The House of Representatives recently passed legislation (HR 2513) which authorizes FinCEN, a Treasury Department entity, to regulate “antiquities dealers.” Other legislation treats “antiquities” the same as “antiques” so it is likely this authority will also be used to regulate numismatic dealers selling any coin struck 100 years ago.

If this legislation becomes law, you will pay thousands of dollars each year in compliance costs, deal with red tape on a daily basis, and share information about customers with the US government (which in turn may share this information with foreign governments). Your bank will enforce compliance by closing your account if you do not satisfy them that you meet these requirements.

The good news is that there is bipartisan opposition to the House bill in the Senate. However, in order to ensure that opposition remains solid, it is essential Senators on the Banking Committee hear from their constituents about how this bill will hurt their business.

If you live in Alabama, Arkansas, Arizona, Georgia, Hawaii, Indiana, Louisiana, Maryland, Massachusetts, Minnesota, Montana, Nebraska, Nevada, North Carolina, North Dakota, Ohio, Pennsylvania, Rhode Island, South Carolina, or South Dakota at least one of your Senators sits on the Banking Committee. Given the importance of this issue to your business, please contact them to express your opposition to this bill. A direct link to their offices and how to contact them may be found here: https://www.banking.senate.gov/about/membership. For a draft letter raising these issues, which you can modify, Click here.

Please contact your Senator or Senators to express your concerns how this bill will negatively impact your livelihood. Once you do so, please let our attorney (who is keeping track) know. He may be reached at pkt@becounsel.com.