Law enforcement undue pressure on altcoin enthusiasts might end thanks to the U.S. Congress

The Daily Caller has managed to acquire an inside information that three Congress members are currently developing a law that will defend the Americans from the overreach of police, SEC, IRS and other governmental bodies that view cryptocurrencies and digital trade operations a vague and almost illicit activity. For example, recently a trader from Localbitcoins who lives in Arizona was detained by the U.S. Homeland security, and there were also messages in the media that the U.S. Customs agents bizarrely demand passwords from Bitcoin users at border checkpoints and check wallets for illicit operations.

The source of the Daily Caller tells that the authors of the draft are all Republicans and plan to introduce the bill over the next months. This bill will contain rules on cryptocurrency users’ protection. “The centerpiece of the plan is to mainstream digital currency so it can be treated just like the American dollar,” tells the insider. “There is a new entity that is considering issuing a brand new digital currency that is compliant with anti-money laundering laws unlike any other in circulation,” he/she adds.

Good to know that the regulative actions from law enforcement is finally meeting resistance from cryptocurrency enthusiasts in the Capitol. However justified the actions of the SEC and the IRS might be, the demand of passwords by the border control is something that should be stopped. That Localbitcoins detention was viewed by the wide public as very questionable as well. Issuing a new digital currency is too interesting, especially how the market is going to react and how big its value will be in comparison with, say, Ethereum.