You Won't Believe This Stupid New Law Against Cash And Bitcoin

Tyler Durden's picture

Authored by Simon Black via,

This one is almost too ridiculous to believe.

Recently a new bill was introduced on the floor of the US Senate entitled, pleasantly,

“Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017.”

You can probably already guess its contents.

Cash is evil.


Bitcoin is evil.


Now they’ve gone so far to include prepaid mobile phones, retail gift vouchers, or even electronic coupons. Evil, evil, and evil.

These people are certifiably insane.

Among the bill’s sweeping provisions, the government aims to greatly extend its authority to seize your assets through “Civil Asset Forfeiture”.

Civil Asset Forfeiture rules allow the government to take whatever they want from you, without a trial or any due process.

This new bill adds a laundry list of offenses for which they can legally seize your assets… all of which pertain to money laundering and other financial crimes.

Here’s the thing, though: they’ve also vastly expanded on the definition of such ‘financial crimes’, including failure to fill out a form if you happen to be transporting more than $10,000 worth of ‘monetary instruments’.

Have too much cash? You’d better tell the government.

If not, they’re authorizing themselves in this bill to seize not just the money you didn’t report, but ALL of your assets and bank accounts.

They even go so far as to specifically name “safety deposit boxes” among the various assets that they can seize if you don’t fill out the form.

(Yet another reason to consider storing cash, gold, and silver in an overseas safety deposit box.)

This is unbelievable on so many levels.

It’s crazy to begin with that these people are so consumed by the fact that someone has $10,000 in cash.

But it’s even crazier that they’re threatening to take EVERYTHING that you own merely for not filling out a piece of paper, without any due process whatsoever.

Oh, and on top of civil asset forfeiture penalties, there are also criminal penalties.

Right now according to current law they can imprison you for up to FIVE YEARS for not filling out the form. Five years.

But apparently that doesn’t go far enough to protect us against evil men in caves.

So this bill aims to double the criminal penalty to TEN years in prison.

And if that weren’t enough, this bill also gives them with new authority to engage in surveillance and wiretapping (including phone, email, etc.) if they have even a hint of suspicion that you might be transporting excess ‘monetary instruments’.

Usually wiretapping authority is reserved for major crimes like kidnapping, human trafficking, felony fraud, etc.

Now we can add cash to that list.

It’s not just government spy agencies to worry about, either.

Banks in the US are already unpaid government spies, required by law to fill out suspicious activity reports on their customers.

Then Congress started expanding those requirements to include other businesses and industries that might come into contact with cash.

Stock brokers. Casinos. Currency exchanges. Precious metals dealers. Pawnbrokers. The Post Office.

According to the law (section 5312 of US Code Title 31), those industries are also required to spy on their customers for the government.

But under this new bill, they want to forcibly recruit even more unpaid spies, including any business which issues or redeems ANYTHING that’s prepaid.

Prepaid credit cards. Prepaid phones. Prepaid retail gift cards. Prepaid coupons.

So,, which issues and redeems prepaid gift cards, will be required under this bill to file reports to the government.

For that matter, TGI Fridays and Chuckee Cheese will also become unpaid government spies since they both issue and redeem prepaid vouchers.

Truly these Senators have figured out how to strike at the heart of ISIS.

Further, their bill wants to pull any business which “issues” cryptocurrency under the anti-money laundering regulatory umbrella.

Here’s where these people demonstrate that they have no idea what they’re talking about.

No one “issues” Bitcoin. There’s no Bitcoin central bank. There’s no Chairman of Bitcoin who decides on a whim to increase the supply.

Bitcoin is created automatically amounts that are pre-determined by its code. It’s software.

So the Senate is essentially trying to force the Bitcoin core software to comply with money laundering regulations.

How pathetically clueless.

The bill also attempts to drop a major bomb on Bitcoin by including it in the list of monetary instruments that must be reported when entering or leaving the US.

So theoretically if you leave the US with more than $10,000 in Bitcoin or Ether, you’d have to confess this fact to the authorities or otherwise face the aforementioned penalties, i.e. prison time, civil asset forfeiture, etc.

As's Louis Cammarosano  explains, the bill contains a provision that would require the Secretary of Homeland Security and the Commissioner of U.S. Customs and Border Protection to devise a “border protection strategy to interdict and detect prepaid access devices, digital currencies, or other similar instruments, at border crossings and other ports of entry for the United States, including an assessment of infrastructure needed [emphasis added] to carry out the strategy.”

The respective Secretary and Commissioner would present their findings to Congress no later than 18 months after passage of the bill.


The obligation to declare amounts in any form over $10,000 exists, irrespective of whether custom officials have a way of detecting such holdings. Since digital currencies technically travel with the holder where ever the holder goes, one would have to declare one’s entire crypto portfolio each time the holder entered the U.S.


