SPECIAL ARTICLES language for a proposed bill in one of the two Houses that will do X , Y , Z . It takes a long time for that to actually get to affecting Bitcoin holders .
So , what Senate bill S . 1241 does is it has some language that extends some of the requirements for money laundering and controls for terrorist financing , or counterterrorist financing , and KYC ... extends some of those explicitly to organizations that manage digital currencies . And , that includes exchange [ crypto-currency exchanges ] and things like that .
It also extends some of the money laundering laws that already exist in terms of structuring and concealing transactions to the use of digital currencies . This means that this may make it illegal to run a mixer in the United States , for example . [ not sure ] as it ’ s known … may . Who knows where this goes . Who knows how far it goes . And , who knows what comes out once its challenged in court .
These things take a long time . I ’ m not particularly worried . This doesn ’ t really criminalize concealed ownership to Bitcoin . It criminalizes certain activities that indicate concealed ownership of Bitcoin . For example , if you have an obligation to report for all the reasons and you failed to do so . Or , if you are running a tumbler or an exchange in a way that is violating anti-money laundering .
[ unintelligible ( user x )] asks : If having Bitcoin is criminalized in your country , will you continue to publicly advocate for it ? How best to prepare for this possibility ?
Andreas : If simply owning Bitcoin ( assuming you mean United States ) in my country , which is where I spend some of my time nowadays , but I ’ m not affiliated with one country . And , if you are , [ then ] that ’ s the first of your problems . If it was criminalized , simply the ownership was criminalized , that would tell me one thing : I no longer live in a country where there is respect for individual rights .
There ’ s absolutely no logical reason why simply the ownership of numbers , digital keys , and control over a digital currency without any relationship to committing an actual crime against anybody else . If that was criminalized , I would consider that criminalization of speech , of association , of expression , of political affiliation . That would , in my mind , violate the fundamental tenants of liberty . I would use my Bitcoin to purchase the first and most easily accessible airfare , to get the fuck out of that hell hole .
Now , not everybody can do that . But if your country criminalizes simply the possession of numbers , and the means you used to express yourself , associate yourself , with other political organizations ... you do not live in a free country . You ’ re already quite far down the slippery slide . You should maybe exit before things get really , really difficult .
The second part of the question is how to best prepare for the possibility [ of Bitcoin criminalization ]. [ The answer is ] be prepared to travel . Have a valid passport . Keep a clean record . Be ready to exit , even when others are mocking you for being “ paranoid .”
Core Magazine 11