Congressman and crypto lobby scale back new Treasury surveillance authority in COMPETES Act
January 31, 2022, 5:50PM EST · 2 min readThe crypto lobby is on track to score a win on new financial surveillance legislation.an amendment to language in the so-called America COMPETES Act outlining new surveillance-related powers for the Treasury — language that crypto advocacy group Coin Center began warning of last week.
The language of the COMPETES Act as it originally came out last week would give the Treasury sweeping powers to freeze or block transactions and accounts interacting with foreign entities by expanding its existing authorities under 31 U.S.
The bill cited the need to combat ransomware in particular, and would also grant the Treasury extensive discretion to target transactions by type. Coin Center noted that this would create risk for crypto exchanges interacting with self-hosted wallets. As a result, the issue provoked aIn addition to requiring the Treasury to go through regulatory processes in order to block accounts, Himes's amendment would retain 120-day limits on such orders.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Anderson Cooper on witnessing Tony Bennett's final actThe 60 Minutes correspondent said of his report, 'It was among the most extraordinary things I'd experienced on a shoot.'
Read more »
Duckworth, Underwood's 'Demand Act' Aims To Help Nursing Mothers After Natural DisastersTaking care of infants during natural disasters like floods and tornadoes is a struggle for parents, but a bill heading to Capitol Hill is geared to help.
Read more »
Abolition Feminists Are Thinking Beyond the Violence Against Women ActThe much-touted bill relies on prisons and policing to help abuse survivors. The authors of Abolition. Feminism. Now. see a better way.
Read more »
14.5 Million Americans Signed Up for Health Care Under Affordable Care Actbout 14.5 million Americans signed up for 2022 health insurance under the Affordable Care Act, including 3 million new people, according to The Associated Press.
Read more »
Trump Incoherently Attacks Electoral Count Act ReformTrump’s argument against fixing the statute contradicts his own legal team. His decision to weigh in may still hurt reform efforts.
Read more »
Analysis | What is the Electoral Count Act, and why are people calling for it to be revised?After Democrats failed to pass voting rights legislation, a bipartisan group of senators is seriously discussing changes to Congress's role in certifying elections.
Read more »