Crypto Advocates: New U.S. Bill Gives Treasury Secretary 'Unfettered Unilateral Powers' to Ban Crypto Trading

Jerry Brito, executive director of the Washington-based think tank Coin Center, tweeted about the “US Competition Act of 2022.” The bill was introduced in the House of Representatives on Tuesday. Brito warned, noting that the 2022 US Competition Act is "likely to pass in some form" and that it contains a "special measures" clause proposed by Connecticut Congressman Jim Himes, the so-called "special measures" clause would essentially give fiscal Unrestricted unilateral power of the minister to ban cryptocurrency transactions. Treasury Secretary Janet Yellen will be able to ban any crypto transactions “without any process, rulemaking or restrictions on the duration of the ban.” Brito added that if passed into law, the regulation would not only restrict cryptocurrency but all * The privacy and democratic public processes associated with financial transactions of the type are disasters.