US Digital Currency and Anti Money Laundering Bill is proposed

[Possum577]

http://www.coindesk.com/senators-call-d ... ring-bill/

A new bill was filed from two US Senators which calls for tighter regulation around digital currency, how it is treated for taxes, it's use in money laundering, and proposing greater authority to require digital currencies exceeding $10,000 be declared when one crosses a US border.

This could have larger implications for bitcoin mixing agencies.

Further, it could make traveling to/from with a cold wallet (something recognizable like Trezor) more difficult. Which in turn makes online wallets more advantageous if one needs to travel with their cold wallet and doesn't want to have the risk of seizure of the bitcoin if it's loaded and is confiscated by US authorities.

Could anyone using a bitcoin mixing agency be subject to scrutiny, even if they aren't involved in criminal activity?

[TWA]

My concern is should the legislation pass into law it would activate or provoke a mass of Civil Asset Forfietures where anything may be siezed by the police without a court order or charges being filed. These assets are then divided amongst everybody from the arresting officer to the court system to state employees and politicians.
It is legal robbery where the asset is seldom returned to the owner without great expense (Court).
Since there is so much talk of digital currency being used to finance terrorism as well as criminal activity, we digital currency investors will no doubt be in imminent danger of having our digital wealth confiscated and eventual imprisonment.
Once your defense money is gone posting bail is no longer a possibility, a real lawyer is no longer an option and statistics show that a huge majority of people charged with crimes are found guilty when forced to use public defenders and remain in jail during the "judicial process."
This legislation is a looming giant.
TWA