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73 sats \ 3 replies \ @Cje95 31 Jul \ on: Trump asks for PATRIOT Act Expansion to prohibit non-sanctioned crypto transfers bitcoin
The simple answer to this is no they are not trying to prohibit P2p, self-custody, or non-censorable transactions. What this is trying to do is allow the two authorities to disrupt criminal activity.
This would only affect US financial institutions and essentially would target them from dealing with criminals. The measures fall short in being applicable to digital assets and Congress has amended these measures recently to address the changes in the financial landscape.
This wouldn't impact individuals at all these rules would only apply to financial institutions. Think of how banks have to flag you depositing 10k or more in your bank or withdrawing 10k or more. This is the 2025 update to that.
If you look at the code it cited 31 U.S. Code § 5318A it lays out the definitions and who this would fall under and its not people. Its companies, commodity pool operators (mostly companies but can be a single person who runs a fund), or Commodity Trading Advisors. These aren't normal people
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Perhaps this helps provide some more context:
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As a paid apologist for Trump you can claim that but -
'Section 311 of the USA PATRIOT Act authorizes the Secretary of the Treasury to designate a foreign jurisdiction, financial institution, class of transactions, or type of account as a "primary money laundering concern" '
Absolutely could be applied to anyone.
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