They will require the money transmitter companies (moneygram, western union and a ton of their competitors) to collect the information. When FinCEN gets the info, they'll cross-reference it with lists of who's receiving benefits in that area and use it to crack down (audit) the legitimacy of the benefit awards, and will spread the info to the public and to Congress to try to force legislation.
It won't be hard to do, especially since they'll prioritize by the amount of money people send. Of course illegals will use fake names, but those get found out in time especially after they start filtering by beneficiary and sending locations.
Oh I see. You are talking about the back-end instead of the front-end. I was thinking you could send 3000 from Western Union, 3000 from Wise, and then another 3000 from Moneygram and Venmo and Zelles.
Each company sends reports to FinCEN. They aggregate the data. (At least in theory they do. In the past they ignored all the reporting that MSB's had to give them, and only used it as a backup to search to pile on more charges after they caught someone for another crime. But hopefully they'll start caring enough to actually follow up on the requirement. But it's not hard to do, if they want.) And by the way Bessent can't ban them from sending money --- he wants to --- but he's just going to track it for now.
Plus all the KYC stuff, the feds know most of all BTC transactions.
There may be some monero or some coin I don't pay attention to that is truly anon, but there will likely be ways for feds to know an immigrant is cheating the system and shipping money overseas
While Bitcoin transactions are most commonly conducted using an internet connection to broadcast them to the network and get them confirmed on the blockchain, it is possible to perform transactions without traditional internet service through alternative methods. These include:
Satellite networks: Services like Blockstream Satellite broadcast the Bitcoin blockchain globally via satellites, allowing users with a satellite receiver and antenna to sync with the network and broadcast transactions without relying on internet infrastructure.
Radio waves: Transactions can be encoded into sound signals and transmitted over long distances using radio transmitters and receivers, often integrated with the Lightning Network for efficiency.
SMS or USSD via mobile networks: In regions with limited internet, services like Machankura enable Lightning Network transactions using basic mobile phones over GSM networks. Users dial a USSD code, enter details like the recipient's phone number and amount, and confirm via PIN, with the process completing in seconds and notifications sent by SMS.
You can also create and sign a Bitcoin transaction entirely offline (e.g., on a hardware wallet), but broadcasting it to the network for inclusion in the blockchain typically requires some form of connectivity—though not necessarily internet, as shown above.
In cases of regional internet outages, the global Bitcoin network continues operating via unaffected nodes, and delayed transactions can sync once access is restored.
They'd probably do it by putting the regulations on the money wire companies. The company allows an amount over the limit, they're fined. And since they have the record of who sent it, they would also charge the customer. And it would be a violation of their immigration regulations, so they could be deported.
What's going to keep these people from using a 3rd party to wire money for them? All they'll have to do is pay someone that is a legit American a "fee" to wire the money for them.
Too easy.
The answer to this isn't to track the wiring of money, it's to cut off the money. We won't care about where they're sending money when they no longer have any money to send.
Just get them off welfare, period.
Yes.
I just want to know how you control it?
They will require the money transmitter companies (moneygram, western union and a ton of their competitors) to collect the information. When FinCEN gets the info, they'll cross-reference it with lists of who's receiving benefits in that area and use it to crack down (audit) the legitimacy of the benefit awards, and will spread the info to the public and to Congress to try to force legislation.
It won't be hard to do, especially since they'll prioritize by the amount of money people send. Of course illegals will use fake names, but those get found out in time especially after they start filtering by beneficiary and sending locations.
Oh I see. You are talking about the back-end instead of the front-end. I was thinking you could send 3000 from Western Union, 3000 from Wise, and then another 3000 from Moneygram and Venmo and Zelles.
Ok, got it.
Each company sends reports to FinCEN. They aggregate the data. (At least in theory they do. In the past they ignored all the reporting that MSB's had to give them, and only used it as a backup to search to pile on more charges after they caught someone for another crime. But hopefully they'll start caring enough to actually follow up on the requirement. But it's not hard to do, if they want.) And by the way Bessent can't ban them from sending money --- he wants to --- but he's just going to track it for now.
Hopefully they will actually follow up.
No they won’t. They can use Bitcoin.
Bitcoin isn't anonymous.
Plus all the KYC stuff, the feds know most of all BTC transactions.
There may be some monero or some coin I don't pay attention to that is truly anon, but there will likely be ways for feds to know an immigrant is cheating the system and shipping money overseas
Zec
huh?
You can’t control bitcoin either way.
Yes you can. BTC depends on internet. Somalia without Elon might not have internet. Go home to improve your shithole of a country. LOL
If you are talking about Chinese fraudster or Indians or some other countries, you cannot stop Cryptocurrency, not just BTC.
Did you pull that out of thin air?
While Bitcoin transactions are most commonly conducted using an internet connection to broadcast them to the network and get them confirmed on the blockchain, it is possible to perform transactions without traditional internet service through alternative methods. These include:
Satellite networks: Services like Blockstream Satellite broadcast the Bitcoin blockchain globally via satellites, allowing users with a satellite receiver and antenna to sync with the network and broadcast transactions without relying on internet infrastructure.
Radio waves: Transactions can be encoded into sound signals and transmitted over long distances using radio transmitters and receivers, often integrated with the Lightning Network for efficiency.
SMS or USSD via mobile networks: In regions with limited internet, services like Machankura enable Lightning Network transactions using basic mobile phones over GSM networks. Users dial a USSD code, enter details like the recipient's phone number and amount, and confirm via PIN, with the process completing in seconds and notifications sent by SMS.
You can also create and sign a Bitcoin transaction entirely offline (e.g., on a hardware wallet), but broadcasting it to the network for inclusion in the blockchain typically requires some form of connectivity—though not necessarily internet, as shown above.
In cases of regional internet outages, the global Bitcoin network continues operating via unaffected nodes, and delayed transactions can sync once access is restored.
I did not know how to use it without the internet. Good to know.
I'm sure the fraudsters will check the box
Saying the same thing.
Excellent. Although I'd rather see the limit be $150 than $3,000.
Gotta start somewhere.
How could you stop them going to Money Services and wire it out?
They'd probably do it by putting the regulations on the money wire companies. The company allows an amount over the limit, they're fined. And since they have the record of who sent it, they would also charge the customer. And it would be a violation of their immigration regulations, so they could be deported.
You mean like Western Union or Wise and others.
Right.
They'll go wire $2999 instead.
Where was this Bill forty years ago?
You think Clinton will sign it? Dream on.
Bitcoin
Somalians cannot use those. Just ask Elon to cut off their access.
The thing about bitcoin is it's traceable. You can't prevent it, but you can see it happened.
They have to check a box, so self report, like that is going to happen. Is this a joke? So facial recognition???
Don't ban them from wiring money ban them from receiving any more government assistance. This is stupid.
What's going to keep these people from using a 3rd party to wire money for them? All they'll have to do is pay someone that is a legit American a "fee" to wire the money for them.
Too easy.
The answer to this isn't to track the wiring of money, it's to cut off the money. We won't care about where they're sending money when they no longer have any money to send.
Let’s hope Walmart, Walmart2World is highlighted on these transfers as well.
Great news!
u/#correct