Such a declaration is not required for travelers who may happen to have bank accounts or precious metals worth more than $10,000 stored outside the United States.


The type of infrastructure required to detect foreign holdings may come in the form of (i) expanding Foreign Account Tax Compliance Act to currently unregulated foreign crypto currency exchanges and to non U.S. citizens. FATCA currently only applies to U.S account holders of certain foreign financial and non financial institutions; (ii) some type of global monitoring of blockchain activity; or (iii) extreme vetting at the border and penalties for non disclosure that would encourage full disclosure.


As you can see, this bill criminalizes or delegitimizes the most mundane and harmless financial activities, all under the guise of keeping us safe.

Of course nothing in this bill is about keeping people safe.

ISIS couldn’t care less about forms and penalties.

This bill is nothing more than another weapon in their ongoing War on Cash… and now cryptocurrency too.

Do you have a Plan B?

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Bigly's picture

This is my red line.

Outta here if it passes. 

True totalitarian state to follow.

Raffie's picture

They are so hard up to make sure they such up every dime or know who owns what.

As long as you have your seed, go where u want, download the wallet and put yuour seed in to get your bitcoins/ethereum.

Just buy Ethereum.. problem solved.

nuubee's picture

Ether is a scamcoin, JP Morgan is investing heavily in it, and surprise surprise, they already violated their own TOS once, with people losing coins.

Not a store of value, it's crypto-cancer.

Raffie's picture

Your statement is a total scam.

Plz go slit your wrist and do the world a favor.


Art Van Delay's picture

These are the perps: 

 Chuck Grassley (R-IA), Feinstein (D-CA), Cornyn (R-Tx), and Sheldon Whitehouse (D-RI)

Vote the RINOs out in 2018


Barney Fife's picture

Yes vote, and make sure that you vote only Republican because we all know how swimmingly well that has worked for us in the past. 


MANvsMACHINE's picture

Hey Donald Trump, what do you have to say about this?

PrayingMantis's picture


... >>> ... " ... Of course nothing in this bill is about keeping people safe.  ISIS couldn’t care less about forms and penalties. ..." ...

... and while ISIS, ISIL, DAESH (whatever they're called now) ... couldn't care less about this "Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017” bill, look who's transporting western ISIS commanders in Syria ...

... do you recall this article? >>> "Iran Claims To Have Proof Of "Direct US Support" For ISIS" >>> ...


... well, this Farsnews article gives a little insight into that "Direct US Support For ISIS" allegation ...

... >>> "US Aircraft Transfer Western Commanders of ISIL from Raqqa"

... part of the article says: ... " ... A senior Syrian lawmaker revealed that the US has transferred the ISIL ringleaders who are originally from the Western states from Raqqa to other regions.  Ammar al-Assad said that the US has allowed over 120 ISIL members to leave Raqqa with their weapons and go towards al-Sukhnah to create insecurity in Palmyra (Tadmur) region but the Russian and Syrian fighter jets pounded and killed them.

"The US is highly coorindated [sic - coordinated] with the Syrian Democratic Forces (SDF) as some of the group's commanders are from the US, Britain, France and certain regional states. Actually what is happening in the battlefield is against what the media say. Many surprising events happen," he added.

Al-Assad said that three weeks ago, the US-led coalition planes staged heliborne operations in Raqqa and transferred a number of ISIL ringleaders to unknown places, adding that they were not Syrian, Iraqi or Chinese, but were the western commanders of the ISIL. ... " ...

... read more here >>>  >>> ...



auricle's picture

Clearly they have not passed this legislation through the drug financing group of the CIA. 

On a side note, I'm fine with banning cash and going back to silver and gold. 

Creepy_Azz_Crackaah's picture

Just outlaw the zeros.  Leave the ones legal.

Zero_Ledge's picture

In the near future, when $10,000 sees the same fate as 10,000 bolivars, they won't be able to arrest everyone.  Problem solved.

TwelveOhOne's picture

Came to post a similar sentiment: why do they attach their meaningful legislation to a rubber ruler??!?

We all know you need to earn 7% on your money in order to tread water.  That means you're losing almost the same amount due to "inflation" (fraudulent money printing).  So pretty soon, buying a fucking cup of coffee is going to trigger this form-filling activity.

"Problem solved" is right though.  They're having a hard enough time getting me to fill in their taxation forms, seven years later.  Good luck getting me to self-incriminate in another manner!

fx's picture

The US is rapidly "progressing" towards being one of the most totalitarian and unfree countries on earth. I had wished to vistit some of the truly great places there (yellowstone, rockies, mississippi, great lakes etc) and always thought over the past years, wait, things may improve again. As things stands I will never ever enter the US. Sad.

