U.S. Congressman wants to scrub bill provision that crypto advocates say is a...
Representative Ted Budd stated that the provision would let the Treasury unilaterally prohibit certain financial transactions without public input. North Carolina Representative Ted Budd submitted an amendment to the omnibus America COMPETES Act of 2022, specifically targeting the provision that would allow the Treasury Department to impose “special measures,” including surveillance and outright prohibitions, against “certain transmittals of funds.”As Cointelegraph reported, executives of crypto advocacy group Coin Center had earlier turned the spotlight on the provision, introduced by....
Related News
Congressman and Blockchain Caucus Co-Chair David Schweikert has advanced a bill to make good on the crypto adage, "code is law." Republican Congressman David Schweikert (R-AZ) has referred a new bill to the House Committee on Energy and Commerce that, if passed, would recognize digital signatures on the blockchain as enforceable by law.This is particularly important for the enforceability of smart contracts, which automate transactions or other contractual obligations according to binding, pre-specified rules. Smart contract advocates have long used the adage "code is law," and the new....
Congressman Warren Davidson explained how the cryptocurrency tax addition to the Senate infrastructure bill is bad for the U.S.
The U.S. Senate has passed the $1.2 trillion infrastructure bill with a crypto reporting requirement provision that has been described as “unworkable.” Senator Ted Cruz warned: “This infrastructure bill has in it a portion that is designed to obliterate crypto. That would be a tragic mistake.” Senate Passes Infrastructure Bill With ‘Unworkable’ Crypto Tax Provision The U.S. Senate voted 69-30 to approve the $1.2 trillion bipartisan infrastructure bill Tuesday without a crypto amendment. Many people have raised concerns about the cryptocurrency provision....
Data suggests $34,000 was the bottom and BTC’s recent performance could be a sign that traders are beginning to open fresh longs. Cryptocurrencies had a volatile week after Bitcoin's (BTC) sudden crash to $33,000 on Jan. 24. However, the sharp 9% drop fully recovered within 8 hours after BTC price regained the $36,000 support.On Jan. 26, Bitcoin rallied to $38,960 but it could not sustain the level and corrected by 8.8% in the following 8 hours. When factoring in the recent ups and downs, Bitcoin managed to only gain a meager 1.6% over the past seven days.Even with the considerable price....
The senator's stance is somewhat surprising, given that he previously called the section on brokers in the proposed bill a “common-sense provision.” Senator Rob Portman, one of the lead Republican voices for negotiations over an infrastructure bill in the United States Senate, said he supports an amendment clarifying the intent of a cryptocurrency provision.In a tweet today, Portman encouraged his colleagues in the Senate to vote on an amendment proposed this week by Ron Wyden, Cynthia Lummis and Pat Toomey that suggests striking the definition of brokers in the infrastructure bill to no....