US Foreign Sanctions Bill Mandates That Governments Monitor Cryptocurrency

President Trump recently signed a foreign sanctions bill into law that included provisions mandating that governments monitor cryptocurrency transactions. The bill was passed by the U.S congress last month and is directed at Russia, Iran, and North Korea.

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The Bill Requires That Governments Monitor Cryptocurrency to Combat The “Financing of Terrorism and Related Forms of Illicit Finance”

US Foreign Sanctions Bill Mandates That Governments Monitor Cryptocurrency

President Trump has signed a controversial foreign sanctions bill into law that mandates the Iranian, Russian, and North Korean governments must monitor cryptocurrency circulations as a measure to combat “illicit finance trends”.

The bill requires that governments develop a national security strategy to combat the “financing of terrorism and related forms of illicit finance”. Governments will be required to monitor “data regarding trends in illicit finance, including evolving forms of value transfer such as so-called cryptocurrencies.”

Although the new legislation indicates the U.S government’s desire to monitor cryptocurrencies, at this time making no indication that a more aggressive cryptocurrency crackdown may be imminent.

According to the Bill, an Initial Draft Strategy Is Expected to Come Before Congress Within the Next Year

US Foreign Sanctions Bill Mandates That Governments Monitor Cryptocurrency

Yaya Fanusie, a former CIA counter-terrorism analyst for the CIA, has presented a balanced account of the threat posed to anti-terror authorities by bitcoin and alternative cryptocurrencies. “The national security concern is not that criminals will use this type of technology — they use all technologies,” Mr. Fanusie said. “The policy question is: How do you deal with something that governments can’t control?”

Fanusie previously identified the first verifiable instance of bitcoin being used a vehicle for fundraising by a terrorist organization, and continues to conduct analysis for the Center on Sanctions and Illicit Finance at the Foundation for Defense of Democracies. In an interview with the Washington Times, Fanusie recommended that U.S government work closely with cryptocurrencies in order to ensure that they are not used for illicit financing. “Bitcoin is like a rebellious teenager, it wants to do its own thing”, he said. “So what do you do? Do you ban it? No, you want to have a good relationship with it and influence how it develops”.

According to the bill, an initial draft strategy is expected to come before Congress within the next year, and will see input made by US financial regulators, the Department of Homeland Security, and the State Department.

Do you think that sanctioned governments will adhered to the U.S’s provision relating to the of monitoring cryptocurrency transactions? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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  • Fu Manchu

    IE: we’re going to violate your rights (specifically the basic human right to privacy) under the auspices of “safety”

    • JR

      You got that bang on.

    • Richard Wiig

      The Bitcoin ledger is public, so they’re perfectly entitled to look at it. It won’t do them any good though. If Jihadists and criminals are sending funds through bitcoin, they’ll simply move to a crypto that is fully anonymous if the heat comes on Bitcoin. It is legitimate to chase those evil bastards. I don’t think it is you they are after, Fu Manchu, unless you are up to no good.

  • Richard Wiig

    They’re heading upstream without a paddle.

  • Danny Schmitz

    Isn’t it blown up? Every individual can already monitor a transaction, right?

  • They’re waking up to the fact that they’re losing control of the financial markets…a bit late to the party I’d say and they’re using “counter terrorisim” as a means to push through legislation in an attempt to regain control that’s what I think.

    • Richard Wiig

      Counter terrorism, or what should really be called counter-jihad, is a legitimate activity of Government. So long as they don’t step on the rights of free people in their monitoring, then I don’t see a problem. But they really are several steps behind.

      • Mike_Hunt

        US government supports ISIS along with various other governments.

    • Hocky Krack

      However criminals evidently prefer FIAT cash. It is still most anonymous and handy for them.

    • Well put. “Counter terrorism” and most other phrase bandied about like this are NEWSPEAK and not intended to be literally true.

  • TOMAS_CW

    How about looking at any block explorer? The terrorism excuse is almost as beaten to death as 9/11.

