Sunday, January 29

US Congresswoman Wants To Delete A Provision From The Bill That Crypto Advocates Say Is A Potential Disaster By Cointelegraph

©Reuters. US Congressman Wants to Delete a Bill Provision That Crypto Advocates Say Is a Potential Disaster

North Carolina Rep. Ted Budd introduced an amendment to the America COMPETES Omnibus Act of 2022, specifically targeting the provision that would allow the Treasury Department to impose “special measures,” including surveillance and outright bans, against ” certain transfers of funds.”

As Cointelegraph reported, executives at cryptocurrency advocacy group Coin Center. had previously focused on the provision, introduced by Connecticut Rep. Jim Himes, that would scrap existing controls – such as the public comment requirement and time limits on special measures orders – that limit the Treasury’s power to ban financial transactions unilaterally. If passed in its current form, the provision would deal a serious blow not only to the cryptocurrency industry, but to “privacy and due process in general,” as Coin Center CEO Jerry Brito stated.

Republican Congressman Ted Budd echoed this argument in a statement saying

Read the full article on Cointelegraph

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