Tech writer and “anarcho-capitalist” Edison Swearingen has launched a petition and “save crypto” campaign imploring U.S. users to call their Senate representatives and ask that they not pass a bill targeting cryptocurrency use. The bill, about to face a vote in the U.S. Senate, would impose restrictions on people holding cryptocurrency in the name of extending anti-money laundering laws.
Senate Bill’s Clear Messaging, Muddy Motivations
In addition to the links to representatives and an online petition, the site makes several claims about the content of the bill, citing several excerpts that the creator seems to think implies restrictions on cryptocurrency:
“(a) In general.— No person shall knowingly conceal, falsify, or misrepresent, or attempt to conceal, falsify, or misrepresent, from or to a financial institution, a material fact concerning the ownership or control of an account or assets held in an account with a financial institution.”
“(b) Penalties.— A person convicted of an offense under subsection (a), or a conspiracy to commit such offense, shall be imprisoned for not more than 10 years, fined not more than $1,000,000, or both.”
These excerpts of the bill are prefaced by Swearingen’s strong assertion as to their true motivation. He acknowledged that his large anarcho-capitalist (or AnCap) following may not be thrilled at the idea of speaking to their local government representatives.
“Senator Diane Feinstein is trying to push a bill to essentially make it illegal to use cryptocurrencies. We need to work together to kill this particular bill. Whatever reservations you have about ‘oh, calling your congressman is straight communism’ or whatever, now is not the time, we need to murderate this law.”
Whether the bill is truly an attempt at curtailing the use of cryptocurrencies is unclear, and though the site references other, seemingly overbearing regulations, there’s no reason to believe that the bill would hurt cryptocurrency holders more than any other group. The site has over 3,000 “votes” pledging to take action against the bill, at the time of writing.
Bitsonline will have more to come as the situation develops, and better information about this legislation becomes available.
Would Congress actually ban bitcoin and cryptocurrency use? Let’s hear your opinions.
Images via Edison Swearingen