Hiding Your Digital Currencies Could Soon Be a Crime

A new bill making its way through the U.S. Senate would make it illegal to conceal Bitcoin and other digital currencies.

Bill S.1241 would make it a crime to hide the ownership or control of a bank account, and changes the legislative definition of “Financial Institution” to “an issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency.”

The legislation was first introduced four months ago by Senator Chuck Grassley of Iowa and Senator Diane Feinstein of California.

The U.S. Committee of the Judiciary is still debating the consequences of the bill and there is no date set for a vote on the legislation.

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