From the bill introduced by the U.S. House of Representatives, “international to the secretary of the treasury cryptocurrency It was decided to repeal the provision that gives the authority to prevent the transactions. The decision was announced by Coin Center executive Jerry Brito, who lobbied against the law.
Controversial Cryptocurrency Item Removed from Bill in the US
Republican member Jim Himes, who is the architect of the controversial provision in question, also confirmed in his tweet that the provision was annulled. Himes thanked Jerry Brito for his cooperation and expressed satisfaction with the outcome.
I’m happy to report @jahimes has listened to our voices and looks like the notice and comment protections in the COMPETES Act related to special measures will be retained! This is in a “manager’s amendment” that will be considered later this week. pic.twitter.com/6mAtLD0tF9
— Jerry Brito (@jerrybrito) January 31, 2022
It was understood that a provision in the “America Competition Act” presented to the US House of Representatives last week gives the secretary of the treasury the authority to block crypto money transactions. It was intended that the treasury secretary use this authority when there is a suspicion of money laundering with cryptocurrencies in the transactions in question. The purpose of the American Competition Act is thought to be to increase economic competitiveness with China.
As the bill took shape, Coin Center said that with such authorization, the secretary of the treasury could prevent US companies, including cryptocurrency exchanges, from providing crypto services to their customers without any oversight.
Under current law, the secretary of the treasury can only impose restrictions on cryptocurrency transactions in consultation with the head of the Federal Reserve, the secretary of state, federal regulators, and other agencies. In addition, there are rules such as a public notification requirement in case of restriction and the removal of the restriction after 120 days. In the canceled bill, almost all authority was transferred to the secretary of the treasury.