THELOGICALINDIAN - The year 2024 has been a arresting year for Bitcoin decidedly in the apple of accounts Bitcoin was appropriately accustomed as boilerplate in the banking apple and accomplished amazing advance both in amount and acceptance Next year Bitcoins battlefield will best acceptable move into the US Congress area a bill has been alien that allegedly could asphyxiate addition by burdening the crypto ecosystem with accidental ambagious and alike bombastic authoritative obligations
Bitcoin enthusiasts are afraid because the U.S. Congress ability canyon legislation that could asphyxiate the chargeless development of cryptocurrency technologies.
Specifically, Bitcoin supporters are absorption on bill S.1241, which has been alien in Assembly beneath the appellation “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017.”
The Bitcoin Foundation opposes this bill because it would actualize abashing in the cryptocurrency ecosystem. The Bitcoin Foundation explains:
Previously, in 2011, S.1241 was introduced, but it did not pass. Subsequently, in 2013, the Financial Crimes Enforcement Network (FinCEN) issued a advice entitled “Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies.”
Coin Center argues that the FinCEN advice already accomplishes the action goals of the bill’s area aimed at agenda currency. Therefore, Coin Center contends:
In accession to Coin Center and the Bitcoin Foundation, the Chamber of Digital Commerce is additionally accepting accessible to avert the cryptocurrency industry in advanced of the U.S. Congress.
In fact, the Chamber of Digital Commerce already wrote to Congress with attention to S.1241, stating:
Moreover, abounding in amusing media are calling cryptocurrency enthusiasts to acquaintance their agent to shut bottomward the bill. For example, according to the website save-crypto.com, “Senator Diane Feinstein is aggravating to advance a bill to about accomplish it actionable to use cryptocurrencies.” And the armpit asks cryptocurrency supporters to appeal their agent to vote adjoin S.1241.
According to the Bitcoin Foundation, “The abutment in opposing §1241 has been superb.”
As added cryptocurrency enthusiasts apprentice about the abeyant appulse that S.1241 would accept on the cryptocurrency industry, abutment for killing or modifying the bill will best acceptable abide to increase.
How do you anticipate the proposed Bill S.1241 would appulse the crypto ecosystem? Let us apperceive in the comments below.
Images address of Pixabay, The Bitcoin Foundation
