Before I head to the floor this morning, a quick thread on cryptocurrency, money laundering and my new bill to temporarily prohibit financial institutions from transacting with funds that use "mixers":
First, if you are a drug trafficker, child trafficker, supporter of North Korean nuclear programs, terrorist finance or Russian sanctions evasion, you are not going to like this bill. I look forward to seeing you pop off in the comments. :)
True story: several years ago, a friend of mine sold his car to a private buyer who paid him with a shoebox full of $15,000 in cash. A little weird to be sure. But when he went to the bank to deposit the cash, he learned about anti-money laundering rules.
He was smart and refused to give title to the car unless the buyer came with him to the bank. They got there and were photographed and affirmatively ID'd before the bank would take the money. That is required by law. And for good reason!
Because - unlike a check, or a wire transfer, the bank can trace the payer and payee when cash is deposited. So, under law, if you transfer over $10,000 there is a lot more documentation required before they will take the deposit. Because money laundering is bad.
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