© Reuters
Investing.com – The United States is unveiling a bill giving the Secretary of the Treasury “unchecked and unilateral power” to ban cryptocurrency transactions, cryptocurrency advocacy organization Coin Center warns.
Treasury Secretary Janet Yellen will be able to ban all cryptocurrency transactions “without any process, rules, or limitation on the duration of the ban.”
A disastrous law for crypto
Jerry Brito, executive director of the Coin Center, warned against the proposed “America COMPETES Act of 2022”, noting that it “most likely will pass into law in one form or another.” He explained that the bill contains the “special measures” provision proposed by Connecticut Congressman Jim Himes, “which would be disastrous not only for cryptocurrencies, but also for privacy and proceedings in general. “
The so-called “special measures” provision would give the Secretary of the Treasury the power to prohibit exchanges and other financial institutions from engaging in cryptocurrency transactions.
Currently, “the law requires the Treasury to engage in public regulation before instituting a ban,” Brito said, adding that “the Secretary may impose a special surveillance measure by simple order, but its duration is limited. 120 days and must be accompanied by public regulation.”
First, it “would add ‘certain money transfers’ to the list of things which may be prohibited by the Secretary.” Second, it would “eliminate all public notice and comment requirements”. Finally, it “eliminates the 120-day period for measures imposed without regulation”.
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