Why don't these assholes just spare us all the repeated nonsense and just write one law, containing just once provision:

"The government or any of its agencies are permitted to monitor , search and arrest anybody on any grounds and take away part or all of his property as and whenever they see fit."

That's what this country is headed for. The sad thing is, judging by the past, this movie will come to a theater near to you pretty soon - be it in Europe, or Australia or Asia or Africa...

Amicus Curiae's picture

Australias already as bad if not worse in respect of invasion of privacy re your bank accts etc

a lot of the crap you guys are still fighting and holding off, we copped  as the "test pigs" to see how it pans out vback home

theRFID chipping all farm stock as one example

basically mandatory vaxxing unless youre one of the rich who dont need child support breaks.

gun removals

you name a stupid ussa idea and us mugs probably already have it!

TwelveOhOne's picture

While I agree with your sentiment, my outlook has been significantly improved since recently completing Pete Hendrickson's book, "Cracking the Code", which you can get from his website

It is so satisfying to know that the law is written in a contorted and convoluted fashion -- and, that it works exactly as written.  One can choose to give up one's property even if one is not working for the federal government; however, one is not required to, which is why they call it "voluntary compliance".

The reason I'm responding with Mr. Hendrickson's book in mind, is that from it I learned that it's not possible for them to pass laws saying we owe taxes for new stuff.  I mean yeah they passed a "penalty" for Obamacare but one doesn't have to pay it (especially after reading this book).  Similarly, with this in mind, it would be difficult for them to pass the law you suggested.

It's not like it's not leading up to that, I know, what with RICO et al. and the highway robbery they perpetrate with their currency scanners.  Just, I seem to have found an island of stability in a sea of chaos, or something.  Good luck to you.

sleigher's picture

I used to think the President knew about each and every issue that faced us.  Then I realized that regardless of party they are either bogged down in their own party bullshit or the other party is just throwing crap at them that there is no way they can know about each and every topic that might matter to someone.

Trump will be lucky to go back to NYC alive after 4 years.  He will be lucky to see 2018.  Watch baseball...

Beatscape's picture

Fighting to keep your money from the government is key to building wealth. You have to learn to stay one step ahead of them and their attempts to steal your earnings.  

The $10,000 dollar amount is ridiculous -- in several years that will be chump change. 

logicalman's picture

My brain just shuts down whenever anyone says voting will make any difference.

webmatex's picture

It's a big Ponzi and were all in it.

My life wants a refund.

Tiwin's picture

You forgot 'partisan' before idiot

I regret only being allowed one upvote.


Folks, the time to bear arms is upon us. Everytime an asset stealing cop gets offed an angel gets her wings.

Croesus's picture

Could the 'crazies' who go on spree-killings please consider targeting the creators, promotors, and supporters of shit legislation like this?

DotFov's broke, and can't manage to control their spending...their solution: "Let's legitimize a way to OUTRIGHT STEAL even more, because the other 2,156,971 ways we do it now, just aren't enough anymore".

ReZn8r's picture

These no good pedophile cocksucking son of a botches are just begging for someone to stomp a fucking hole in their asses.

I hope the fuck someone handles all of these thieving bastards soon. I would let Hillary go scott free if this bunch and every son of bitch that voted for this shit were handled instead.

Secret Weapon's picture

The system will collapse before you can vote in 2018.  The Reset is on the way. 

TwelveOhOne's picture

That's what we've been told the last X elections.  (I think X=3 but YMMV...)

Raffie's picture

I'm not for the bill, I'm for btc/eth.

Please learn to read before replying.

Bes's picture

AND if TRUMP signs this in to law will you still be sucking his dick?

gee.... I wonder if he is for or against it?  


the sham is being revealed

thanks Senator Chuck Grassley (R)

Thanks GOP. 

we're fucked


fx's picture

Long gone the times when any halfway intelligent person wanted to settle in the US of A. Nowadays only idiots, terrorists or complete retards would wish to do that.

The US is finished as a land of the brave and the free. And 7 bn people around the world couldn't care less. Well, make that 4 bn. Indians and chinese haven't figured out yet, how low the US has sunk by now. They still think holloywood movies tell a real story. Funny bastards, these asian morons.

FoggyWorld's picture

Not true.   India is well on it's way to a cashless society and even the poorest of the poor are being required to do all finanacial transactions with a smart phone - made in India.

fx's picture

yes, because these sheeple are being forced into that. However, I was referring to perception of the US. And Indians still believe that the US is exactly like hollywood paints it. It's as stunning as it is embarrassing. They admire the US for all the things that are no longer present.

Oh regional Indian's picture

You are Korrekt fx. Indians are blinded by the light of Joolyweird and MSM propaganda.

Tiwin's picture

OSHA ,EPA , DHS, TSA, IRS ....a sampling of Republican droppings on the Constitution.

Keep bashing the libtards ya'all theres a tranny somewhere that wants in the bathroom.

