Charles Grassley (R-Iowa), Dianne Feinstein (D-Calif.), John Cornyn (R-Texas) and Sheldon Whitehouse (D-R.I.) introduced in Congress the Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017.
This makes it much easier for the government to seize assets from people traveling in or out of the U.S. The stated goal of the legislation is to make it more difficult for drug dealers, terrorists and other criminals to transport money and other “financial instruments” across the U.S. border.
The Combating Money Laundering, Terrorist Financing and Counterfeiting Act would expand “monetary instruments” covered under current law to include “prepaid access devices, stored value cards, digital currencies, and other similar instruments.” This is particularly problematic because digital currencies, such as Bitcoin, are theoretically always transported by the owner of the digital currency account wherever he or she goes, which means digital currency owners with accounts valued at $10,000 or more must always report their funds or risk having them seized.
Also under the law any blank checks are going to be treated as worth over $10,000
You can read the full story Here
Or you can read the bill Here
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