Posted on 9th June 20118 Responses
US Senate drafting anti Bitcoin law

Democratic Senators Charles Schumer of New York and Joe Manchin of West Virginia are in the process of drafting an anti-bitcoin law that would make trading or using the bitcoin currency illegal in the United States.

The draconian law (from what we have seen) would make ANY trades in the currency illegal. They are stating that the currency is constitutional.

They are citing that congress only has the right to print money.

U.S. Constitution - Article 1 Section 8
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

Hence the argument is that bitcoins are already illegal.

Regardless the currency is under attack. Inflation.Me has become the central rallying point to save the online currency. The site is accepting bitcoin donations..

The whole problem with bitcoins is that they are out of the control of the Federal Reserve, this most likely has no where to go but bad.

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  • Pf

    where is your source!??

  • http://www.facebook.com/gnukix Michael Loftis

    Art. 1 sec 8 does not make any other currencies illegal, nor any other form of barter/trade, it just states that the US Gov is allowed to make currency and regulate said currency (along with weights and measures and other things). And also to regulate the value of foreign currency in relation to that currency. Bitcoin = Foreign Currency.

    Now, my real question. What/where is your source

  • Afllfak

    FUD!

  • Anonymous

    Can you please cite your source for the “drafting legislation” comment?

  • Daniel

    This is probably made up. If true, it would be the first time in history a specific piece of software was targeted. It’d have been much more believable if this author claimed that they were going to ban virtual currencies in general, or ban their conversion into US dollars.

    Source please.

  • Gehgehtester

    Congress no longer has the right to print money, that right was given away in the Federal Reserve act. Either this article got it wrong or the honorable senators misspoke.

  • Anonymous

    FUD in crystalclear sample. Something wicked this way comes.

  • John P

    The senate is too old school. There’s no way they even know what bitcoins are. They’re still trying to figure out what the Internet is.