News

The Provision in The House Bill That Allows The Treasury Secretary To Block International Cryptocurrency Transactions Is Being Removed.

According to Jerry Brito, executive director of Coin Center, an industry think tank that pushed against the provision, an agreement has been struck to remove a provision in a U.S. House of Representatives bill providing the Treasury secretary the right to stop international crypto transactions.

Source: Twitter Jerry Brito

Rep. Jim Himes (D-Conn.), who proposed the amendment, tweeted, “Thanks for working with us on this @jerrybrito.” Good outcome.”

A provision in the America COMPETES Act, a bill introduced in the United States House of Representatives last week, would have permitted the Treasury secretary to block or “impose conditions” on transactions if the official realized that the transaction or the accounts involved were involved in money laundering. The total bill is intended to boost economic competitiveness with China.

However, Coin Center noted in a blog post that the law might empower the Treasury secretary to prohibit all U.S. financial institutions from engaging with a crypto exchange, a jurisdiction hosting crypto exchanges, and crypto transactions certified by a non-U.S. miner or non-custodial wallets.

Source: Twitter/Rep. Mary Gay Scanlon

Under current law, the Treasury secretary has the authority to place such limits on transactions in conjunction with the chairman of the Federal Reserve, the secretary of state, federal regulators, and other agencies. 

However, the limitation must be accompanied by a public rulemaking notice, and it expires after 120 days unless the Treasury Department develops a rule that extends the block after the comment period.

According to Coin Center, the proposed clause would have deleted the comment period and the 120-day expiration date, as well as expressly adding digital assets to the categories of financial transactions that the Treasury secretary might limit.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

Coincu News

Victor

Recent Posts

Missed the AAVE Bullish Ride? This New Presale Can Turn Your Thousands into Millions

While Aave finds itself in uncertain territory, a fresh face in the crypto scene, Qubetics…

40 mins ago

Dogecoin Price Forecast: Analysts Push For $0.2288 DOGE While This Ethereum Altcoin Eyes 8,000% Gains In The Next 16 Days

Analysts push for a Dogecoin price surge to its $0.2288 yearly high while ETFSwap (ETFS)…

55 mins ago

Below $1 Swift Altcoin Competitor Could Overshadow XRP Price Potential Election Rally 

Discover the promising altcoin under $1 that may outperform XRP amid election volatility and market…

55 mins ago

Polkadot and SP Negócios Collaborate to Enhance Crypto Economy Development

Campinas, Brazil, 5th November 2024, Chainwire

1 hour ago

Terra Shuttle Bridge Has Now Been Disabled

Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…

3 hours ago

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

4 hours ago

This website uses cookies.