The US competition law is a direct attack on the crypto industry, the government picks winners and losers

US Senator Cynthia Lummis says the recently introduced US Competition Act of 2022 is a direct attack on the crypto industry. She emphasized:

“I will not sit back and watch and let the leaders choose the winners and losers.”

Cynthia Lummis – US Senator

Congressman Tom Emmer stated that the legislation would give Treasury Secretary Janet Yellen “authoritarian-level authority to ban any transaction she deems involved, but without due process.”

US Legislature Progressive Warning of “Competition Law belong United States in 2022”

draft The US Competition Act of 2022 was introduced to the House of Representatives last week, raising many concerns in the financial sector.

One of those who has warned about the negative impact of the new regulation is US Senator Cynthia Lummis, who is known for her pro-Bitcoin stance. Last week she explained in a series of tweets why this bill is a “direct attack” on the crypto industry.

“I wanted to share a few thoughts on the House Democrats’ version of the competition bill … which is causing alarm in the financial industry.

This provision empowers the Treasury Secretary and her representatives to unilaterally, without restriction, ban any type of foreign-linked financial asset without prior notice to the public. Open and unlimited… This is a direct attack on the digital asset industry.

If that provision is still on the bill, then we really should rename it the Failure of America Act. This provision inhibits innovation and competition. Feels like what the Chinese Communist Party has imposed on the industry.

I will not sit back and watch and let government officials pick the winners and losers. If we go down this path, we will endanger our own global financial leadership.”

The senator concluded that she spoke to colleagues in the Senate and Treasury Department officials to express her concerns.

Senator Lummis isn’t the only lawmaker in the United States concerned about the potentially damaging effects of competition law on the financial services industry.

For example, Congressman Tom Emmer tweets last week:

“House Democrats have introduced legislation giving the Treasury Secretary dictatorial powers to ban any transaction they deem involved, but without due process. This leaves the American people powerless to hold Secretary Yellen accountable.”

Senator Lummis, a bitcoin hodler, has repeatedly said that bitcoin is a great store of value. While debating raising the debt ceiling, the National Assembly commended:

“Thank God for Bitcoin.”

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