It has recently emerged that the Bitcoin and altcoin lobby is on its way to making a profit in the new financial surveillance legislation. The law in question was passed by the House of Representatives. So what will happen now? As Kriptokoin.com, we convey the details…
Legislation that will affect Bitcoin and altcoins passed in the USA
Coin Center, a crypto advocacy group, issued a warning last week regarding the “language” used about new oversight-related powers in the US Competition Act, drafted by the US Treasury Department. Thereupon, Congressman Jim Himes prepared an amendment to the “America COMPETES Act” law. The lobbying organization and its Connecticut representative worked together on the amendment to limit the Treasury’s ability to interfere with private financial accounts.
Yesterday, this legislation passed the House of Representatives, which aims to address supply chain issues to keep the US economy and businesses competitive. By a vote of 222-210 on Friday, the House of Representatives passed the bill mostly along party lines. The provision, originally proposed by Connecticut Representative Jim Himes, would apparently allow the Secretary of the Treasury to have fewer limitations on auditing financial institutions with suspicious transactions associated with money laundering and not raise the issue to include public feedback. However, as we noted, representatives have changed this statement to protect restrictions under the Bank Secrecy Act.
Biden’s signature awaited
Coin Center criticized the law for potentially showing “uncontrolled and unilateral power to bar exchanges and other financial institutions from engaging in cryptocurrency transactions.” North Carolina Representative Ted Budd also proposed to change the provision, calling it a “major mistake”. “The Treasury Department should not have unilateral authority to make sweeping economic decisions without providing the full rule-making process,” Budd said on January 27. The bill will likely move to the Senate, where it may be subject to different changes from other U.S. lawmakers. Once both houses have passed the same bill, President Joe Biden will be able to sign it into law.
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