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Civil forfeiture in the United States, also called civil asset forfeiture or civil judicial forfeiture[1] or occasionally civil seizure, is a controversial legal process in which law enforcement officers take assets from persons suspected of involvement with crime or illegal activity without necessarily charging the owners with wrongdoing.

Yes you read that right, they can take your assets on suspicion even if you haven't been convicted or charged with anything. This puts your cryptocurrency stash at risk of being seized because a cop thinks you look suspicious. This could empower the sort of cops that got in trouble stealing coins from exchanges, the bad cops.

This bill is extremely flawed and the cryptocommunity should make noise about this before it's implemented. Specifically the Civil Asset Forfeiture portion is the most concerning. Maybe the intention of this bill is good but the practical aspects need work. Also Civil Asset Forfeiture introduces some extreme risks based on previous history of it's abuse.

You have two choices the deep state offers. And both are paid by banksters I made a lesser quality post about the exact same thing, but it's important for people to be aware of this. They can only pass this if we don't speak out. I would even be okay with declaring all my accounts if they didn't have Civil Asset Forfeiture mixed into it.

That one law allows police to take your money for unknown suspicions. Knowing how this can play out, it's extremely bad. This is the exact reason that power creep is possible. People are too easy going about government invading their privacy.

I didn't get the impression, reading your posts, that you'd give in so easily to such abuse of authority. I hope this bill never gets passed They don't care if you protest. Protesting is giving them legitimacy. Just ignore them, keep your accounts secret, and for god's sake stop giving them your vote. They have no way to know what crypto you own if you take the right precautions to blur your trail. You can always say Yes i have concurrency but I did not brought it with me to the US - Iv'e left my bitcoins back in Amsterdam together with my marijuana..

In order to stop the bitcoin - governments would have to or switch off the electricity or turn off the Internet. Seems like a mild attempt at scaring less knowledgeable folks away from the crypto market as far as the civil asset forfeiture is concerned.

A federal agency would have to assert some sort of connection between your assets and a criminal enterprise. Still, not the direction our national policy needs to go in. Thanks for your post! It is retained on the blockchain so there is nothing to declare. Term limits won't change anything so long as elections only allow you to pick the vetted candidates who vow to uphold the current system.

Wow, this is bullshit, just like drug related asset forfeiture. Evidence can be planted by corrupt agents For example, plant child porn on your devices and then accuse you of distribution of CP, then confiscate your accounts and take your crypto.

The whole point is that they don't even need to plant fake evidence anymore. They just need to have some suspicions about you. As inmentioned in my blog regulation will happen because we r living in a command and control world human beings have always been like that. Hard to fight this law due to money laundering and counter terrorism..

There is a philosophical reason to it as well. Hi dana-edwards , declaring crypto currency at the border sounds funny to me, where is crypto's border? You do not need work just invest and live off the daily income simple. This means they can confiscate your Steemit Bitcoin or whatever simpy by suspecting.

If this bill passes it will cause a fleeing of cyptocurrency out of the USA and out of those exchanges that operate within the USA. Cyptocurrency is international and other nations will use cryptocurrency as an alternative to the US dollar as cryptocurrency do a better job of holdng its value against the dollar. The only one who will get hurt by this bill are U. Bitcoins and other cryptos are threats to the central banking system which is led by the U.

So that would be one of the reasons why they would introduce such a bill. The next step will be to use the U. But with Trump in power, my guess is that he will not allow such a bill to pass.

There are still a lot so swamp rats in D. Wow, feels so backwards from what some other countries are doing, like Australia: Although disconcerting, I don't see how this even holds weight.

In order to confiscate a digital asset they would need your private keys. If you don't travel with your cold wallet, how can they take your digital cash? Technically if your phone or computer is turn off when you cross the border you don't have access to your crypto. I need more details before I start to worry. Your hard drives should always be encrypted in case they make a copy.

I don't understand this though. What do they mean "declare cryptocurrency at the border"? How can you have information on you? You mean that if your seed words are encoded on a USB that is on your person then you have to say so, but if the words are on a computer at your house you don't?

Who cares where those words are? What if they are only in your head? Is that considered "on you"? What is Civil Asset Forfeiture? Other points in the bill: Travelers must declare cryptocurrency at the border. Increased penalties for bulk cash smuggling. Authors get paid when people like you upvote their post. The government are all a pack of thieves, robbers, and murderers.

You called that upon yourself by voting them in. Or simply by even voting. This whole thing sounds insane. I would even be okay with declaring all my accounts This is the exact reason that power creep is possible. Civil Asset Forfeiture is clearly theft pure and simple.

It's trivial to connect almost anyone to almost any crime. But can they find their own asses with both hands? Just like the Fed balance sheet This is why we need term limits. These individuals are so out of touch with the real world. Your right but term limits are a part of it. Gov should stay away from crypto. What is Civil Asset Forfeiture regulating? Our ability to keep our money? Don't you think there is a way to improve this law rather than fight it?

When will it ever end? Civil Asset Forfeiture is extremely controversial and a dangerous policy. US laws strange indeed. The losers want to be winners, with some cheating involved.

Just fill out the form. This thing was bound to happen. Don't give them any ideas! They will fight cryptocurrency to the grave. The intention of this bill is no less than pure evil incarnate: This means they can confiscate your Steemit Bitcoin or whatever simpy by suspecting involvement with crime or illegal activity without necessarily charging the owners with wrongdoing.

Suspicion kills people, inexorably, without proof and without mercy. Maybe that is the intent of the law? It's darkest before the dawn.