Cryptocurrency: Action - Shutdown The US RESTRICT Act

[grarpamp]

> https://www.congress.gov/bill/118th-congress/senate-bill/686/text
> The New RESTRICT Act needs all of our attention

Shut This Bill Down NOW!


S 686 Would Also Outlaw Bank Runs
S 686 outlaws "(B) catastrophic effects on the security or resilience
of the critical infrastructure or digital economy of the United
States;..."
Technically, anyone who participates in a bank run could go to jail
for having endangered the American digital economy. So, this bill
would make electronic bank runs illegal, and every participant in such
a bank run could be fined $250,000 and put in jail for 20 years.
Isn't that nice?
The banksters could put you in jail for trying to get your own money
out of a bank.
You've got to admit, that's a pretty neat trick.



[–]DanteTheSimpSlayer 3 points 7 hours ago

The french are burning the city because they increased the pension age
by 2 years.

USA - this is your time to shine.

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[–]TheOtherCoolCat 2 points 7 hours ago

That's great. Nice one for the people

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[–]Suitable_Algae_2539 2 points 7 hours ago

This is a very sneaky way of going about these things. It almost feels
like bankers know trust is almost gone for good and they set up some
backdoor mechanisms to survive. Seems legit looking at the way
regulators see this sector

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[–]HannyBo9Platinum | QC: CC 45 2 points 6 hours ago

It’s time to shrink government. They are perpetually over stepping
now. Vote for small government politicians like libertarians.

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[–]Walla_Walla_26Platinum | QC: BTC 20, CC 19 1 point 4 hours ago

As long as they are not Rand Paul, I’m in

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[–]AccomplishedView4709Tin | CelsiusNet. 45 1 point 6 hours ago

I want the person who unfortunately get charged with a crime for try
to get their money out of the bank to suit the bank and government in
Supreme Court. The laws could be infringed on individual property
rights. This law give too broad power to the government.

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[–]CardanoCrusaderTin | ADA 67[S] 1 point 6 hours ago

Hey, we've already got asset forfeiture in this country. It's legal
for the government to take your money if the money was obtained
through a crime. From the DEA website: "Forfeiture is the government
taking of property, because it was used or obtained in violation of
the law. "

If this law passes, electronic bank runs would be against the law. So:

    The simple act of trying to withdraw your own money would be ruled
a CRIMINAL act that endangered the digital economy of the United
States,
    The money you were trying to withdraw would be seized by the
government as part of the criminal activity,
    You would be fined an ADDITIONAL $250,000 and spend 20 years in
jail for trying to get your own money.

But, on the bright side, .... um.... I forget where I was going with this.

https://www.dea.gov/operations/asset-forfeiture

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[–]Walla_Walla_26Platinum | QC: BTC 20, CC 19 1 point 4 hours ago

That’s pretty much it. So you couldn’t take your money out unless you
are spending it??

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[–]CardanoCrusaderTin | ADA 67[S] 1 point 4 hours ago

You couldn't take it out at all.

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[–]Walla_Walla_26Platinum | QC: BTC 20, CC 19 1 point 4 hours ago

I’m not sure how that supports an actual banking system

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[–]CardanoCrusaderTin | ADA 67[S] 1 point 4 hours ago

If the depositors cannot take their money out, the bank doesn't have
to pay most of the people it owes money to (the depositors).

Think how well life would work for you if anyone who you owed money to
would be sent to jail if they asked you for their money. Would that be
a good support for YOU economically? Because it would work really well
for banks.

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[–]Walla_Walla_26Platinum | QC: BTC 20, CC 19 1 point 4 hours ago

It wouldn’t be a bank anymore. You have to be able to use your own
money. Guess I would have to figure it out. Or riot. Maybe riot

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[–]CardanoCrusaderTin | ADA 67[S] 1 point 4 hours ago

Once you give it to the bank, it ain't your money. Not from the bank's
point of view, it isn't.

The FDIC won't guarantee more than $250,000. If you have more than
that in a failing bank, you lose the excess. This bill allows the
guarantee to drop to zero.

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[–]AccomplishedView4709Tin | CelsiusNet. 45 1 point 3 hours ago

At issue is when are you allowed to withdraw your money from the bank
and you never post anything to cause the panic and the bank has the
bank runs. When will it not be considered a crime? Just like police
confiscation, people fought it and some people won their case and get
property back after forcing the judge to make a ruling on it.

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[–]Walla_Walla_26Platinum | QC: BTC 20, CC 19 1 point 4 hours ago

This will only concentrate deposits in the largest banks or into
crypto. No one would want to take a chance with their money at a small
bank. How would they prove you participated in a bank run anyway?

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[–]CardanoCrusaderTin | ADA 67[S] 1 point 4 hours ago

Oh, it's easy to prove. Everyone who withdraws their money within a
certain time frame could be prosecuted. All the banks have KYC. It's
not like the banks wouldn't turn the information over to the feds upon
demand.

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[–]Walla_Walla_26Platinum | QC: BTC 20, CC 19 1 point 4 hours ago

I just don’t see anything like that passing

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[–]CardanoCrusaderTin | ADA 67[S] 1 point 4 hours ago

In the 1990s, no one saw gay marriage passing - Bill Clinton opposed it.

In the early 2000's no one saw transsexual surgery on children passing.

Three years ago, no one saw Russia invading Ukraine.

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[–]Walla_Walla_26Platinum | QC: BTC 20, CC 19 1 point 4 hours ago

I don’t even know how to respond to that other than we’ll see I guess

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