{"id":56937,"date":"2022-02-01T12:34:53","date_gmt":"2022-02-01T10:34:53","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=56937"},"modified":"2025-09-04T09:02:29","modified_gmt":"2025-09-04T06:02:29","slug":"us-lawmakers-seek-to-curb-treasury-powers-to-block-crypto-transactions","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-lawmakers-seek-to-curb-treasury-powers-to-block-crypto-transactions\/","title":{"rendered":"US lawmakers seek to curb Treasury powers to block crypto transactions"},"content":{"rendered":"<p>US Representative Jim Himes opposed expanding the Treasury&#8217;s powers to block accounts and cryptocurrency transactions.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Thanks for working with us on this <a href=\"https:\/\/twitter.com\/jerrybrito?ref_src=twsrc%5Etfw\">@jerrybrito<\/a> Good outcome. <a href=\"https:\/\/t.co\/RSf5PBQ10L\">https:\/\/t.co\/RSf5PBQ10L<\/a><\/p>\n<p>\u2014 Jim Himes (@jahimes) <a href=\"https:\/\/twitter.com\/jahimes\/status\/1488219552479645701?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><\/p>\n<p>The bill concerns <span data-descr=\"to create conditions for advancing technology, education and science\" class=\"old_tooltip\"><a href=\"https:\/\/en.wikipedia.org\/wiki\/America_COMPETES_Act\">The America COMPETES Act<\/a> <\/span>of 2022. On January 25, a document was introduced by the House Committee on Science, Space, and Technology.<\/p>\n<p>Currently, the Treasury secretary has the power to block accounts he deems involved in money-laundering operations. However, the department is required to publicly announce this and give the public an opportunity to comment.<\/p>\n<p>Coin Center&#8217;s executive director Jerry Brito<a href=\"https:\/\/u1f987.com\/en\/news\/white-house-plans-to-accelerate-crypto-regulation-journalists-report\"> noted<\/a> that the bill lifts these restrictions. According to him, the so-called <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/31\/5318A#:~:text=money%20laundering%20concern-,31%20U.S.%20Code%20%C2%A7%205318A%20%2D%20Special%20measures%20for%20jurisdictions%2C%20financial,of%20primary%20money%20laundering%20concern\">special measures<\/a> provision would give the secretary of the treasury &#8220;unlimited and unilateral powers to prohibit exchanges and other financial institutions from participating in cryptocurrency transactions&#8221;.<\/p>\n<p>Himes, a member of the<a href=\"https:\/\/u1f987.com\/en\/news\/us-forms-new-working-group-on-cryptocurrencies\"> Working Group on Cryptocurrencies<\/a>, prepared an amendment aimed at preserving the restrictions and the 120-day blocking period. He will bring the document up for discussion soon.<\/p>\n<p>Earlier it emerged that<a href=\"https:\/\/u1f987.com\/en\/news\/us-treasury-to-revisit-proposal-for-verifying-users-of-non-custodial-cryptocurrency-wallets\"> the U.S. Treasury would revisit<\/a> the controversial FinCEN proposal. It would require mandatory verification of users of non-custodial cryptocurrency wallets.<\/p>\n<p>As Bloomberg reported, the Biden administration<a href=\"https:\/\/u1f987.com\/en\/news\/media-white-house-to-present-cryptocurrency-regulation-framework-in-february\"> was to present a government-wide strategy<\/a> on digital assets in February 2022.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Representative Jim Himes opposed expanding the Treasury&#8217;s powers to block accounts and cryptocurrency transactions.<\/p>\n","protected":false},"author":1,"featured_media":56938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,26],"class_list":["post-56937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=56937"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56937\/revisions"}],"predecessor-version":[{"id":56939,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56937\/revisions\/56939"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/56938"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=56937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=56937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=56937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}