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US MP considers controversial bill a "massive blunder"

 


MP Ted Budd fears the Treasury Department will be given too much power that could jeopardize democracy, privacy and crypto.


US MP Ted Budd, who represents the state of North Carolina in the US “Bundestag”, is proposing changes to the controversial “America COMPETES Act of 2022” bill that could have drastic consequences for the crypto industry.


As Cointelegraph reported, the crypto lobby group Coin Center had already criticized Congressman Jim Hines’ draft , which would give the US Treasury Department far-reaching powers to regulate financial transactions, even going so far as to allow the department to make decisions on its own what is allowed and what is forbidden. This would not only be a devastating blow to the crypto industry, but also to " privacy and the democratic process more generally ," as Coin Center Director Jerry Brito warns.


Republican Rep. Ted Budd takes the same line with his proposed changes :


“The Treasury should not have the sole power to make far-reaching economic decisions outside of the democratic process. This draconian regulation would make it harder for the US to remain competitive with China, rather we would exercise the same strict hand on innovation in our country as there.”

In a subsequent tweet , Budd added that he believes the bill as it stands is a "massive blunder."


In the United States, the bad habit of packaging controversial crypto regulations into larger bills that focus on completely different aspects has become more common in recent months. For example, at the end of last year, the term “ digital asset broker ” was legally defined as part of a bill to promote infrastructure, which is also expected to have a major impact on the crypto industry.


The 3,000-page America COMPETES Act of 2022 also primarily deals with problems in the areas of production and logistics in order to keep the American technology industry competitive in an international comparison. However, the extensive draft also contains a wealth of regulations that do not appear to have any recognizable connection to this project, including the authorizations of the US Treasury Department in the treatment of transactions.

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