• April 25, 2024

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The United States Proposes to Restrict Ministry of Finance Power in Blocking Crypto Transactions

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Jim Himes, Member of the US House of Representatives, has opposed the expansion of the powers of the Treasury in terms of blocking accounts and crypto transactions.

We are talking about the bill The America COMPETES Act of 2022. On January 25, the document was presented by the US House of Representatives Committee on Science, Space and Technology.

At the moment, the head of the Ministry of Finance has the right to block accounts, in his opinion, involved in money laundering operations. However, the department must publicly declare this and provide an opportunity for the public to comment.

Coin Center CEO Jerry Brito has noted the bill removes these restrictions. According to him, the so-called “special measures” provision would give the Treasury Secretary “unrestricted and unilateral powers to prohibit exchanges and other financial institutions from engaging in cryptocurrency transactions.”