New US Senate Bill Could be a Threat to Bitcoin Innovation

On May 25, Senator Chuck Grassley has introduced Senate Bill 1241 also known as “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017".Center for New American Security (CNAS) report reveals:“There is no more than anecdotal evidence that terrorist groups have used virtual currencies to support themselves".Thus, questions of the bill’s necessity are becoming a concern to the Blockchain community."One particular challenge in this area is the requirement for a virtual currency firm to obtain licenses in all states in which it operates and maintain compliance consistent with both federal and applicable state standards where they are licensed to operate. With only a single federal registration for virtual currency firms, compliance costs would be more manageable for smaller firms, and regulators would be better able to oversee firms”.   The author of the article Anthony Coggine  read more http://cointelegraph.us3.list-manage.com/track/click?u=2c088712615955cd2f82aa968&id=203e0413dd&e=140f57b3eb