The feds are trying to stifle Bitcoin and crypto with draconian new regulationsIn response to the Treasury Department’s requests, a new bill called the ENFORCE Act is being floated to expand existing money laundering rules into the crypto sector even more harshly than it is applied to traditional fiat currencies.
It would also require filing Suspicious Activity Reports with the Financial Crimes Enforcement Network for any “suspicious transaction that it believes is relevant to the possible violation of any law or regulation,” beginning at $2,000.
This overly broad definition extends to any crypto transactions that “serve no business or apparent lawful purpose” as determined by any crypto exchange, and they would be legally required to withhold information of this report from the customer.
While this bill is much less harsh than similar proposals from anti-crypto firebrand Sen. Elizabeth Warren, it would provide stricter rules and procedures for crypto companies than the traditional banking sector.
For the average American consumer and user of cryptocurrencies on custodial services, that means there would be more scrutiny and surveillance at a smaller threshold on Coinbase than Bank of America.
Rather than embracing the permissionless innovation that Bitcoin and its cryptocurrency offspring provide, these rules would force yet more financial surveillance and regulatory compliance on the next iteration of digital money, artificially choking the growth of this industry.
It would also cause even more Americans to be caught up in the dragnet of “de-banking” for crypto, as institutions would rather cut off customers’ access to their services rather than comply with the unreasonable requirement of Suspicious Activity Reports for transactions above a small threshold, as we already see in the traditional banking system.Because these reports have no inherent justification or process
many bank customers have had their accounts closed or suspended without due process. Many are likely to be minorities, the underbanked, and politically active or religious groups.
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