US Treasury to Create Unlegislated Regulations on Crypto Wallets, Change 'Definition of Money'
Using the fear-tactic buzzwords “terrorist financing” and “money laundering,” the US Treasury Department, under Treasury Secretary Janet Yellen, is set to expand regulations into the cryptosphere without seeking legislation to do so.
A rule contained in the Semiannual Agenda & Regulatory Plan of the US Department of the Treasury, which contains proposed regulations, contains mandates for crypto exchanges that center on transaction reporting and the collection of names and addresses of those who transfer crypto holdings to private wallets.
The rules package, first proposed in 2020 by the non-governmental agency (NGO) Financial Crimes Enforcement Network (FinCEN) – a group focused on money laundering, is said to be up for consideration, again.
The rules package, proposed by FinCEN, was initially separated into two separate areas of authority: transaction transparency and personal data acquisition.
The first would mandate that cryptocurrency transactions to unhosted wallets exceeding $10K be subject to currency transaction reports. This is currently the mandate for bank transactions exceeding $10K.
The second rule would compel banks to record a customer’s details and counterparty if any transaction involving an unhosted wallet exceeds $3K.
The FinCEN’s proposal was based on the argument that unhosted wallets make unregulated peer-to-peer transactions possible between people, which could facilitate illicit streams of digital currencies to be hidden from authorities.
FinCEN and the Federal Reserve – also an NGO but with governmental powers – are also planning to “clarify the meaning of money,” doing so under the Bank Secrecy Act, to ensure that cryptocurrencies follow the same rules as fiat currencies – rules that put taxation above all else.
“The Agencies intend that the revised proposal will ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency, which is a medium of exchange (such as cryptocurrency) that either has an equivalent value as currency or acts as a substitute for currency, but lacks legal tender status,” said the document.
The rule is expected to be finalized by September 2022, although this may change with the number of comments received.
Why This Is Important
This presents a teachable moment for some and clarity for others. All of this is happening without any congressional oversight or any legislative authority but for the broad, undefined strokes found in poorly crafted legislation that leaves hammering out the extent of the law to the regulatory powers of the Executive Branch.
There is no arguing away the fact that what the US Treasury Department is doing with their Semiannual Agenda & Regulatory Plan of the US Department of the Treasury, is to concoct a scheme to derive taxation from wealth accumulated through the cryptosphere.
But this is unconstitutional and unenforceable because the exclusive purview of establishing revenue streams to the US federal government lies with the US House of Representatives.
Article I, Section 7 of the US Constitution states plainly and without room for interpretation:
“All Bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills.”
To date, no legislation has passed into law establishing purview over cryptocurrencies to the US Treasury, the Federal Reserve, the Internal Revenue Service, the Security & Exchange Commission, or any other Executive Branch or Executive-Branch-aligned NGO.
Additionally, because cryptocurrencies are exclusive to the private sector, no global organization – not the International Monetary Fund, the World Bank, the United Nations, nor the elitist and corrupt, power-grabbing World Economic Forum – has authority to “regulate” the cryptosphere.
In fact, the cryptosphere was created to move finance out of governmental purview after the government-instigated 2008 financial/housing market meltdown. Hardworking people recognized that the governments of the world – and especially the US federal government – purposely and irresponsibly manipulated the housing markets (and all financial markets associated with the housing markets) in an attempt to socially engineer that private sector avenue to a centrally-planned, social justice preferred outcome.
That failure – conceived of an arrogant and flawed ideology – saw what was tantamount to a criminal raid on the wealth of every person in the world. The cryptosphere was created, as a direct result, to protect the individual from the social engineering of economic misfits like Janet Yellen (DoT), Jerome Powell (TheFed), and Gary Gensler (SEC).
Leaving the cryptosphere vulnerable to the uneducated financial spendthrifts in Congress is bad enough. Allowing ideologically radical social engineers in the Executive Branch to unilaterally impose wealth-killing regulations with no oversight? That’s just stupid.
Far be it from me to suggest that it is well past time we in the United States demand a radical overhaul of the system of taxation we use to fuel the federal government. Taxing income has completely failed the people while empowering the connected and the elite.
Maybe this should be the chief point in every candidate’s platform in 2022 and 2024. Short of that, it most definitely should be a point of discussion at any Convention of the States.
We’ve bled enough at the hands of the elected classes. We need to protect the cryptosphere from these marauders.
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