Possible deal with US: Treasury can no longer block digital foreign currency transactions

A U.S. nonprofit that works to protect digital currency rights before lawmakers recently said it has reached a final agreement to remove the Treasury Department from blocking digital foreign currency transactions from a new House of Representatives bill. . However, the institute warned that there are still restrictive clauses in the US House of Representatives bill.

According to Kevin Desk, Jerry Brito, executive director of Coin Center, a non-profit organization, announced that an agreement had recently been reached to remove one of the clauses in the US House of Representatives bill. The clause allows the US Treasury Secretary to block foreign transactions related to digital currencies if necessary.

Jim Hymes, a representative of the Connecticut District Court, who included the clause in the text of the bill, approved the agreement in a tweet, saying: “Thank you Jerry Brito for contacting us for this good result. “He’s cooperating, thank you.”

This clause concerns a bill entitled the America COMPETES Act; A bill introduced in the US House of Representatives last week that allows the Secretary of the Treasury to block transactions or impose certain conditions on a specific transaction or account related to money laundering. The overall goal of the bill is to boost US economic competition with China.

However, the Kevin Center warned in a blog post that the bill could allow the Treasury Secretary to ban all US financial institutions from participating in digital currency exchanges, jurisdictions with stock exchanges and transactions involving non-US miners, and unsecured portfolios. Forbidden.

Under current law, the US Treasury Secretary may, in consultation with the US Federal Reserve, the Secretary of State, the Federal Reserve and other institutions, impose such restrictions on digital currency transactions. In such cases, however, the actions of the authorities must be accompanied by periodic warnings and these restrictions must be lifted after 120 days; Unless the Ministry of Finance decides that these restrictions will continue beyond the end of the period.

Kevin Center said the new bill, in addition to explicitly adding digital assets to the types of financial transactions that the Treasury may restrict, will also remove the 120-day comment period and the expiration of restrictions.

The publication Possible deal with the United States: The Treasury can no longer block foreign currency transactions in digital currency appeared for the first time in Digital Currency.

Leave Your Comment

Your email address will not be published.

Supportscreen tag