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In the US, representatives of the crypto industry criticized the “Competition Law”. What’s wrong with the document?
The alarm was sounded again in the US cryptocurrency community. This time, the reason for the panic is a document called the America Competes Act (“US Competition Act”). Coin Center expert Jerry Brito believes: the new act allows the Treasury Department to secretly ban cryptocurrency transactions at its discretion. The agency gets the right to cancel any transaction if it carries the risks of money laundering. For this, officials are not required to comply with checks and procedures.
Other observers agree that the passage of the law could be disastrous for the digital asset market. In particular, the ministry will be able to unilaterally decide which operations on cryptocurrency exchanges will be carried out and which will not.
Earlier, Democrat Jim Himes proposed to introduce similar amendments to the National Defense Authorization Act, however, his idea was rejected. Now it is regaining life, but already in the form of an independent document.
Last year, Coin Center was already leading the community’s fight against officials in an attempt to stop the passage of a law giving the controversial definition of a cryptocurrency broker. But in the end, officials insisted on their own and passed a law that displeased thousands of investors. Whether history will repeat itself again will be known soon.
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