Personally ,trannies are looking better than Republicans these days.

Israel loving sellouts.


dasein211's picture

Good luck to the govt trying to confiscate that Bitcoin or ether or dash. Or Zcash. Seriously write your master key down and bury it. Good luck getting into my digital wallet. And bury your gold as well. Keep a map somewhere or have a good memory. Digital money interdiction-BWAHAHAHAHA!!!!!!!!

Winston Churchill's picture

You do know that they can access your computer,intercept your internet traffic, and stick beacon software into any transaction.

Cryptos are a good idea,if Big Brother didn't already have total control of the exchange media that is.

They could already rob you, but this gives them the cover of law.i

Roger Rabbit's picture

Exactly. These "under the matress" people make me laugh.

Rhona Redtail's picture

You just won't be able to spend it or move it. But you can have it buried. Fat lot if good it will do. 

Ring_Of_Fire's picture

Bro if it gets as bad as some of us think it might soon, there ain't gonna be no Internet..

French Bloke's picture

This is indicative of an impending collapse. When the govt needs to enforce these kind of draconian rules it can only mean the economy is far too close to collapse. This is an admission of complete failure to run things on a level playing field and that the 0.01% ers are scraping the bottom of the barrel for the last vestges of any profit prior to the whole thing falling down.

In a way, this makes me smile - bring on the fucking collapse.

Justin Case's picture

This is indicative of an impending collapse. When the govt needs to enforce these kind of draconian rules it can only mean the economy is far too close to collapse.

It's why the price of gold and silver must be tightly controlled. They are anti-dollar money and a store of value.

|                                     |\
|      GOLD                    |[ " "' |" "\__,
|(@)(@)" " " " * ***|(@)(@)*[__]*(@)

OverTheHedge's picture

Cool truck. I thought Justin made guitar cases, but it turns out he's got THE perfect gold transportation system:

Exalt's picture

Governments have always had monetary policy as a weapon in their arsenal against the populace. They are not going to give that up simply because muh digital. For this reason alternative currencies will not be tolerated or they will be heavily taxed or controlled beyond their usefulness to achieve the same "ban" on currency competition. This is just the first domino in a global game that will herd people into a .gov crypto with maximum surveillance and negative interest rates. I wonder where all the smart-ass Bitcoin and Ethereum peddlers are now? The end of their tulip mania is quickly approaching and they better offload their pixels quick. Hilarious actually.

webmatex's picture

I may be wrong but seems the only government fighting DC is the U.S.

There is certainly no hassle in Japan, Korea, China, Taiwan or here in Europe.

Even Russia is on the boat (boat lol).

Not suggesting these governments are all saints but seems Wall Street and the Grateful Fed are the culprits who don't want ANY competition.

Just more delusions of grandeur from the sick and dying Dollar Fuckers.

nuubee's picture

No evidence to contradict what I said, you just asked me to suicide. Raffie is either ignorant or complicit in the ether scamcoin. Read up before you buy into his bs.

nuubee's picture

LOL @ the downvotes...
Just go to
Look at how many coins have been mined for each...

Bitcoin, which has been mined constantly in a mostly decentralized way (no one having over 50% of the hashing power) since 2009, has 16,400,000 coins mined

Ethereum, which has been mined, not in a decentralized way since only July 2015 (less than 2 years)... has DRUMROLL...
92,487,521 ethereum coins...

ROFLMAO... Scam, not a store of value... use it to pump & dump, but do not expect a future value in it other than it's technology.

Justin Case's picture

Crypto derives it's value as a utility exactly like the USD. It is used for the settlement of accounts. It is not a store of value, it's a currency with an intrinsic value of zero. When the dollar is no longer accepted as a settlement of account, what is it worth?

Bitcoin hoarding leaves many questioning the future of this currency. If economic incentives encourage people to hoard their bitcoins rather than spend them, the thinking goes, the currency will never fulfill the extravagant promises laid down by the biggest believers, who say it will streamline monetary transactions, free the world from the financial manipulation of big government and big banks, breakdown the financial walls between nations, and, well, remake the worldwide economy.

Jacob Rothschild also recently announced that he is to buy up all remaining gold to replace stock market and currency exposure, which signals the biggest financial crash since the Lehman Brothers crash in 2008.

Gold and currencies are two different things all together.

stacking12321's picture

nuubee, you really are one of the stupider zh posters, unfortunately incapable of critical thinking.

if there were 100x as many btc as there are now, the only difference would be that each one would be worth 100x less, qty is not an indication of a scam

if you can't understand that basic concept, you need to stfu


nuubee's picture

Is the T-bill effectively a ponzi, a scam? The US can print them at will, meaning they can be devalued by a central authority. Doesn't that qualify as a scam?

TwelveOhOne's picture

Now you're cooking with gas!