RE: Bill S.1241: Amending the Definition of a Financial Institution
Very unsettling. I think this is a reaction to the next wave of crypto cards (prepaid access devices) that are coming to the market (e.g. Ocash and the likes). Until now, crypto was hard to use, but soon, point of sales and online merchants will process crypto tokens without knowing it! So it's only logical for centralized powers to make it illegal in advance, while nobody is aware of the coming crypto tsunami. Add to that "digital currency issuers" and "any digital exchanger of digital currency" and you cover the whole crypto spectrum. However, it is also very clumsy in that in one year, almost everybody will be considered as an offender. This is not realist and can not be enforced in the long run. Maybe this is an attempt to delay crypto short term.
Its not an attempt to delay, its just a way to keep up control and keep people enslaved to their tax system that they created, its illegal in the first place.