Lawmakers on the House Committee on Financial Services this week outlined nine provisions of the proposed America COMPETES Act of 2022. One provision would give Treasury Secretary of the Treasury “unchecked and unilateral power” to ban financial institutions, including regulated exchanges, from engaging in transactions. Coin Center Executive Director Jerry Brito says provision would be disastrous not just for cryptocurrency but for privacy and due process generally. Lawmakers say it would also eliminate all public notice and comment requirements under the Bank Secrecy Act. White House is expected to issue executive order outlining key priorities in cryptocurrencies.”]
Source: https://www.cuinfosecurity.com/crypto-advocates-decry-bill-that-could-ban-transactions-a-18393