The new US Senate bill has a purpose of strengthening criminal punishment of law against graft and corruption. The main reason for this bill is the money laundering which is the stable resource of the terrorist groups. In addition to that, big syndicates and cartels also benefit with this issue.
However, after the bill is implemented, this problem will stop. The bill was proposed by three senators which named Sen. Feinstein, Sen. Cornyn, and Sen. Whitehouse.
Looking forward, The US Bill number S.1241 discouraged people entering the border of United States while carrying nameless assets. Specifically, Bitcoin, Litecoin, Etherium and other digital currencies are not allowed if the bill is passed.
The US government encourages users to withdraw their digital currencies if the people want to go to the United States. If not, Bitcoin and other digital currencies will be forfeited. The people are also required to declare digital currency assets with more than $10,000 if the users cross the US borderline.
In addition to that, the Senators rushing the new bill because many violent terrorist attacks are having this past day. They stated that it is necessary to time to implement the bill. The US needed to develop their anti-money law laundering law for them to retain even the digital age comes.
This bill was admired for bridging the party lines to address the crucial problem of the nation. Many experts are giving warnings to the present bill that once it was implemented, the current innovations might suppress in the future financial world.
CNAS stated that there is no reliable evidence stated that the terrorist organizations use these different digital currencies to support themselves. Therefore, this kind of arguments in the bill’s necessity is becoming a burden to the Blockchain groups.
According to Jerry Brito, Digital currencies like Bitcoin, Litecoin and Etherium builds the Blockchain technology. That is why this kind of cryptocurrencies is relevant as the internet web. In contrast, the web also has many illegal activities.
One example of this illegal activities is the hacking services offered in the deep web. If the user pays the hacker, the client must convert his dollars to bitcoin. That’s why it is a huge burden to the cryptocurrency companies that are actively working.
Another appropriate challenge in this field also is the qualification of a digital currency company to retrieve permit or certificate in all states. Specifically, who manages to maintain consistent protocols with federal and pertinent state standards, which the company is granted permission to operate.
Brito stated that a single federal registration for digital currency companies cost more than the smaller firms. The managers will be able to command these companies.
Expect some form of regulation
Many government establishments and group are still working on Blockchain and digital currencies hidden talent.
At the end of the day, different organizations in each state have a different stand on digital currency. Likewise, it will take a little amount of time until the stable control over Bitcoin and other digital currencies