Earlier this week, a congressman appeared to insert an amendment buried in a must-pass spending bill that would grant the U.S. President sweeping powers to block access to digital assets.
S.4443 – Intelligence Authorization Act for Fiscal Year 2025, first introduced on the federal ledger on June 3rd – which would “authorize appropriations for fiscal year 2025 for intelligence and intelligence-related activities of the United States Government, the Intelligence Community Management Account, and the Central Intelligence Agency Retirement and Disability System, and for other purposes,” the bill’s summary says – recently had this wide-reaching amendment added to it that is buried within the lengthy legislation.
Hidden under “SEC. 423. TERRORIST FINANCING PREVENTION,” the amendment ‘broadly defines “digital assets,” encompassing any digital representation of value recorded on cryptographically secured distributed ledgers,’ Coin Telegraph noted.
The bill states:
The President, pursuant to such regulations as the President may prescribe, shall prohibit any transactions between any person subject to the jurisdiction of the United States and a foreign digital asset transaction facilitator identified under paragraph (1).
Scott Johnsson, a finance lawyer and notable figure in the digital assets space criticized this piece of legislation in a statement on social media.
“It’s hard to see how this isn’t intended to be a user-level ban power by the President on any protocol/smart contract thats deemed by the Treasury Secretary to be “controlled, operated or [made] available” by a foreign sanctions violator. Breathtaking scope and implications to corral users to KYC/permissioned chains,” he said.
Coin Telegraph added:
Johnsson’s analysis suggests that the law’s broad applicability could compel users to join Know Your Customer (KYC)-compliant and permissioned blockchain networks, ultimately limiting them to regulated blockchains.
He warns that the move could be seen as an effort to exert control over digital assets under the guise of combating terrorism.
The elements allegedly added by Warner enabling this presidential empowerment are borrowed from the Terrorism Financing Prevention Act.
The act was introduced in a December 2023 announcement, allowing the U.S. Treasury Department to go after “emerging threats involving digital assets.”
AUTHOR COMMENTARY
Proverbs 28:16 The prince that wanteth understanding is also a great oppressor: but he that hateth covetousness shall prolong his days.
While this is not law as of yet, it is most likely that it will not get noticed or removed, unless a lot of people make a lot of noise about it. These giga-bills are notorious for being filled with tons of draconian garbage in them that no one reads because the bill is so stink’n large – it gets passed and then rears its ugly head down the road.
The reason for doing this has nothing to do with “terrorism” and offshore money laundering; it’s about paving the way for the new CBDC and tokenized economy. The central banks need to bar other decentralized cryptos and assets. I’ve covered similar acts occurring in other countries, while those same country’s central banks are nearing the release of their CBDCs.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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Another Marxist Communist, another Marxist Communist pending law. From Warner or any Demon from hell RAT, this is the norm. i doubt any Dem or RINO will oppose it. If we know about it, then they know about it. Count on it.
Red & Blue the uniparty is going to screw you.
No matter how you vote they will sink the boat.
Most informed people understand that 9-11 was an inside job. 9-11 has been used to go after imaginary boogeymen all over the world, all in the name of “fighting terrorism”, when in all actuality the true terrorists are in Washington DC.
Demons being Demons doing all their Demonic & Vile Anti-Human best to Exterminate US. THEY LIVE!
Thee MOST IMPORTANT biggest elephant in the room question , that Winepressnew failed to ask is WHO AUTHORED/WROTE APPROVED THIS AMENDMENT TO BE ADDED BURIED IN THIS BILL??????
The authors writers of these egregious bills are conveniently omitted along with their affiliation. (VERY VERY important especially at this juncture in USA history.
Apparently, it was first introduced by Sen. Warner, Mark R. [D-VA], according to Congress.Gov (see link in article).
Please tell me where my comment went.
Thee MOST IMPORTANT biggest elephant in the room question , that Winepressnew failed to ask is WHO AUTHORED/WROTE APPROVED THIS AMENDMENT TO BE ADDED BURIED IN THIS BILL??????
The authors writers of these egregious bills are conveniently omitted along with their affiliation. (VERY VERY important especially at this juncture in USA history.
People need to realize that government does NOT make law for the people. Any attempt at doing so is a violation of Natural Law.