New US law makes bitcoin innovation difficult

The Senator Chuck Grassley has passed the US Senate Bill 1241, which is called "Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017".

The law is intended to make criminals and terrorists more difficult to operate money laundering. The whole thing goes so far that even with the entry into the USA Cryptoufahrungsbestände more than 10,000 US dollar must be disclosed. As BTC-ECHO has already explained at the last week's review, however, a check is almost impossible - keyword: Brain-Wallet. Correspondingly, the meaningfulness of this control measure is to be questioned.

On the contrary, there is a risk that innovations in the cryptic sector will be slowed down. The Center for New American Security (CNAS) comments:

"It's not really empirically proven that terrorist groups are using cryptos."

It would therefore be more helpful to regulate where it makes sense instead of creating unnecessary bureaucracy and hurdles that do not have any proven benefits. For example, it would be more sensible to think about uniform legal frameworks and licensing for all American states, rather than lose themselves in small children.