Crypto policy advocacy group warns of 'disastrous' provision in a new US bill
According to Coin Center director, the proposed bill would essentially bypass existing checks and balances on the Treasury Secretary’s authority in surveilling financial institutions, including crypto firms. Jerry Brito, the executive director of non-profit crypto policy advocate group Coin Center, suggested U.S. residents call their elected officials over possible privacy and due process concerns in a new bill proposed by House leaders.According to a Wednesday Twitter thread from Brito, the America COMPETES Act recently released by House members contains a provision that he said would be....
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A provision originally included in the bill had critics saying the Treasury Secretary would not have had limits on surveilling crypto firms suspected of illicit transactions, nor open the matter to include public feedback. A piece of legislation aimed at addressing supply chain issues to keep the U.S. economy and businesses competitive has passed the House of Representatives — without a provision many in the crypto space had criticized for giving the Treasury Secretary authority to shut down exchanges.In a 222-210 vote on Friday, the House of Representatives passed the America COMPETES Act....
The Nigerian blockchain advocacy group, the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), has said crypto is legit and must be regulated. The group adds that any such regulation should on one hand encourage innovation, but discourage bad actors on the other. Equal Access to Banking and Financial Services The Nigerian blockchain advocacy group, the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), has implored the Central Bank of Nigeria (CBN) to reconsider its decision to block crypto entities from the banking ecosystem. The group insists that....
Some are urging U.S.-based crypto users to contact their representatives in support of the amendment from Wyden, Lummis and Toomey. With more than one amendment proposed to the U.S. infrastructure plan that would modify a provision on cryptocurrencies, some figures in the space are going against the one with White House support.Digital rights advocacy group Fight for the Future said today it would not support the amendment crafted by Senators Mark Warner, Rob Portman, and Kyrsten Sinema to address the issue of clarifying the language used concerning crypto in the bipartisan infrastructure....
U.S. Senator Mike Lee has raised concerns that adopting the crypto tax provision in the $1.2 trillion infrastructure bill will stifle innovation and make Americans poorer. He explained that cryptocurrencies are not like securities and cannot be regulated with the same policies, noting that to do so would drive innovation offshore. Senator Mike Lee Warns Passing Unproven Legislation Will Stifle Innovation While outlining concerns he has about numerous provisions in the $1.2 trillion infrastructure bill during the Senate session Saturday, U.S. Senator Mike Lee from Utah drew attention to the....
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....