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America COMPETES Act of 2022: Is it a threat to cryptocurrency?

 


Jerry Brito is an executive director of Coin Center emphasized the public policy matter regarding cryptocurrency. Recently made his opinion on the America COMPETES Act of 2022 in a series of tweets. Recently, on Tuesday, the bill got introduced in the House of Representatives. 


According to Jerry, the America COMPETES Act of 2022, will take place in some form. He further says that this will include special measures provision proposed by Jim Himes, a Congressman from Connecticut, and this will going to lead in the wrong way not merely for cryptocurrency but also privacy. 


The mention of the term ‘special measures,’ would lead to Janet Yellen, the Treasury Secretary going unchecked and exchanges and other cryptos transaction-based financial institutions getting banned by unilateral power. Adding on more about the issue of the America COMPETES Act of 2022, Jerry Brito opined that this would result in 3 things happening. 


Firstly, this would lead to some transmittal of funds in the list of things that would face ban by the US treasury secretary Janet Yellen. Secondly, this act will lead to the removal of all public notice and comment needs. Thirdly, it can also result in the elimination of the 120-day limitation for measures getting imposed with no regulation.


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