BitCoin & Other AltCoin Price Can Be Fallen Again??

On May 25, Senator Chuck Grassley has introduced Senate Bill 1241 also known as “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017".

Along with fellow Senators Dianne Feinstein, John Cornyn and Sheldon Whitehouse, the bill aimed at renovating and strengthening criminal laws against money laundering which is a potent source of funding for terrorist organizations, drug cartels and other organized crime syndicates.

Moreover, US Bill S.1241 also aimed at discouraging individuals entering the United States borders from bringing with them undeclared assets in the form of Bitcoin or other digital currencies.

It would allow for civil asset forfeitures of Bitcoin and other cryptocurrencies, and require users to declare cryptocurrency assets exceeding $10,000 whenever they cross the US border.

In separate statements, the four Senators pushing for the bill say it is crucial time for United States to address terrorist threats and other criminal activities by targeting the source of their funding, thus the need to recalibrate their anti-money laundering law to keep up with the digital age.

While this discussion is going against the Block Chain technologies, The Center for New American Security (CNAS) report reveals: “There is no more than subjective evidence that terrorist groups have used virtual currencies to support themselves".

Moreover, Jerry Brito - Executive Director of Coin Center status that, Blockchain technology which underpins Bitcoin and other cryptocurrencies, is somehow as important as the web. While like the web which also attracts illegal activities, fighting those illegal actors should be down by reducing and not adding regulatory burden on digital currency companies.

Most government organizations are still exploring Blockchain and cryptocurrencies potential. Whether it be to augment existing innovation plans such as the case for the state of Illinois or the US Navy improving the security of their manufacturing process.

Truth is, different states have different stance on cryptocurrency. Lastly, it is only a matter of time until some sort of regulation is put in place for Bitcoin and ICOs as there’s still a growing interest in various government regulating bodies, especially the SEC and Senate.