US Lawmakers Urged to Take Action Again ... Exchanges
Another good shot of news from Bitcoin.com this morning, although this one burned a bit on the way down. Not that I'm surprised that some US lawmakers would urge Congress to impose greater restriction on Bitcoin outside of US borders, but that it's been suggested so quickly. I am surprised by this...call me naive if you must.
For the TL,DR folks, the article announces that a US government subcommittee has urged the House of Representatives to pass laws to allow the US authorities jurisdiction to investigate and prosecute against foreign bitcoin exchanges if they believe there's a possibility of illegal transactions or activity going on.
"The US House Financial Services Committee hearing has taken place just months after the FBI was granted legal jurisdiction to hack any computer in the world that is deemed to be connected via a ‘network’ to a computer for which the FBI has a warrant authorization infiltration."
The worry here is the making legal the "pre-meditated justification" to stop bitcoin transactions. If this were to continue I feel like the world of mobile or web wallets would have to disappear as people would begin to keep their stashes off line, using exchanges for the exchange in an out of the currency only.
What the fuck? This is so out of line with what's appropriate, especially coming from a country that prides itself in viewing justice as "innocent until proven guilty".
Anyone else concerned?