Richardcyoung.com

The Online Home of Author and Investor, Dick Young

  • Home
  • How We Are Different
  • About Us
    • Foundation Principles
    • Contributors
  • Investing
    • You’ve Read The Last Issue of Intelligence Report, Now What?
  • Your Survival Guy
  • The Great Reset
  • COVID-19
  • My Rifles
  • Dividends and Compounding
  • Your Security
  • The Swiss Way
  • Dick Young
  • Debbie Young
  • Key West
  • Paris
  • Dick’s R&B Top 100
  • Liberty & Freedom Map
  • Your Health
  • Ron Paul
  • Bank Credit & Money
  • Dick Young’s Safe America
  • Your Survival Guy’s Super States
  • Critical Race Theory
  • NNT & Cholesterol
  • Work to Make Money/Invest to Save Money

Cryptocurrencies in Democrats’ Crosshairs

March 24, 2022 By The Editors

By Wit Olszewski @ Shutterstock.com

Democrats appear to be homing in on cryptocurrency as their next target, with a new bill from Liz Warren using the cover of the Russian invasion of Ukraine as a new reason to go after the digital assets. Nicholas Anthony explains at Cato Institute:

Warren’s bill, the “Digital Asset Sanctions Compliance Enhancement Act of 2022,” may be intended to address the risk that people on the sanctions list will use cryptocurrencies to evade the law, but it reaches far beyond the Russian oligarchs and banks. The bill first requires the President to submit a report “identifying any foreign person” that has,

significantly and materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of any person with respect to which sanctions have been imposed by the United States relating to the Russian Federation, including by facilitating transactions that evade such sanctions…

To be clear, there are two drastically different groups of people being described here. The first group is made up of those who “significantly and materially” assist with sanctions evasion. And although officials at the FBI, Treasury, and White House have all stated that cryptocurrencies cannot be used effectively by Russia to evade sanctions, the language in the bill is still correct to note that active sanctions evasion is an illegal activity.

However, the second group being described is far broader as it captures anyone that “provided financial, material, technological support for, or goods or services to or in support of” anyone sanctioned. In practice, this means someone could be held liable for assisting sanctions evasion by simply creating open‐​source software. Taking the idea out of the realm of crypto, this would be akin to Microsoft being liable for someone plagiarizing an essay in a Word document or Gucci being liable for someone carrying stolen cash in their pocketbook. This level of liability is clearly overly broad. As Jerry Brito and Peter van Valkenburgh warned, “The mere fact that a stranger is using your software or network throughput to do something illegal without your knowledge cannot be a trigger for the crushing penalties that are sanctions.”

Unexpected Consequences

Although the bill itself was not a surprise given Senator Warren’s ongoing campaign against cryptocurrency, one item that was quite unexpected was the bill’s call on the president to exercise powers granted under the International Emergency Economic Powers Act to “block and prohibit all transactions [and interests] of a foreign person identified in a report [described above.]” If this sounds familiar, it’s because it was only just last month that Prime Minister Justin Trudeau invoked a similar Canadian law, known as the Emergencies Act, to block and prohibit the transactions of protestors.

Worse yet, not only would Warren’s bill call on the president to use this power to prohibit transactions, but it would also give the Treasury secretary full discretion to prohibit U.S.-based exchanges, software developers, and miners from engaging with anyone in Russia––not just those on the sanctions list.

Related Posts

  • Democrats Will Pay the Price
  • Democrats Fading in Swing States
  • Why Democrats Are Terrified
  • HEMORRHAGING: Volatile Selloff In Cryptocurrencies
  • Author
  • Recent Posts
The Editors
Latest posts by The Editors (see all)
  • More Returnees than Refugees at Ukrainian Border - May 17, 2022
  • Will the War in Ukraine End Before 2023? - May 16, 2022
  • No More Big Macs in Moscow? Ever? - May 16, 2022

Dick Young’s Must Reads

  • The Swiss Way
  • V4 Stands Against North African and Middle Eastern Invasion
  • TROJAN HORSE: “Diversity, Equity, and Inclusion” is Critical Race Theory in Disguise
  • Why Black Lives Matter Needs to Be Shut Down
  • The Fed – “Independent” and “Non Political” – Joins The Resistance
  • Victor Davis Hanson: How to Bust DC’s Stronghold
  • Joel Salatin and Alfie Oakes, America’s Food Kings
  • My Smith & Wesson Revolvers Home Defense Team
  • What a Way to Make a Living: New Hampshire #1
  • Escape From the City: You’re Going to Like What You See

Our Most Popular Posts

  • Tucker Carlson Interviews My Favorite Florida Farmer
  • MARKET CHAOS: This May Take Time, Here’s How to Prepare
  • What’s Ahead for America During Biden’s Last Years
  • Baby Formula Gone Missing?
  • “We Cannot Save Ukraine by Dooming the US Economy.”
  • PRICES SOAR: Diesel Shortage Could Cripple America's Economy
  • WATCHING YOU: Italy Deploys Stealth Social Credit System
  • BE VIGILANT: The Rats Are Scurrying in These Rough Markets
  • BUSTED BUDGETS: Families Can't Afford Democrats' Anti-Energy Regulations
  • Biden: A National Disgrace

Disclosure

RSS Youngresearch.com

  • All-Powerful Money Managers Voting YOUR Money Targeted by Senate GOP
  • COMMODITY CRUNCH: Will Tesla Buy a Cobalt Mine?
  • Young Americans Fall in Love with Farming, Again
  • Your Survival Guy: “Sell in May, Buy After Labor Day?”
  • China’s Economy Taking Hit from Zero-COVID Strategy
  • Is Your Financial Advisor Hiding the Truth About ESG?
  • The Clock is TikTok-ing on Legacy Social Media Platforms
  • PRICES SOAR: Diesel Shortage Could Cripple America’s Economy
  • CRYPTO: Has the Fire Gone Out?
  • MARKET CHAOS: This May Take Time, Here’s How to Prepare

Consequences of Biden Killing the Keystone Pipeline

Are You Suffering from One of These Nutrient Deficiencies?

PRIMARIES: Trump Endorsed Candidates’ HUGE Night

“We Cannot Save Ukraine by Dooming the US Economy.”

What’s Ahead for America During Biden’s Last Years

BE VIGILANT: The Rats Are Scurrying in These Rough Markets

Copyright © 2022 | Terms & Conditions | About Us | Dick Young | Archives