Jerry Brito, executive director of Coin Center, outlined his issues with the bill in a lengthy thread on Twitter on Wednesday. The exec of the D.C. crypto think tank warned that the provision would “essentially give the Treasury Secretary unchecked and unilateral power to ban exchanges and other financial institutions from engaging in cryptocurrency transactions.”https://www.protocol.com/bulletins/america-competes-act-crypto?share_id=6887159https://twitter.com/jerrybrito/status/1486349099314130952Just another bought politician sneaking in a "small" hidden provision in a large bill.Crypto lobbying groups are worried about a specific provision proposed by Rep. Jim Himes, buried around page 1,482 of the almost-3,000-page bill, that would allow the Treasury Department to bypass certain checks to take “special measures” to surveil, condition or prohibit any transactions deemed of concern to U.S. interests. The provision, titled “Prohibitions or Conditions on Certain Transmittal of Funds,” also expands the department’s authority to include crypto exchanges and transactions.Contacts:https://ift.tt/3rV9uzt
Submitted January 28, 2022 at 04:14AM
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