Crypto advocates are sounding the alarm over a provision in a U.S. House bill. Sources say the likelihood of its passage is iffy. nikhileshde reports
, a bill introduced to the U.S. House of Representatives earlier this week, would allow the Treasury Secretary to block or “impose conditions” on transactions, should the official find that the transaction or the accounts involved are engaged in money laundering.Industry think tank Coin Center warned inthat the bill could allow the Treasury Secretary to block all U.S.
The new provision would remove the comment period and 120-day expiration, Coin Center said, in addition to explicitly adding digital assets to the types of financial transactions that the Treasury Secretary can restrict. A press statement announcing the provision said it “streamlines the process by which special measures may be introduced and modernizes the authorities granted to the Financial Crimes Enforcement Network by allowing the agency to pursue bad actors like those laundering the proceeds of Chinese ransomware and or declared a Primary Money Laundering Concern due to support to North Korea’s sanctions evasion.”Lawmakers are already trying to block the provision from being passed. Rep.
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