Crypto News Flash #31 : US Senate Might Criminalize The Non-Disclosure Of Cryptocurrency Ownership !!

On one hand the Bitcoin or cryptocurrencies in general, are receiving the huge response from all over the World, the US senate might criminalize the non-disclosure of cryptocurrencies ownership. 

The US Senate Judiciary Committee is currently tracking a bill which is concerned with criminalizing the cryptocurrencies ownership non-disclosure. US hasn't legalize the use/legalize the ownership or use of cryptocurrencies yet within its national border and people who're investing in crypto via local vendors might come under the radar of this new bill, the US government is looking forward to pass shortly. 

As per this source:

 The bill would amend the definition of ‘financial institution,’ in Section 53412 (a) of title 31, United States Code, to include:

“An issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency.”

If passed, the bill would likely have far-reaching effects for users of digital currencies both in the US and abroad.

After the ongoing decision making, all the people who has vesting interest in crypto verse, are highly cautious with use/ownership of cryptocurrencies. 

Some even believe that this would turn into a bad confrontation between Bitcoin team, Bitcoin holders and US government. 

As we all are aware of the fact that cryptocurrencies can't be banned as they are decentralized and don't come under the legislation of any country. 

If we talk about the statistics, the crypto verse is valued at $344 Billion at the time of writing this while Bitcoin dominance is over 55%. 

Let's hope government would understand the potential of cryptocurrencies and take corrective measures accordingly. 

Thanks for reading ...!!

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