    • Global Services Ltda

      I thought I was the only one who sees these worn out excuses as justification to confiscate a citizen’s assets.

      • Dustin Smith

        fucking the govenrment of america i hate this place

        • They overregulated the piss out of Title III equity crowdfunding to the point of exclusion and now they are attempting to shut down the ICO market.

      • ash

        No we’re all WOKE as fk and this is why the government is taking ALL the power away from us. Or at least trying to. We won’t let the fascism win.

  • Liberty88

    The US government has absolutely no idea what they’re talking about. The blockchain is open for anybody to inspect.
    This is just the collapse of the US dollar (Petrodollar) and government lashing out. It won’t do any good – Russia and China are developing their own financial network around the dollar.

  • Pete Ungewöhnlich

    In Northkorea gives it no internet

    • Hocky Krack

      Doch es gibt ja landesweit begrenzt (und höchst kontrolliert), aber nur für Top-Behörden international offen.

      • Billy Williams

        But I bet the gov. is mining.

  • Ian O’Neill

    The phrase “The policy question is: How do you deal with something that governments can’t control?” gets to the heart of the matter. How indeed. Count on the government trying for a long time to come.

    • They may continue to try but I think it’s too far along to ignore and blow off as a “fad” which is what they’ve done up until recently. Now, the proverbial cat is out of the bag so to speak and it’s not going to crawl back in willingly.

  • The US Federal Reserve Note is the currency of choice amongst terrorists and drug traffickers.

    • ash

      100% correct, as the us government are the biggest threat to world peace and are the worst kind of terrorists this world has ever seen.

  • “The policy question is: How do you deal with something that governments can’t control?”

    The illusion of control just may be shattered.

  • ffd jhky

    United States of Torture are more and more idiots…Be sure that Putin will say “FUCK OFF”.RUSSIA is planing to become largets bitcoin miner,so….

  • sjs

    As if the US ‘authorities’ still had a choice. Increasingly exchanges exclude US citizens and governments ignore US ‘paper tiger’ sanctions. This Bill is just another vector of US imagined Crypto hegemony over the planet. When the petro dollar fails the Fed will lose control and the house of card will come down and bitcoin will rise to the occasion.

  • Vladislavs Dovgalecs

    “President Trump has signed a controversial foreign sanctions bill into law that mandates the Iranian, Russian, and North Korean governments must monitor cryptocurrency circulations as a measure to combat “illicit finance trends”. What? Mandate sovereign nations to monitor something???

  • Billy Williams

    What does it matter they can mine they bitcoins. And the attack on exchanges begins.

  • Billy Williams

    what are coin tumblers? This is useful for the terrorist to. Zcash!

  • Oh, FWIW, the US Government is a terrorist organization.

  • “So what do you do? Do you ban it? No, you want to have a good relationship with it and influence how it develops.”

    Note that this exposes the thought patterns of every politician and bureaucrat: They think they’re your parents.

  • Micheal Harth

    Buy bitcoin at the cheapest rate, contact me michealharth142@Gmail.com if you’re interested

  • Bogdan

    Yet another of those “land of the free” ideas used for its exact opposite! How is making already controversial regimes even less democratic and thus ever more totalitarian, ever a good idea? You’re basically forcing KGB down peoples’ throats, even in the one place where they should feel even a little safe, and then what? call upon these countries’ “anti-democractic” views and policies? Can Americans these days even grasp at even the basics of the idea of -democracy- anymore?

    • That’s assuming that Russia, N. Korea and Iran will comply with this US imposed “law” which they are free to ignore if they want to risk the sanctions. Russia has already made great strides in embrasing cyber currencies.

  • ash

    Fuck the US government and all governments. These parasites are our of control. They’re public servants and need to start acting like it or we will make them. They’re NOT our rulers but they sure are acting like it. Benjamin Franklin was right when he said congress should not be paid a dime and should volunteer for the greater good. If that was the case we wouldn’t have such a massive government. Government is best which governs least and that will always be true.