Bitcoin Confiscation Act Signed Into Law WASHINGTON, D.C. - In a drastic move that sent shockwaves through the cryptocurrency world, President Biden, today, signed the Bitcoin Confiscation Act into law. The legislation, passed by Congress last month, nationalizes all bitcoin within U.S. borders and requires citizens to forfeit any bitcoin holdings over 0.00000001 BTC per person. "This law is necessary to protect the financial stability of the country and ensure proper oversight over this volatile digital asset," said Treasury Secretary, Janet Yellen, at the signing ceremony. "We cannot have an uncontrolled, speculative currency threatening our economic growth." Starting, January 2024, in exchange for seized bitcoin, the Treasury will provide compensation to citizens at a rate of $1 million per full bitcoin, with a cap of $10,000 for fractional bitcoin. Payment will be made in a new federally-issued Central Bank Digital Currency (CBDC) that was also created through the law. The cryptocurrency industry has reacted with outrage, calling the law unconstitutional and predicting that it will drive innovation overseas. "This is a tragic infringement of economic liberties that strikes at the heart of financial freedom," said fiatjaf, CEO of The Nostr. Some bitcoin enthusiasts have vowed to defy the order or hide their cryptocurrency holdings. But the Treasury Department was given broad authority to track ownership of digital assets and punish evaders. "I earned those bitcoins fair and square," said local resident SirSleepy, who declined to state how many bitcoins he owns. "I should be able to do what I want with my own property." The law tasks the Treasury with appropriating $100 billion to cover the costs, a figure some critics worry may still fall far short of the total value seized. Between 18 and 22 million bitcoins are projected to be confiscated nationwide. The economic impacts may not be clear for some time. But for now, fears and uncertainty rule the day in the once red-hot bitcoin market. Prices are expected to plunge over 30% since passage in Congress, and analysts say this may only be the beginning if confiscation efforts encounter resistance. Do yourself and your neighbors a favor. Do what's right. Hand over your bitcoin to protect us all.

Bitcoin Confiscation Act An Act to provide for the nationalization, to regulate the value, and for other purposes. Be it enacted by the Senate and House of Representatives in Congress assembled, Section 1. Title to all bitcoin within the borders of the United States is hereby transferred to and vested in the Government of the United States. Title to all bitcoin in excess of 0.00000001 bitcoin per person is hereby forfeited to the Government of the United States. Section 2. The Secretary of the Treasury is hereby authorized and directed to pay $1 million per full bitcoin nationalized hereunder. In no case shall payment exceed $10,000 for a fractional bitcoin. Payment shall be made by check drawn on the Treasury, or in Central Bank Digital Currency hereinafter provided for, or in both, at the discretion of the Secretary. Section 3. All persons required to deliver bitcoin hereunder shall be immune from criminal prosecution, fine, or forfeiture on account thereof. Section 4. The Secretary of the Treasury may issue regulations as necessary to implement this Act. Regulations prescribed hereunder may impose upon persons required to deliver bitcoin such reporting requirements as the Secretary deems necessary. Section 5. There is hereby authorized to be appropriated $100 billion for the purpose of carrying out the provisions of this Act. And any excess in the amount so provided over the amount necessary for such purpose shall be covered into the General Fund of the Treasury. Section 6. This Act shall take effect January 1, 2025. The Secretary of the Treasury shall have discretion to appoint such agents and to utilize such other local agencies as deemed necessary to facilitate the nationalization of bitcoin as provided herein.

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