On Jul 25, Miami-Dade Florida circuit decider Teresa Pooler discharged money-laundering charges opposite Michell Espinoza, a internal bitcoin seller. The preference is a acquire postponement on a highway to financial serfdom. It is a tiny reversal for authorities who wish to quarrel crime (victimless or otherwise) by criminalizing and tracking a “laundering” of a proceeds, and who unreasonably wish to do a tracking by expelling citizens’ financial privacy, that is, by unlimited tracking of their subjects’ financial accounts and activities. The US Treasury’s Financial Crimes Enforcement Network (FinCEN) is currently a domicile of such efforts.
As an Atlanta Fed primer reminds us, a authorities’ efforts are built on a Banking Secrecy Act (BSA) of 1970. (A franker tag would be a Banking Anti-Secrecy Act). The Act has been supplemented and nice many times by Congress, quite by Title III of a USA PATRIOT Act of 2001, and stretched by diktats of a Federal Reserve and FinCEN. The laws and regulations on a books currently have “established mandate for recordkeeping and stating of specific transactions, including a temperament of an particular intent in a transaction by banks and other