Thread by @fightfortheftr

The US government just launched a sneak-attack on our financial privacy rights, proposing a new rule to let the Treasury track cryptocurrency transactions. And if you think this doesn’t affect you just because you don’t own #Bitcoin, think again.

Here’s why ...

1/12

Imagine you buy a new car. And because you bought a new car, your bank has to give the federal government information that allows them to track EVERY PURCHASE YOU’VE MADE IN YOUR ENTIRE LIFE … without a warrant.

That’s what’s going on here.

2/12

FinCEN — a bureau within the US Treasury — has proposed a new rule forcing any banks or money service businesses to keep records on all cryptocurrency transactions over $3,000 going to or from personal wallets … without a warrant.

3/12

public-inspection.federalregister.gov/2020-28437.pdf

What’s more, any transaction over $10,000 will be automatically reported to the government. And once the government has information about your personal wallet, they can literally track every transaction you’ve ever recorded on transparent blockchains … without a warrant.

4/12

Did I mention that all of this financial surveillance will take place without a warrant? Because all of this financial surveillance will take place without a warrant.

Who needs “Probable Cause?” Not the US Treasury, apparently!

5/12

And good luck using @monero or trying to @paywithzcash, as the government already considers private financial transactions to be “indicative of possible criminal conduct.” Using a tumbler will make you criminally liable for money laundering, too.

6/12

eff.org/deeplinks/2020…

The US Treasury says this new rule is needed to stop serious crimes. But these rules have never effectively prevented illicit finance, and financial fraud & money laundering has been going on at big banks for DECADES despite FinCEN’s regulations.

7/12

buzzfeednews.com/article/jasonl…

Even worse, sensitive information at the US Treasury has been leaked to the press and hacked by foreign governments.

FinCEN has proven to be incapable of securing the personal information they collect about us; we shouldn't let them collect more.

8/12

bbc.com/news/uk-542261…

Look, everyone knows this is a bad rule. That’s why FinCEN released their proposal during the holiday season. They even voided the normal comment period to try to kill any public debate.

I guess transparency only goes one way ...

9/12

forbes.com/sites/jasonbre…

This new rule isn’t REALLY about cryptocurrencies. It’s about control. But it will make it difficult for privacy-focused crypto networks to survive, and privacy is the foundation of crypto. This will inevitably hurt innovation & infringe on our rights.

No, thanks.

10/12

Letting governments control crypto and track every purchase we make gives them control over our financial future and establishes a system of perfect surveillance.

That's a dangerous precedent, especially when governments create their own crypto.

11/12

cnbc.com/2017/11/30/cry…

Reject government control. Protect your privacy rights. STOP financial surveillance.

Sign the petition before January 4th, 2021 to ensure that FinCEN gets the message.

12/12

stopfinancialsurveillance.org