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.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>