A new bill introduced in the U.S. has a provision that would essentially give the Treasury Secretary unchecked and unilateral power to ban cryptocurrency transactions, warned crypto advocacy organization Coin Center. Treasury Secretary Janet Yellen will be able to prohibit any crypto transactions without any process, rulemaking, or limitation on the duration of the prohibition.
Jerry Brito, executive director of Coin Center, a D.C.-based think tank focused on the public policy issues facing cryptocurrencies, warned about the America COMPETES Act of 2022 in a series of tweets Wednesday. The bill was introduced in the House of Representatives on Tuesday.
Noting that the America COMPETES Act of 2022 will very likely pass in some form, Brito explained that it contains the special measures provision proposed by Connecticut Congressman Jim Himes that would be disastrous not just for cryptocurrency but for privacy and due process generally. He continued:
The so-called special measures provision would essentially give the Treasury Secretary unchecked and unilateral power to ban exchanges and other financial institutions from engaging in cryptocurrency transactions.
Currently, the law requires that Treasury engage in a public rulemaking before instituting a prohibition, Brito said, adding that the secretary can impose a surveillance special measure through a simple order, but its duration is limited to 120 days and must be accompanied by a public rulemaking.
The Coin Center executive outlined that the new provision would do three things.
Firstly, it would Add certain transmittal of funds to the list of things that can be banned by the Secretary. Secondly, it would Eliminate all public notice and comment requirements. Moreover, it would Eliminate the 120-day limitation for measures imposed without regulation.
He warned that If adopted into law, this provision would be disaster not just for crypto but for privacy and democratic public process related to *all* types of financial transactions, elaborating:
It empowers the Secretary to prohibit any (or indeed all) cryptocurrency transactions (or any other kind of transaction) without any process, rulemaking, or limitation on the duration of the prohibition.
What do you think about the America COMPETES Act of 2022? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Continue reading here:
US Unveils Bill Giving Treasury Secretary 'Unchecked and Unilateral Power' to Ban Crypto Transactions, Advocate Warns Regulation Bitcoin News -...