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Structuring doesn't apply to cryptocurrencies and there is no reporting threshold to be avoided yet. There are some proposals to make thresholds. Structuring cu
by vmception 6y ago
Structuring doesn't apply to cryptocurrencies and there is no reporting threshold to be avoided yet. There are some proposals to make thresholds. Structuring currently only applies to physical cash passing a boarder or physical cash entering or exiting a financial institution. It does not apply to institution to institution transfers of any type and it doesn't apply to cryptocurrencies at the moment. I’ve had this discussion before, FinCEN is trying to change that.
Because structuring is a criminal law, they would need to show a court a bit more to convict. But before a conviction they could make your life complicated with dumb rationale to a judge for a warrant or seizure notice, and that has nothing to do with cryptocurrency, everyone relies on the government and private persons not making their life complicated.
- jackfoxy 6y agoYes. This would be new legal territory, but not radically new (IANAL). USG would certainly pick the case and the court to try it in carefully in order to establish the precedent.
- vmception 6y agoStructuring regulations are very clear about physical cash in and out of a licensed financial institution (or avoiding declarations to customs). Most agencies and representatives have made it clear they aren't trying to debilitate bitcoin or bitcoin use. This fanfiction of the government not letting bitcoin be useful as a competitor is a weak argument mostly because the ship has sailed, about a decade ago.