Save-Crypto.com is a community-oriented website dedicated to “saving” the future of the crypto industry by defeating a controversial US bill. Find out how it works today in our review.
What Is Save Crypto?
Save-Crypto.com is a website that aims to educate the community on how to take action against a new bill making its way through the US government.
That bill is entitled S.1241 “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017.” The bill sounds like a great idea – but it contains sections that could jeopardize the future of cryptocurrencies in the United States.
The bill is being pushed by Senator Diane Feinstein after being introduced by Senator Chuck Grassley in May 2017. As Save-Crypto.com explains, Feinstein “is trying to push a bill to essentially make it illegal to use cryptocurrencies.” The website wants to encourage members of the crypto community to work together to kill the bill.
“Our goal: Kill this bill, permanently if possible.”
What’s Wrong With The Bill?
Bill S.1241 sounds like it’s designed to combat money laundering and terrorist financing – two things every law-abiding citizen of the United States should oppose. However, the bill contains some sections that will spell trouble for the cryptocurrency industry.
Save-Crypto.com explains why the bill is problematic for the industry, saying “this bill is awful.” Here’s the main part of the bill:
“(a) In general.—No person shall knowingly conceal, falsify, or misrepresent, or attempt to conceal, falsify, or misrepresent, from or to a financial institution, a material fact concerning the ownership or control of an account or assets held in an account with a financial institution”
The second core section of the bill refers to penalties for violating section a:
“(b) Penalties.—A person convicted of an offense under subsection (a), or a conspiracy to commit such offense, shall be imprisoned for not more than 10 years, fined not more than $1,000,000, or both.”
Save-Crypto.com outlines other disturbing parts of the bill, including:
Section 8: Freezing bank accounts of persons arrested for offenses involving the movement of money across international borders.
“Yeah that’s right. Send bitcoin to your auntie in the old country and you’ll get 5 years,” explains Save-Crypto.com.
Another disturbing part of the bill is the over-reaching requirement for wiretap authority:
Section 10: Technical amendment to restore wiretap authority for certain money laundering and counterfeiting offenses.
If you read between the lines, you’ll realize that this part of the bill means that anyone suspected of using bitcoin can be legally wiretapped by the US government.
“Suspected of using bitcoin? Great, now we have a justification to look at your nudes,” explains Save-Crypto.com.
Finally, Save-Crypto.com has a problem with one final section:
Section 15: Obtaining foreign bank records from banks with United States correspondent accounts.
This entire section of the bill is described as “terrifying and Orwellian beyond what I can do justice”. Basically, it allows the US government to obtain foreign bank records from any banks that have US citizen members.
What Can You Do To Kill The Bill?
Save-Crypto.com is urging action against this bill. The website has a bar tracking the total number of yes and no votes to the question, “Should we stop the govt. from preventing the use of crypto?”
The website also posts a link to this valuable resource:
Americans can click that link, select their state from the dropdown menu, then see the contact information for their two senators. Save-Crypto.com is encouraging visitors to call both of their senators and tell them you would like them to vote against S.1241.
“Tell them you like cryptocurrency and this bill would make your life worse.”
Save Crypto Conclusion
Ultimately, Save-Crypto.com is a website launched with a specific purpose: to save cryptocurrency in the United States. A US senator is trying to pass a bill that would effectively ban cryptocurrency across the United States. You can read the full text of that bill. The bill, among other problems, could throw someone in prison for 10 years because they sent $5 of bitcoin to a relative overseas.
The bill was introduced to the senate in May 2017, with hearings held on November 28, 2017. The bill has not yet passed the US Senate. However, Save-Crypto.com is encouraging American citizens to call their senators and tell them to oppose the bill.
You can learn more about saving cryptocurrency in the United States by visiting Save-Crypto.com.