{"id":403420,"date":"2022-02-05T01:25:32","date_gmt":"2022-02-04T22:25:32","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/america-competes-act-passes-house-without-disastrous-provision-on-crypto\/"},"modified":"2022-02-05T01:25:32","modified_gmt":"2022-02-04T22:25:32","slug":"america-competes-act-passes-house-without-disastrous-provision-on-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/america-competes-act-passes-house-without-disastrous-provision-on-crypto\/","title":{"rendered":"# America COMPETES Act passes House without &#8216;disastrous&#8217; provision on crypto"},"content":{"rendered":"<p>&#8220;<strong># America COMPETES Act passes House without &#8216;disastrous&#8217; provision on crypto  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDIvZDc5MGI2OGItYTk1OS00Y2Q3LThjNTQtODlhOWVmNzI4MGZkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>A piece of legislation aimed at addressing supply chain issues to keep the U.S. economy and businesses competitive has passed the House of Representatives \u2014 without a provision many in the crypto space had criticized for giving the Treasury Secretary authority to shut down exchanges.<\/p>\n<p>In a 222-210 vote on Friday, the House of Representatives passed the America COMPETES Act mostly along party lines. The provision originally proposed by Connecticut Representative Jim Himes would seemingly have allowed the Treasury Secretary to have fewer limits on surveilling financial institutions with suspected transactions connected to money laundering and not open the matter to include public feedback. However, lawmakers modified the wording earlier this week to safeguard restrictions currently under by the Bank Secrecy Act.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I&#8217;m h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>y to report <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jahimes?ref_src=twsrc%5Etfw\">@jahimes<\/a> 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 &#8220;manager&#8217;s amendment&#8221; that will be considered later this week. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/6mAtLD0tF9\">pic.twitter.com\/6mAtLD0tF9<\/a><\/p>\n<p>\u2014 Jerry Brito (@jerrybrito) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jerrybrito\/status\/1488207574113603589?ref_src=twsrc%5Etfw\">January 31, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nPrior to Himes essentially reversing part of his provision, non-profit crypto policy advocate group Coin Center criticized the legislation for potentially giving \u201cunchecked and unilateral power to ban exchanges and other financial institutions from engaging in cryptocurrency transactions.\u201d North Carolina Representative Ted Budd also proposed modifying the provision, calling it a \u201cmassive mistake\u201d:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">A new provision in the COMPETES Act would allow the Treasury Department to unilaterally prohibit certain financial transactions *without* public input.<\/p>\n<p>I&#8217;ve submitted an amendment to fix this massive mistake. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/blockchain?src=hash&amp;ref_src=twsrc%5Etfw\">#blockchain<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/S8Gi0AIz4l\">https:\/\/t.co\/S8Gi0AIz4l<\/a><\/p>\n<p>\u2014 Congressman Ted Budd (@RepTedBudd) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RepTedBudd\/status\/1486745572400939011?ref_src=twsrc%5Etfw\">January 27, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>\u201cThe Treasury Department should not have unilateral authority to make sweeping economic decisions without providing full due process of rulemaking,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/budd.house.gov\/news\/documentsingle.aspx?DocumentID=1368\">said<\/a> Budd in a Jan. 27 statement. \u201cThis draconian provision would not help America compete with China, it would employ China\u2019s heavy-handed playbook to snuff out financial innovation in our own country.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>White House reportedly preparing executive order on crypto<\/em><\/strong><\/p>\n<p>The bill will likely move to the Senate next, where it may be subject to different amendments from other U.S. lawmakers. Once both chambers approve an identical bill, President Joe Biden will be able to sign it into law. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/america-competes-act-passes-house-without-disastrous-provision-on-crypto\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# America COMPETES Act passes House without &#8216;disastrous&#8217; provision on crypto &#8221; A piece of legislation aimed at addressing supply chain issues to keep the U.S. economy and businesses competitive has passed the House of Representatives \u2014 without a provision many in the crypto space had criticized for giving the Treasury Secretary authority to shut&#8230;<\/p>\n","protected":false},"author":1,"featured_media":403421,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDIvZDc5MGI2OGItYTk1OS00Y2Q3LThjNTQtODlhOWVmNzI4MGZkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[15047,71511,55229,70934,67874],"class_list":["post-403420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-privacy","tag-government","tag-law","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/403420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=403420"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/403420\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/403421"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=403420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=403420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=403420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}