The provision “would essentially give the Treasury Secretary unchecked and unilateral power to ban exchanges and other financial institutions from engaging in cryptocurrency transactions.' crypto
US Unveils Bill Giving Treasury Secretary 'Unchecked and Unilateral Power' to Ban Crypto Transactions, Advocate Warns
Noting that the America COMPETES Act of 2022 “will very likely pass in some form,” Brito explained that it contains the “special measures” provision proposed by Connecticut Congressman Jim Himes “that would be disastrous not just for cryptocurrency but for privacy and due process generally.” He continued:
Currently, “the law requires that Treasury engage in a public rulemaking before instituting a prohibition,” Brito said, adding that “the secretary can impose a surveillance special measure through a simple order, but its duration is limited to 120 days and must be accompanied by a public rulemaking.”Firstly, it would “Add ‘certain transmittal of funds’ to the list of things that can be banned by the Secretary.” Secondly, it would “Eliminate all public notice and comment requirements.
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.
Belarus to Remain Crypto-Friendly as Ally Russia Mulls Blanket Ban – Regulation Bitcoin NewsAuthorities in Belarus have no intentions to adopt stricter rules for the country’s crypto space as Russia considers a blanket ban.
Read more »
Crypto Ban Proposed by Bank of Russia Met With Opposition in Parliament, Government – Regulation Bitcoin NewsA push by the Russian central bank to ban cryptocurrencies is not gaining support from the government, parliament, or law enforcement.
Read more »
California bill would ban single-use smoking products like cigarette filtersSupporters of the bill said cigarette butts and vape pods cost millions per year in cleanup and pollute the environment.
Read more »
Russian finance ministry official calls for crypto regulation, not restrictionRussian Finance Ministry official Ivan Chebeskov has opposed the proposed ban of cryptocurrency operations in Russia.
Read more »
Indonesia's Regulator Prohibits Financial Firms From Facilitating Crypto Trading – Regulation Bitcoin NewsIndonesia’s financial regulator “has strictly prohibited financial service institutions from using, marketing, and/or facilitating crypto asset trading.' Cryptocurrency Bitcoin
Read more »