Combating Money Laundering, Terrorist Financing, and Counterfeiting Act

Re:Combating Money Laundering, Terrorist Financing, and Coun... by garrettdc on Thursday June 15, 2017 @08:52AM (#14559893)

My assumption would be if they were to see someone with a foreign address come and try to cash out 1000 BTC in USD (or even 10BTC currently) on one of the exchanges, then they would want to know where those bitcoins came from. It would be able to combat another form of layering (with the normal process of placement, layering, and integration). So "at border crossings" here would probably mean any bitcoin exchange operating in the US that deals with foreign entities.

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Re:Combating Money Laundering, Terrorist Financing, and Coun... by MichaelGG on Thursday June 15, 2017 @10:45AM (#14560859)

That would be a strange way to word it, wouldn't it? More likely they want to scan your device and use it against you if you are "carrying" undeclared "currency".

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Re:Combating Money Laundering, Terrorist Financing, and Coun... by lightbyte on Thursday June 15, 2017 @11:26AM (#14561262)

You don't "carry" crypto currency though, you hold the private key to an address. I don't see how they could determine some random binary blob on your laptop/flash drive/etc. is in fact a private key that is responsible for a number of coins. What if I used an Electrum wallet and just kept the master seed saved, then it's just a string of random words. I could just as easily memorize that or physically write it down somewhere instead.

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Re:Combating Money Laundering, Terrorist Financing, and Coun... by MichaelGG on Thursday June 15, 2017 @02:14PM (#14562888)

I think that's why they have a part about determining if technology can be invented to detect this. And a lot of these laws seem to have a point of making easy things illegal, so they have more ways to go after you if they need to.

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