The United States is presenting a law that gives the Finance Minister unchecked and one-sided power to prohibit crypto transactions, warns the supporter-regulation
The United States is presenting a law that gives the Finance Minister unchecked and one-sided power to prohibit crypto transactions, warns the supporter-regulation
A new law that was introduced in the USA contains a provision that "would essentially give the finance minister an uncontrolled and one-sided authority", warned the cryptocurrency transactions, warned the crypto fear organization Coin Center. Finance Minister Janet Yellen will be able to prohibit all crypto transactions "without a process, regulations or limitation of the duration of the ban".
America competes "catastrophic" for crypto
Jerry Brito, Managing Director of Coin Center, a Think Tank based in DC, which focuses on the problems of public order, with which cryptocurrencies are confronted, warned of the " America Competes Act from 2022 "in a number of tweets on Wednesday. The draft law was introduced in the House of Representatives on Tuesday.
With indication that the America Competes Act of 2022 is "very likely to be said goodbye in any form," said Brito that it contains the provision proposed by the Connecticut Congressman Jim Himes, "which would not only be a disaster for the cryptocurrency, but also for privacy and a proper procedure." He continued:
The so-called "special measures" provision ... would essentially give the finance minister the uncontrolled and one-sided authority to prohibit stockings and other financial institutions of participating in cryptocurrency transactions.
At the moment, "the law requires that the Ministry of Finance will make a public regulation before issuing a ban," said Brito, adding that "the minister can impose a special measure for surveillance through a simple order, but the duration of which is limited to 120 days and must be accompanied by a public regulations."
The coin of the head of the center outlined that the new provision would do three things.
Firstly, it would add "certain transfers of funds" to the list of things that can be banned by the minister. " Second, it would "eliminate all public announcement and commentary requirements". In addition, it would "eliminate the 120-day limitation for measures imposed without regulation".
he warned that "if this provision was included in a law, a disaster not only for crypto, but also for privacy and democratic public procedures in connection with * all * types of financial transactions", and explained:
It authorizes the secretary to prohibit any (or actually all) cryptocurrency transactions (or any other type of transaction) without a process, regulations or limitation of the duration of the ban.
What do you think of the America Competes Act from 2022? Let us know in the comment area below.
Bedy verification : Shutterstock, Pixabay, Wikicommons