences
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No CEX, no problem
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