US Unveils Bill Giving Treasury Secretary ‘Unchecked and Unilateral Power’ to...
A new bill introduced in the U.S. has a provision that “would essentially give the Treasury Secretary unchecked and unilateral power” to ban cryptocurrency transactions, warned crypto advocacy organization Coin Center. Treasury Secretary Janet Yellen will be able to prohibit any crypto transactions “without any process, rulemaking, or limitation on the duration of the prohibition.” America COMPETES Act of 2022 ‘Disastrous’ for Crypto Jerry Brito, executive director of Coin Center, a D.C.-based think tank focused on the public policy issues facing....
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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....
Two U.S. senators have introduced a bipartisan bill aimed at improving the oversight of cryptocurrency. The bill requires the Treasury Secretary to submit a report to Congress on cryptocurrencies and their competitiveness globally, including how other countries are using and mining them as well as their impacts on supply chains.
New Bill Introduced to Improve Oversight of Cryptocurrencies and Their Uses Globally
Senator Maggie Hassan, a member of the Senate Homeland Security and Governmental Affairs Committee, and Senator Joni Ernst introduced legislation on cryptocurrency....
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....
Former U.S. treasury secretary and chief economist at the World Bank, Larry Summers, says cryptocurrency will do better regulated in a sound way instead of being treated as a libertarian paradise. Larry Summers Sees Crypto Benefiting From Strong Regulation Lawrence Summers, who served as the Secretary of the Treasury in the Clinton administration and director of the White House National Economic Council in the Obama administration, talked about cryptocurrency regulation during an interview with Bloomberg Friday. A former chief economist at the World Bank, Summers is currently Harvard....
U.S. Treasury Secretary Janet Yellen has reportedly raised objections to lawmakers about the cryptocurrency tax amendment to the $1 trillion infrastructure bill that is supported by the crypto community. The White House subsequently announced its support for a competing amendment. Yellen Exerting Influence on Lawmakers Regarding Crypto Taxation The new crypto tax proposal in the $1 trillion infrastructure bill has become a topic of intense controversy over the past week. Two amendments have been put forward so far: one sponsored by Senators Mark Warner, Rob Portman, and Kyrsten Sinema. The....