America Competes Act is a direct attack on the crypto industry, the government selects winners and losers - regulation
America Competes Act is a direct attack on the crypto industry, the government selects winners and losers - regulation
US senator Cynthia Lummis says that the recently introduced “America Competes Act of 2022” is a direct attack on the crypto industry. "I will not see how the government's hard hand selects winners and losers," she emphasized. MEP Tom Emmer said that the legislation of Finance Janet Yellen would "give the authority at the dictatorial level to prohibit all transactions that concern them without proper procedure".
US legislator raises the alarm for "America Competes Act of 2022"
A bill called "America Competes Act of 2022" introduced in the House of Representatives last week, has aroused great concern in the financial sector, as Bitcoin.com News reports reported .
Among those who have warned against its harmful effect, the pro-bitcoin US Senator Cynthia Lummis. Last week she explained in a number of tweets why this legislation is "a direct attack" on the crypto industry.
"I wanted to share a few thoughts about the version of the America Competes Act by the house democrats ... which is alarm in the entire financial sector," the Senator from Wyoming began. She stated:
This provision would give the finance minister and his deputy unilateral, unlimited authority to prohibit any kind of financial investments with a reference abroad without public announcement and without a time limit ... This is a direct attack on the industry of digital assets.
"If this provision remains in the bill, we should really rename it to America Fails Act. This provision suffocates Innovation and competition. And feels more like something that would force the Chinese Communist Party of Industry," emphasized Senator Lummis and added:
I will not see how the government's hard hand selects winners and losers. When we go this path, we endanger our own Position as a global financier.
The senator came to the conclusion that she spoke to her colleagues in the Senate and with officials from the Ministry of Finance to express their concerns.
Senator Lummis is not the only legislator in the United States that worries about the potentially harmful effects of the America Competes Act from 2022 on the financial services industry.
The congress member Tom Emmer, for example, tweeted last week:
The Haus Democrats introduced laws that would give the finance minister at the dictatorial level of prohibiting all transactions that concern them without proper procedure. This leaves the American people powerless to hold Foreign Minister Yellen into account.
Senator Lummis, a Bitcoin dealer, has said many times that Bitcoin has a Value storage . While the congress discussed the raising of the debt limit, she said Bitcoin. “
Do you think that the finance minister should have power, as determined in the America Competes Act of 2022? Let us know in the comment area below.
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